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Unaudited Semi-Annual Report JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg (R.C.S. No B 49 663) 30 June 2018 JPMorgan Investment Funds Unaudited Semi-Annual Report As at 30 June 2018

Contents

Board of Directors 1 Management and Administration 2

Financial Statements and Statistical Information Combined Statement of Net Assets 5 Combined Statement of Operations and Changes in Net Assets 11 Statement of Changes in the Number of Shares 15 Statistical Information 22

Notes to the Unaudited Financial Statements 29

Schedule of Investments JPMorgan Investment Funds - Europe Select Equity Fund 40 JPMorgan Investment Funds - Europe Strategic Dividend Fund 43 JPMorgan Investment Funds - Global Balanced Fund 49 JPMorgan Investment Funds - Global Convertibles Conservative Fund 55 JPMorgan Investment Funds - Global Dividend Fund 59 JPMorgan Investment Funds - Global High Yield Bond Fund 61 JPMorgan Investment Funds - Global Income Conservative Fund 68 JPMorgan Investment Funds - Global Income Fund 89 JPMorgan Investment Funds - Global Macro Balanced Fund 125 JPMorgan Investment Funds - Global Macro Fund 129 JPMorgan Investment Funds - Global Macro Opportunities Fund 133 JPMorgan Investment Funds - Global Select Equity Fund 139 JPMorgan Investment Funds - Income Opportunity Fund 142 JPMorgan Investment Funds - Japan Select Equity Fund 159 JPMorgan Investment Funds - Japan Strategic Value Fund 161 JPMorgan Investment Funds - US Bond Fund 163 JPMorgan Investment Funds - US Select Equity Fund 171

Appendix - Unaudited Additional Disclosures 1. Total Expense Ratios 174 2. Summary of Investment Objectives of the Sub-Funds 185 3. Performance and Volatility 186 4. Interest Rate Received/(Charged) on Bank Accounts 194 5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 194 6. Portfolio Turnover Ratio 195 7. Calculation Method of the Risk Exposure 196 8. Collateral Received 197 9. Securities Financing Transactions 198 10. UCITS Remuneration Disclosures 202 11. Historical Statement of Changes in the Number of Shares 203

For additional information, please consult www.jpmorganassetmanagement.lu.

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current Prospectus, the current Key Investor Information Documents, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current Prospectus, the current Key Investor Information Documents, the unaudited semi-annual report as well as the audited annual report can be obtained free of charge from the registered office of the SICAV and from local paying agents. Details of the Investment Manager(s) for the individual Sub-Funds are available within the Prospectus and from the Management Company at its registered office, or from http://www.jpmorganassetmanagement.lu. JPMorgan Investment Funds Board of Directors

Chairman Iain O.S. Saunders Duine, Ardfern Argyll PA31 8QN United Kingdom

Directors Jacques Elvinger Peter Thomas Schwicht Elvinger Hoss Prussen, société anonyme Guiollettstraße 64 2, place Winston Churchill D-60325 Frankfurt am Main B.P. 425, L-2014 Luxembourg Germany Grand Duchy of Luxembourg

Massimo Greco Susanne van Dootingh JPMorgan Asset Management (UK) Limited Vlierbeekberg 125 60 Victoria Embankment B-3090 Overijse London EC4Y 0JP Belgium United Kingdom

John Li How Cheong Daniel Watkins The Directors’ Office JPMorgan Asset Management (UK) Limited 19, rue de Bitbourg 60 Victoria Embankment L-1273 Luxembourg London EC4Y 0JP Grand Duchy of Luxembourg United Kingdom

Registered Office 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

1 JPMorgan Investment Funds Management and Administration

Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Investment Managers JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP United Kingdom J.P. Morgan Investment Management Inc. 270 Park Avenue New York, NY 10017 United States of America JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-6432 Japan JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong JPMorgan Asset Management (Singapore) Limited 168, Robinson Road 17th Floor, Capital Tower Singapore 068912

Depositary, Corporate, Administrative and Listing Agent J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Independent Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg

Luxembourg Legal Adviser Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill B.P. 425, L-2014 Luxembourg Grand Duchy of Luxembourg

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4 JPMorgan Investment Funds Combined Statement of Net Assets As at 30 June 2018

JPMorgan Europe Europe Investment Funds Select Equity Strategic Dividend Combined Fund Fund USD EUR EUR

Assets Investments in Securities at Market Value 57,630,528,224 1,481,010,219 3,118,301,394 Acquisition Cost: 56,594,453,207 1,379,485,139 2,831,474,497 Cash at Bank and at Brokers 794,726,529 1,147,016 55,412 Time Deposits 75,000,000 - - Amounts Receivable on Sale of Investments 89,003,386 1,205,217 1,294,640 Amounts Receivable on Subscriptions 311,370,866 984,439 2,319,692 Interest and Dividends Receivable, Net 402,614,975 2,104,350 5,167,148 Tax Reclaims Receivable 44,526,944 2,473,889 16,208,861 Fee Waiver* 718,647 3,101 10,116 Other Receivables 39,132 - 2,659 Net Unrealised Gain on Forward Currency Exchange Contracts 29,869,600 1,483,893 9,286,537 Net Unrealised Gain on Financial Futures Contracts 2,358,762 90,618 - Derivatives Instruments at Market Value 16,931,971 - -

Total Assets 59,397,689,036 1,490,502,742 3,152,646,459

Liabilities Bank and Broker Overdraft 18,538,127 - - Amounts Payable on Purchase of Investments 128,317,410 - 1,500,942 Amounts Payable on Redemptions 289,317,422 1,365,348 99,736,737 Management and Advisory Fees Payable 47,656,102 740,468 2,213,038 Fund Servicing Fees Payable 3,521,366 124,238 266,880 Distribution Fees Payable 3,365,379 10,411 105,003 Performance Fees Payable 464,412 - - Other Payables** 5,632,347 89,361 217,203 Net Unrealised Loss on Forward Currency Exchange Contracts 279,032,557 - - Net Unrealised Loss on Financial Futures Contracts 13,845,090 - -

Total Liabilities 789,690,212 2,329,826 104,039,803

Total Net Assets 58,607,998,824 1,488,172,916 3,048,606,656

Historical Total Net Assets 31 December 2017 58,142,594,162 1,509,443,580 3,708,863,895 31 December 2016 45,466,102,298 1,091,013,474 3,560,911,821

* Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a“Fee Waiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. ** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.

The accompanying notes form an integral part of these Financial Statements.

5 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 30 June 2018

Global Global Convertibles Global Global Global Balanced Conservative Dividend High Yield Bond Income Conservative Fund Fund (1) Fund Fund Fund EUR USD USD USD EUR

1,810,577,025 389,112,831 178,110,633 5,854,949,567 828,321,262 1,730,740,965 389,394,374 170,269,670 5,954,793,287 819,224,080 65,397,466 50,033 875,947 - 19,761,711 12,883,056 - - - 21,471,761 19,042,148 3,655,808 152,015 7,564,588 208,534 10,931,711 649,947 692,770 15,933,313 3,266,326 6,759,462 909,944 409,081 96,727,052 6,672,481 535,814 90,072 302,070 - 96,058 71,805 13,289 20,032 9,583 39,989 - - 1,730 - - - 122,815 75,181 - 3,368,962 1,832,285 ------

1,928,030,772 394,604,739 180,639,459 5,975,184,103 883,207,084

357,776 - - 12,281,753 2,040 19,803,199 1,360,000 - 18,876,287 1,607,073 3,440,407 501,132 608,226 25,864,060 717,095 1,870,945 317,624 210,800 3,121,640 876,099 155,464 32,923 14,848 440,798 70,630 131,615 9,801 70,561 167,979 135,245 ----- 121,142 44,328 48,269 644,934 70,805 4,559,475 - - 3,954,872 - ----324,633

30,440,023 2,265,808 952,704 65,352,323 3,803,620

1,897,590,749 392,338,931 179,686,755 5,909,831,780 879,403,464

1,699,755,803 377,643,749 148,755,412 6,987,668,804 552,849,016 1,621,830,866 414,179,168 95,462,031 6,604,812,831 45,770,100

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. 6 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 30 June 2018

Global Global Global Global Global Income Macro Balanced Macro Macro Opportunities Select Equity Fund Fund Fund Fund Fund EUR EUR USD EUR USD

25,383,674,158 175,572,347 880,987,730 5,295,921,670 351,606,306 25,193,348,996 175,633,496 885,497,554 5,207,762,596 333,908,164 77,721,899 6,624,620 26,433,620 280,721,316 448,268 - - - 30,060,465 - 8,938,874 245,592 1,093,955 9,495,487 125,591 71,940,538 126,604 100,705,118 64,559,135 51,635 215,197,489 1,172,967 903,679 7,964,599 198,633 16,590,754 58,084 205,650 1,636,084 151,252 13,243 29,901 77,334 148,679 41,785 ------609,381 - - - - 87,225 - - 18,330 - - 1,015,025 9,938,729 -

25,774,076,955 184,526,721 1,011,422,111 5,700,446,164 352,641,800

- 33,821 522,196 4,500,537 14,402 51,810,730 - 12,587,795 - - 45,810,925 375,047 4,187,876 38,982,643 141,605 23,449,434 197,346 703,442 4,126,961 216,347 1,048,922 17,711 73,385 413,449 28,716 1,683,800 26,545 60,005 428,575 11,782 ----- 2,035,747 38,031 964,703 322,447 68,122 176,865,517 - 4,750,879 43,059,473 150,701 2,251,003 - 684,506 6,723,215 -

304,956,078 688,501 24,534,787 98,557,300 631,675

25,469,120,877 183,838,220 986,887,324 5,601,888,864 352,010,125

23,693,980,219 234,598,416 635,009,746 4,481,602,275 259,613,673 16,734,267,815 253,311,875 844,375,648 5,756,560,687 188,612,223

7 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 30 June 2018

Income Japan Japan US US Opportunity Select Equity Strategic Value Bond Select Equity Fund Fund Fund Fund Fund USD JPY JPY USD USD

2,983,667,909 9,241,279,295 43,342,577,500 195,811,980 1,968,580,912 3,015,273,756 8,060,543,136 41,158,853,931 199,146,624 1,728,735,941 218,917,563 114,300,368 589,528,741 6,163,275 9,874,104 ----- 372,775 2,564,104,155 197,589,577 - 4,027,212 11,191,764 3,247,588 86,952,586 31,247 1,845,759 15,294,944 12,898,092 42,228,283 1,337,858 1,032,790 ----- 119,712 1,390,904 2,611,982 31,015 856 10,199 1,780,000 394,246 - 4,474 12,499,313 ------4,153,510 - - 191,575 -

3,246,227,689 11,939,000,402 44,261,882,915 203,566,950 1,985,366,107

- - - 21,391 - 3,128,426 82,535,971 - - 4,619,370 2,763,241 2,499,599,552 65,841,070 67,312 10,299,315 1,996,328 10,698,795 18,533,219 136,014 1,715,163 264,431 1,099,907 3,685,988 16,893 164,235 44,580 344,845 870,828 3,855 50,362 464,412 ---- 211,877 2,556,670 5,021,448 39,797 171,490 - 4,890,250 171,193,859 2,727,501 4,486,861 2,196,146 - - 111,019 26,581

11,069,441 2,601,725,990 265,146,412 3,123,782 21,533,377

3,235,158,248 9,337,274,412 43,996,736,503 200,443,168 1,963,832,730

3,613,975,780 15,486,703,834 52,701,379,639 205,017,667 1,907,613,247 3,568,530,944 18,035,391,913 31,747,200,451 209,453,906 2,024,285,387

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10 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets For the Period from 1 January 2018 to 30 June 2018

JPMorgan Europe Europe Investment Funds Select Equity Strategic Dividend Combined Fund Fund USD EUR EUR

Net Assets at the Beginning of the Period * 56,897,823,389 1,509,443,580 3,708,863,895

Income Dividend Income, Net 538,324,020 29,259,580 99,666,226 Interest Income, Net 685,509,892 - - Securities Lending Income 1,268,279 250,298 737,585 Bank Interest 307,973 - 105 Interest on Swap Transactions 621,852 - - Other Income 8,249 - 104

Total Income 1,226,040,265 29,509,878 100,404,020

Expenses Management and Advisory Fees 284,128,142 4,774,272 14,588,484 Fund Servicing Fees 21,063,145 755,587 1,724,148 Distribution Fees 19,419,285 57,309 618,791 Depositary, Corporate, Administration and Domiciliary Agency Fees 9,596,319 275,304 701,411 Registrar and Transfer Agency Fees 2,162,927 66,029 155,972 Taxe d’abonnement 11,823,376 183,810 505,622 Overdraft Interest 1,761,982 6,837 31,987 Interest on Swap Transactions 3,722,948 - - Sundry Fees** 6,722,404 117,291 284,584

360,400,528 6,236,439 18,610,999

Less: Fee Waiver *** 5,607,329 94,121 195,884

Total Expenses before Performance Fees 354,793,199 6,142,318 18,415,115

Performance Fees 464,412 - -

Total Expenses 355,257,611 6,142,318 18,415,115

Net Investment Income/(Loss) 870,782,654 23,367,560 81,988,905

Net Realised Gain/(Loss) on Sale of Investments 485,626,841 (10,689,441) 27,733,872 Net Realised Gain/(Loss) on Forward Currency Exchange Contracts (554,298,524) 226,587 5,082,136 Net Realised Gain/(Loss) on Financial Futures Contracts 255,843,595 (1,317,194) (1,848,668) Net Realised Gain/(Loss) on Foreign Exchange 30,492,487 204,626 114,185 Net Realised Gain/(Loss) on TBAs (32,128) - - Net Realised Gain/(Loss) on Derivatives Instruments (64,608,843) - -

Net Realised Gain/(Loss) for the Period 153,023,428 (11,575,422) 31,081,525

Net Change in Unrealised Gain/(Loss) on Investments (1,328,070,222) (26,328,801) (183,190,995) Net Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts (529,701,884) 2,730,427 18,059,591 Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (16,275,016) 90,618 (499,880) Net Change in Unrealised Gain/(Loss) on Foreign Exchange 14,050,543 (11,046) 110,212 Net Change in Unrealised Gain/(Loss) on TBAs 153 - - Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 25,709,254 - -

Net Change in Unrealised Gain/(Loss) for the Period (1,834,287,172) (23,518,802) (165,521,072)

Increase/(Decrease) in Net Assets as a Result of Operations (810,481,090) (11,726,664) (52,450,642)

Movements in Share Capital Subscriptions 17,359,874,459 761,097,094 1,312,429,888 Redemptions (14,098,743,161) (770,366,624) (1,880,483,727)

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 3,261,131,298 (9,269,530) (568,053,839)

Dividend Distribution (740,474,773) (274,470) (39,752,758)

Net Assets at the End of the Period 58,607,998,824 1,488,172,916 3,048,606,656

* The opening balance was combined using the foreign exchange rates as at 30 June 2018. The same net assets when combined using the foreign exchange rates ruling as at 31 December 2017 reflected a figure of USD 58,142,594,162. ** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. *** Please refer to Note 3a), 3b), 3c) and 3d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.

The accompanying notes form an integral part of these Financial Statements.

11 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 January 2018 to 30 June 2018

Global Global Convertibles Global Global Global Global Balanced Conservative Dividend Financials High Yield Bond Income Conservative Fund Fund (1) Fund Fund (2) Fund Fund EUR USD USD USD USD EUR

1,699,755,803 377,643,749 148,755,412 175,111,634 6,987,668,804 552,849,016

8,244,613 651,428 2,698,760 235,299 1,103,782 3,679,037 6,443,589 1,276,850 - - 188,032,270 11,682,411 - - 8,837 - - - 94,516 4,535 688 324 40,716 2,193 ------183--

14,782,718 1,932,813 2,708,285 235,806 189,176,768 15,363,641

10,750,187 1,904,612 1,198,179 369,217 19,779,738 4,574,774 886,735 191,327 84,606 22,589 2,826,803 368,190 731,494 60,378 400,353 17,036 1,031,461 666,363 433,777 137,957 106,791 12,077 870,513 330,010 93,169 44,682 73,512 14,426 264,051 41,447 409,625 70,134 40,724 - 1,191,774 195,928 88,926 545 241 102 3,622 2,014 ----61,875 - 221,786 111,539 124,732 99,655 1,135,796 108,405

13,615,699 2,521,174 2,029,138 534,922 27,165,633 6,287,131

441,970 117,846 175,988 65,480 645,780 300,865

13,173,729 2,403,328 1,853,150 469,442 26,519,853 5,986,266

------

13,173,729 2,403,328 1,853,150 469,442 26,519,853 5,986,266

1,608,989 (470,515) 855,135 (233,636) 162,656,915 9,377,375

1,785,898 21,500,009 8,657,750 34,018,428 37,327,425 (12,111,360) (10,559,560) 1,471,750 (1,454,116) (23,477) (52,175,833) (31,263,901) (2,916,156) ----4,785,166 2,287,239 (80,384) (70,258) 62,740 (200,547) 69,113 ------3,407,554 264,070 - - 1,027,090 -

(5,995,025) 23,155,445 7,133,376 34,057,691 (14,021,865) (38,520,982)

13,073,705 (21,330,131) (13,217,123) (30,865,556) (186,968,578) 15,348,315 1,726,230 178,597 (611,961) - (25,887,866) (4,410,919) 1,705,350 ----(492,931) 200,785 (18,129) (16,929) (400) (2,007) 742,170 ------3,774,503 134,757 - - (699,498) -

20,480,573 (21,034,906) (13,846,013) (30,865,956) (213,557,949) 11,186,635

16,094,537 1,650,024 (5,857,502) 2,958,099 (64,922,899) (17,956,972)

432,491,788 158,218,459 72,097,138 6,910,113 1,750,756,258 413,194,287 (250,175,397) (145,145,935) (33,833,878) (184,979,846) (2,642,842,125) (55,184,240)

182,316,391 13,072,524 38,263,260 (178,069,733) (892,085,867) 358,010,047

(575,982) (27,366) (1,474,415) - (120,828,258) (13,498,627)

1,897,590,749 392,338,931 179,686,755 - 5,909,831,780 879,403,464

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. 12 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 January 2018 to 30 June 2018

Global Global Global Global Global Global Income Macro Balanced Macro Macro Opportunities Select Equity Select Equity Plus Fund Fund Fund Fund Fund Fund (2) EUR EUR USD EUR USD USD

23,693,980,219 234,598,416 635,009,746 4,481,602,275 259,613,673 9,381,410

258,650,841 838,127 2,908,332 32,298,662 3,675,137 10,664 356,778,098 994,144 1,206,771 1,614,537 ------10,402 - 3,476 1,120 77,196 21,245 1,729 ------396 - - - 7,484 -

615,432,811 1,833,391 4,192,299 33,934,444 3,694,752 10,664

138,378,095 1,265,436 3,715,808 22,623,165 1,240,929 21,630 6,147,081 112,123 381,573 2,273,126 160,898 1,381 9,851,263 166,829 344,417 2,346,851 60,995 3,770 3,121,976 93,687 269,384 869,711 127,946 21,477 484,559 30,380 81,545 214,804 36,655 3,277 5,406,275 51,016 173,816 1,003,975 76,372 - 29,224 25,388 12,943 1,301,958 618 ------2,217,719 95,823 131,540 639,366 - 19,303

165,636,192 1,840,682 5,111,026 31,272,956 1,704,413 70,838

207,250 170,091 386,452 897,732 156,017 41,396

165,428,942 1,670,591 4,724,574 30,375,224 1,548,396 29,442

------

165,428,942 1,670,591 4,724,574 30,375,224 1,548,396 29,442

450,003,869 162,800 (532,275) 3,559,220 2,146,356 (18,778)

(83,828,926) 1,726,675 38,182,489 186,064,156 14,670,047 2,639,179 (219,896,596) (4,628,774) (13,722,455) (100,279,440) 140,161 27,364 43,651,829 (95,246) 13,608,047 164,168,018 (209,836) - (36,712,189) (33,911) 5,835,999 55,332,218 53,262 1,355 ------(227,977) (4,883,942) (54,190,203) - -

(296,785,882) (3,259,233) 39,020,138 251,094,749 14,653,634 2,667,898

(202,608,099) (3,325,483) (59,800,448) (276,243,373) (19,067,838) (2,583,523) (351,061,101) (1,297,152) (13,364,804) (53,607,223) (211,602) (21,066) (10,028,357) 127,180 (115,788) (860,965) 33,250 - 11,907,466 5,214 (106,940) (463,590) (8,660) 110 ------131,337 1,447,634 14,076,939 - 22,242

(551,790,091) (4,358,904) (71,940,346) (317,098,212) (19,254,850) (2,582,237)

(398,572,104) (7,455,337) (33,452,483) (62,444,243) (2,454,860) 66,883

5,878,090,677 41,635,923 489,865,705 2,171,251,603 186,593,628 31,718 (3,239,564,675) (84,938,702) (104,349,304) (984,660,539) (91,742,033) (9,480,011)

2,638,526,002 (43,302,779) 385,516,401 1,186,591,064 94,851,595 (9,448,293)

(464,813,240) (2,080) (186,340) (3,860,232) (283) -

25,469,120,877 183,838,220 986,887,324 5,601,888,864 352,010,125 -

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. 13 JPMorgan Investment Funds Combined Statement of Operations and Changes in Net Assets (continued) For the Period from 1 January 2018 to 30 June 2018

Income Japan Japan US US US Opportunity Select Equity Strategic Value Bond Equity Select Equity Fund Fund Fund Fund Fund (3) Fund USD JPY JPY USD USD USD

3,613,975,780 15,486,703,834 52,701,379,639 205,017,667 185,237,070 1,907,613,247

5,688,128 134,186,810 523,929,830 - 285,281 11,396,576 51,813,953 - - 3,634,378 - - - 2,191,853 8,657,516 - - 861 28,810 14,203 36,891 1,549 4,755 4,400 519,497 - - 102,355 ------

58,050,388 136,392,866 532,624,237 3,738,282 290,036 11,401,837

13,237,490 69,432,064 126,980,816 839,173 422,581 10,307,267 1,714,734 7,288,591 23,534,877 100,500 26,804 990,900 280,635 1,947,299 5,285,348 25,604 14,594 303,233 653,771 7,451,120 14,977,540 82,505 16,545 311,644 167,815 2,982,804 4,103,404 22,118 13,374 112,795 704,583 2,562,756 6,497,951 46,140 - 407,259 5,007 131,425 361,522 2,839 - 1,045 3,658,517 - - 2,556 - - 304,527 11,896,056 12,123,654 108,161 20,170 159,603

20,727,079 103,692,115 193,865,112 1,229,596 514,068 12,593,746

706,492 15,587,947 16,809,737 169,300 78,161 84,725

20,020,587 88,104,168 177,055,375 1,060,296 435,907 12,509,021

464,412 -----

20,484,999 88,104,168 177,055,375 1,060,296 435,907 12,509,021

37,565,389 48,288,698 355,568,862 2,677,986 (145,871) (1,107,184)

7,352,331 1,559,623,477 2,018,319,155 (2,171,804) 40,083,104 122,191,992 (64,962,745) 15,229,839 (128,327,455) 1,890,763 448,407 (4,225,531) 1,476,882 - - 280,941 38,611 300,998 241,114 124,828 103,614 (1,966) 2,053 (107,878) - - - (32,128) - - (1,655,613) - - 32,243 - -

(57,548,031) 1,574,978,144 1,890,095,314 (1,951) 40,572,175 118,159,581

(12,925,777) (2,172,701,671) (6,545,446,324) (4,124,459) (35,983,462) (90,216,584) (22,170,631) (32,179,093) (353,023,793) (4,763,360) (200,151) (7,577,435) (4,423,174) - - (130,884) (806) (42,169) (349,184) (1) 21,126 (424) 8,577 572 ---153-- 4,021,666 - - (155,256) - -

(35,847,100) (2,204,880,765) (6,898,448,991) (9,174,230) (36,175,842) (97,835,616)

(55,829,742) (581,613,923) (4,652,784,815) (6,498,195) 4,250,462 19,216,781

877,326,377 3,135,349,664 14,124,701,181 41,182,818 8,416,775 793,235,830 (1,191,214,895) (8,703,147,587) (18,176,078,175) (39,230,348) (197,904,307) (756,087,726)

(313,888,518) (5,567,797,923) (4,051,376,994) 1,952,470 (189,487,532) 37,148,104

(9,099,272) (17,576) (481,327) (28,774) - (145,402)

3,235,158,248 9,337,274,412 43,996,736,503 200,443,168 - 1,963,832,730

(3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018.

14 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - CZK - 25.315 - 25.315 JPM Europe Select Equity A (acc) - EUR 270,547.484 21,465.827 84,367.429 207,645.882 JPM Europe Select Equity A (acc) - USD 33,173.026 3,181.213 2,289.127 34,065.112 JPM Europe Select Equity A (dist) - EUR 108,841.377 14,010.662 47,028.847 75,823.192 JPM Europe Select Equity A (dist) - GBP - 1,331.104 - 1,331.104 JPM Europe Select Equity C (acc) - EUR 1,551,482.121 430,264.326 734,171.985 1,247,574.462 JPM Europe Select Equity C (acc) - USD 130,235.184 152,475.751 67,272.688 215,438.247 JPM Europe Select Equity C (dist) - EUR 16,473.395 550.456 - 17,023.851 JPM Europe Select Equity C (dist) - GBP 10,999.784 15,906.070 - 26,905.854 JPM Europe Select Equity D (acc) - EUR 94,734.890 59,942.301 18,405.155 136,272.036 JPM Europe Select Equity D (acc) - USD 9.805 0.001 - 9.806 JPM Europe Select Equity I (acc) - EUR 2,773,985.247 388,925.089 2,020,426.715 1,142,483.621 JPM Europe Select Equity I (acc) - USD* 17,748.881 - 17,748.881 - JPM Europe Select Equity I (acc) - USD (hedged) 129,822.059 8,078.001 75,575.792 62,324.268 JPM Europe Select Equity I (dist) - EUR 458,548.778 10,046.753 464,303.663 4,291.868 JPM Europe Select Equity I2 (acc) - EUR 10.000 4,548,683.498 296,849.592 4,251,843.906 JPM Europe Select Equity I2 (acc) - USD 10.000 20,900.354 5,282.512 15,627.842 JPM Europe Select Equity I2 (acc) - USD (hedged) 10.000 57,670.738 45,406.534 12,274.204 JPM Europe Select Equity I2 (dist) - EUR 10.000 707,491.027 178,158.229 529,342.798 JPM Europe Select Equity X (acc) - EUR 809,590.251 109,690.653 35,295.551 883,985.353 JPM Europe Select Equity X (acc) - USD (hedged) 610,100.573 22,116.000 7,592.000 624,624.573 JPM Europe Select Equity X (dist) - EUR 36,680.844 1,471.266 3,331.906 34,820.204

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - AUD (hedged) 199,934.165 75,735.478 140,585.972 135,083.671 JPM Europe Strategic Dividend A (acc) - EUR 1,928,921.988 67,910.357 414,855.596 1,581,976.749 JPM Europe Strategic Dividend A (acc) - HUF (hedged) 8,521.570 1,553.099 896.462 9,178.207 JPM Europe Strategic Dividend A (acc) - USD (hedged) 1,013,646.873 621,182.282 525,539.844 1,109,289.311 JPM Europe Strategic Dividend A (dist) - EUR 1,457,778.418 39,662.912 956,940.950 540,500.380 JPM Europe Strategic Dividend A (div) - EUR 439,330.451 38,360.859 62,138.694 415,552.616 JPM Europe Strategic Dividend A (mth) - EUR 111,079.223 38,966.007 18,205.579 131,839.651 JPM Europe Strategic Dividend A (mth) - RMB (hedged) 1,189,695.753 42,549.504 191,220.445 1,041,024.812 JPM Europe Strategic Dividend A (mth) - SGD (hedged) 3,007,397.770 116,918.050 456,934.291 2,667,381.529 JPM Europe Strategic Dividend A (mth) - USD (hedged) 2,042,450.290 123,458.115 530,411.501 1,635,496.904 JPM Europe Strategic Dividend C (acc) - EUR 2,244,879.371 484,146.561 1,114,148.373 1,614,877.559 JPM Europe Strategic Dividend C (acc) - PLN (hedged)* 6,001.551 - 6,001.551 - JPM Europe Strategic Dividend C (acc) - USD (hedged) 213,363.058 18,824.656 36,970.128 195,217.586 JPM Europe Strategic Dividend C (dist) - EUR 618,137.612 168,993.471 128,533.685 658,597.398 JPM Europe Strategic Dividend C (dist) - EUR (hedged) 117,830.000 14,120.000 1,555.000 130,395.000 JPM Europe Strategic Dividend C (dist) - GBP 9,513.779 31.573 228.690 9,316.662 JPM Europe Strategic Dividend C (div) - EUR 5,432,257.530 1,369,421.302 3,850,927.185 2,950,751.647 JPM Europe Strategic Dividend C (mth) - SGD (hedged) 126,718.585 141,015.186 40,696.597 227,037.174 JPM Europe Strategic Dividend C (mth) - USD (hedged) 250,826.515 34,071.208 20,580.209 264,317.514 JPM Europe Strategic Dividend D (acc) - EUR 201,128.163 10,721.559 29,960.208 181,889.514 JPM Europe Strategic Dividend D (div) - EUR 938,881.764 212,179.704 86,204.981 1,064,856.487 JPM Europe Strategic Dividend D (mth) - EUR (hedged) 18,685.534 24,193.285 2,598.701 40,280.118 JPM Europe Strategic Dividend D (mth) - USD (hedged) 10,029.298 1,239.856 1,321.872 9,947.282 JPM Europe Strategic Dividend I (acc) - EUR 4,064,866.272 155,009.588 2,283,686.843 1,936,189.017 JPM Europe Strategic Dividend I (acc) - SGD* 2,060,686.166 - 2,060,686.166 - JPM Europe Strategic Dividend I (acc) - SGD (hedged)* 22,804,390.198 - 22,804,390.198 - JPM Europe Strategic Dividend I (acc) - USD 35,001.868 42,973.452 45,860.810 32,114.510 JPM Europe Strategic Dividend I (acc) - USD (hedged)** - 622.311 - 622.311 JPM Europe Strategic Dividend I (dist) - EUR 117,507.419 267,611.783 200,700.204 184,418.998 JPM Europe Strategic Dividend I (div) - EUR 10.000 4,852,875.098 812,189.992 4,040,695.106 JPM Europe Strategic Dividend I2 (acc) - EUR 10.000 794,960.250 95,259.864 699,710.386 JPM Europe Strategic Dividend I2 (dist) - EUR 10.000 99,005.995 60,620.449 38,395.546 JPM Europe Strategic Dividend X (acc) - EUR 1,287,697.950 115,244.880 201,155.418 1,201,787.412 JPM Europe Strategic Dividend X (acc) - SGD - 2,535,236.132 942,408.377 1,592,827.755 JPM Europe Strategic Dividend X (acc) - SGD (hedged) - 28,580,828.204 0.004 28,580,828.200 JPM Europe Strategic Dividend X (acc) - USD (hedged) 27,936.000 - 2,136.000 25,800.000 JPM Europe Strategic Dividend X (dist) - GBP 11.578 - - 11.578 JPM Europe Strategic Dividend X (div) - EUR 840,377.914 - 378,999.000 461,378.914

* Share Class inactive as at end of the period. ** Share Class reactivated during the period.

15 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 197,394.157 53,370.514 27,717.287 223,047.384 JPM Global Balanced A (acc) - USD (hedged) 2,471,895.330 232,949.239 343,663.229 2,361,181.340 JPM Global Balanced A (dist) - EUR 917,711.918 197,257.135 58,759.794 1,056,209.259 JPM Global Balanced A (dist) - USD (hedged) 101,737.164 9,326.995 4,579.000 106,485.159 JPM Global Balanced A (mth) - USD (hedged) 20,803.686 8,948.864 600.542 29,152.008 JPM Global Balanced C (acc) - EUR 121,033.452 34,488.860 18,494.807 137,027.505 JPM Global Balanced C (acc) - USD (hedged) 2,078,016.374 382,127.969 110,811.932 2,349,332.411 JPM Global Balanced C (dist) - EUR 7,398.485 3,813.000 547.003 10,664.482 JPM Global Balanced C (dist) - USD (hedged) 38,392.640 9,647.427 38.858 48,001.209 JPM Global Balanced C (mth) - USD (hedged) 38,808.082 1,244.829 15,289.411 24,763.500 JPM Global Balanced D (acc) - EUR 832,591.487 359,068.462 143,423.496 1,048,236.453 JPM Global Balanced D (acc) - USD (hedged) 580,901.697 59,793.166 60,249.907 580,444.956 JPM Global Balanced D (mth) - USD (hedged) 14,660.866 3,724.824 881.539 17,504.151 JPM Global Balanced I (acc) - EUR 543,351.709 267,218.400 361,911.981 448,658.128 JPM Global Balanced I2 (acc) - EUR 10.000 230,503.432 968.628 229,544.804 JPM Global Balanced T (acc) - EUR 216,208.164 180,336.621 68,229.579 328,315.206 JPM Global Balanced X (acc) - EUR 9,260.646 5,890.613 1,855.033 13,296.226

JPMorgan Investment Funds - Global Convertibles Conservative Fund (1) JPM Global Convertibles Conservative A (acc) - SGD (hedged) 40,190.177 828.044 28,269.336 12,748.885 JPM Global Convertibles Conservative A (acc) - USD 953,376.731 63,739.593 179,051.886 838,064.438 JPM Global Convertibles Conservative A (dist) - USD 66,740.411 18.000 35,326.963 31,431.448 JPM Global Convertibles Conservative A (mth) - USD 17,415.494 5,213.542 5,964.576 16,664.460 JPM Global Convertibles Conservative C (acc) - USD 678,132.248 38,814.488 308,070.433 408,876.303 JPM Global Convertibles Conservative C (dist) - USD 39,887.754 - 38,401.894 1,485.860 JPM Global Convertibles Conservative C (mth) - USD 6,002.389 - 2,939.970 3,062.419 JPM Global Convertibles Conservative D (acc) - USD 134,269.427 6,204.067 13,140.218 127,333.276 JPM Global Convertibles Conservative D (mth) - USD 11,460.850 30.026 1,766.826 9,724.050 JPM Global Convertibles Conservative I (acc) - USD 73,314.922 845,947.123 224,677.320 694,584.725 JPM Global Convertibles Conservative I2 (acc) - USD 10.000 - - 10.000 JPM Global Convertibles Conservative X (acc) - USD 81,791.163 803.675 1,709.436 80,885.402

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 29,847.372 3,562.598 3,227.003 30,182.967 JPM Global Dividend A (acc) - EUR (hedged) 38,093.941 32,844.713 11,063.978 59,874.676 JPM Global Dividend A (acc) - USD 90,578.730 78,400.303 40,753.211 128,225.822 JPM Global Dividend A (dist) - EUR (hedged) 1,603.000 301.000 - 1,904.000 JPM Global Dividend A (dist) - USD 75,987.164 5,617.001 6,991.850 74,612.315 JPM Global Dividend A (div) - EUR 42,174.520 9,720.748 5,030.274 46,864.994 JPM Global Dividend A (div) - EUR (hedged) 15,563.010 7,417.430 1,784.491 21,195.949 JPM Global Dividend A (div) - USD 12,770.059 - 450.000 12,320.059 JPM Global Dividend A (mth) - USD (hedged) 4,054.309 65,666.446 15,744.248 53,976.507 JPM Global Dividend C (acc) - EUR 25,884.211 10,826.047 5,559.496 31,150.762 JPM Global Dividend C (acc) - USD 8,640.295 1,332.600 228.193 9,744.702 JPM Global Dividend C (dist) - EUR 885.000 255.570 360.000 780.570 JPM Global Dividend C (dist) - EUR (hedged) 1,709.000 1,707.000 683.000 2,733.000 JPM Global Dividend D (acc) - EUR (hedged) 189,972.202 48,928.793 28,898.021 210,002.974 JPM Global Dividend D (acc) - USD 75,865.125 6,746.628 20,983.794 61,627.959 JPM Global Dividend D (div) - EUR (hedged) 405,854.861 127,907.747 61,858.104 471,904.504 JPM Global Dividend D (mth) - EUR (hedged) 7,276.276 7,092.823 990.376 13,378.723 JPM Global Dividend F (mth) - USD (hedged) 20.000 176,845.918 32,538.448 144,327.470 JPM Global Dividend I (acc) - EUR 56,720.643 - 28,771.555 27,949.088 JPM Global Dividend T (acc) - EUR (hedged) 70,696.728 22,571.524 7,129.667 86,138.585 JPM Global Dividend X (acc) - EUR (hedged)* 505.542 - 505.542 - JPM Global Dividend X (acc) - USD 2,895.708 331.406 762.473 2,464.641 JPM Global Dividend X (dist) - AUD 52,992.849 1,620.051 279.080 54,333.820

JPMorgan Investment Funds - Global Financials Fund (2) JPM Global Financials A (acc) - EUR 190,902.933 6,696.577 197,599.510 - JPM Global Financials A (acc) - SGD 196,023.371 26,312.180 222,335.551 - JPM Global Financials A (acc) - USD 478,428.219 24,390.597 502,818.816 - JPM Global Financials A (dist) - USD 62,385.456 108.980 62,494.436 - JPM Global Financials C (acc) - EUR 195,542.622 2,136.353 197,678.975 - JPM Global Financials C (acc) - SGD 140.996 - 140.996 - JPM Global Financials C (acc) - USD 126,044.887 2,276.080 128,320.967 - JPM Global Financials C (dist) - USD 34,434.756 633.000 35,067.756 - JPM Global Financials D (acc) - USD 72,631.529 4,308.723 76,940.252 - JPM Global Financials X (acc) - USD 1,540.109 - 1,540.109 -

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. (2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period.

16 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 1,146,324.819 502,455.418 543,348.033 1,105,432.204 JPM Global High Yield Bond A (acc) - CHF (hedged) 9,738.000 - 982.000 8,756.000 JPM Global High Yield Bond A (acc) - CZK (hedged) 5,078.080 - - 5,078.080 JPM Global High Yield Bond A (acc) - EUR (hedged) 825,659.414 147,759.754 411,067.685 562,351.483 JPM Global High Yield Bond A (acc) - HUF (hedged) 28,980.701 4,110.340 5,739.070 27,351.971 JPM Global High Yield Bond A (acc) - USD 2,038,055.780 1,333,803.664 1,140,333.770 2,231,525.674 JPM Global High Yield Bond A (dist) - EUR (hedged) 414,280.053 29,324.772 32,747.058 410,857.767 JPM Global High Yield Bond A (dist) - USD 24,769.748 577.656 2,345.000 23,002.404 JPM Global High Yield Bond A (irc) - AUD (hedged) 52,087,710.478 2,611,736.143 7,125,576.349 47,573,870.272 JPM Global High Yield Bond A (irc) - CAD (hedged) 944,656.813 55,894.499 33,036.381 967,514.931 JPM Global High Yield Bond A (irc) - NZD (hedged) 209,387.724 13,231.361 38,257.685 184,361.400 JPM Global High Yield Bond A (irc) - RMB (hedged) 267,333.337 - - 267,333.337 JPM Global High Yield Bond A (mth) - HKD 77,617,977.630 16,364,511.845 25,068,797.747 68,913,691.728 JPM Global High Yield Bond A (mth) - SGD 514,951.979 47,454.884 98,580.672 463,826.191 JPM Global High Yield Bond A (mth) - USD 25,180,837.092 3,094,105.047 4,918,923.970 23,356,018.169 JPM Global High Yield Bond C (acc) - EUR (hedged) 683,359.675 252,090.868 285,885.425 649,565.118 JPM Global High Yield Bond C (acc) - PLN (hedged) 81,979.296 - 30,521.845 51,457.451 JPM Global High Yield Bond C (acc) - USD 3,166,852.158 304,609.264 1,155,275.933 2,316,185.489 JPM Global High Yield Bond C (dist) - EUR (hedged) 88,854.973 3,527.760 8,647.000 83,735.733 JPM Global High Yield Bond C (dist) - GBP (hedged) 429,734.002 127,107.269 34,513.740 522,327.531 JPM Global High Yield Bond C (dist) - USD 246,251.540 81,215.896 71,334.556 256,132.880 JPM Global High Yield Bond C (div) - EUR (hedged) 71,534.077 58,137.464 71.765 129,599.776 JPM Global High Yield Bond C (irc) - CAD (hedged) 302,855.592 - - 302,855.592 JPM Global High Yield Bond C (mth) - HKD 5,129,782.449 - 2,406,168.710 2,723,613.739 JPM Global High Yield Bond C (mth) - USD 1,554,085.399 79,923.245 499,170.003 1,134,838.641 JPM Global High Yield Bond D (acc) - EUR (hedged) 291,071.448 24,235.446 44,577.488 270,729.406 JPM Global High Yield Bond D (acc) - PLN (hedged) 28,029.468 100,609.497 110,038.788 18,600.177 JPM Global High Yield Bond D (acc) - USD 37,649.908 62,740.186 68,458.043 31,932.051 JPM Global High Yield Bond D (div) - EUR (hedged) 5,026,553.515 510,164.986 464,045.532 5,072,672.969 JPM Global High Yield Bond D (mth) - EUR (hedged) 56,518.700 19,848.037 14,266.899 62,099.838 JPM Global High Yield Bond F (irc) - AUD (hedged) 260.485 469,223.477 37,014.588 432,469.374 JPM Global High Yield Bond F (mth) - USD 20.000 129,841.308 7,129.150 122,732.158 JPM Global High Yield Bond I (acc) - EUR (hedged) 3,481,650.220 152,886.495 2,570,670.329 1,063,866.386 JPM Global High Yield Bond I (acc) - USD 2,958,327.906 517,033.963 2,032,224.979 1,443,136.890 JPM Global High Yield Bond I (dist) - EUR (hedged) 911,681.274 177,362.614 284,000.400 805,043.488 JPM Global High Yield Bond I (dist) - GBP (hedged)* 237,390.467 357.299 237,747.766 - JPM Global High Yield Bond I (dist) - USD* 404,991.377 1,302.488 406,293.865 - JPM Global High Yield Bond I (mth) - USD 1,501,215.947 - 104,409.019 1,396,806.928 JPM Global High Yield Bond I2 (acc) - EUR (hedged) 10.000 1,939,114.212 880,610.014 1,058,514.198 JPM Global High Yield Bond I2 (acc) - USD 10.000 2,133,977.715 1,042,958.893 1,091,028.822 JPM Global High Yield Bond I2 (dist) - EUR (hedged) 10.000 113,608.093 79,896.102 33,721.991 JPM Global High Yield Bond I2 (dist) - GBP (hedged) 10.000 135,641.115 75,067.265 60,583.850 JPM Global High Yield Bond I2 (dist) - USD 10.000 484,637.161 290,307.040 194,340.121 JPM Global High Yield Bond I2 (mth) - USD 10.000 - - 10.000 JPM Global High Yield Bond P (acc) - USD 5,830.416 29,779.631 - 35,610.047 JPM Global High Yield Bond P (dist) - EUR (hedged) 212,566.284 - - 212,566.284 JPM Global High Yield Bond P (dist) - USD 12,106.627 4,385.740 4,214.785 12,277.582 JPM Global High Yield Bond T (acc) - EUR (hedged) 134,324.820 39,347.601 12,266.114 161,406.307 JPM Global High Yield Bond X (acc) - EUR (hedged) 1,784,419.063 289,319.490 624,942.521 1,448,796.032 JPM Global High Yield Bond X (acc) - USD 2,371,417.896 933,378.477 1,285,117.240 2,019,679.133 JPM Global High Yield Bond X (mth) - USD - 193,449.684 21,378.650 172,071.034

JPMorgan Investment Funds - Global Income Conservative Fund JPM Global Income Conservative A (acc) - EUR 160,275.661 149,761.090 50,197.295 259,839.456 JPM Global Income Conservative A (acc) - SEK (hedged) 1,768.144 - - 1,768.144 JPM Global Income Conservative A (acc) - USD (hedged) 4,984.933 - - 4,984.933 JPM Global Income Conservative A (dist) - EUR 36,234.834 27,731.707 1,945.101 62,021.440 JPM Global Income Conservative A (dist) - USD (hedged) 7,500.000 243.000 - 7,743.000 JPM Global Income Conservative A (div) - EUR 2,616,693.793 1,195,268.346 156,162.395 3,655,799.744 JPM Global Income Conservative C (acc) - EUR 86,475.155 40,426.043 15,291.094 111,610.104 JPM Global Income Conservative C (dist) - EUR 490.000 9,680.000 - 10,170.000 JPM Global Income Conservative D (acc) - EUR 176,988.485 483,551.387 26,935.692 633,604.180 JPM Global Income Conservative D (div) - EUR 2,320,975.558 2,025,268.776 294,459.382 4,051,784.952 JPM Global Income Conservative D (mth) - EUR 67,157.587 233,806.304 9,208.055 291,755.836

* Share Class inactive as at end of the period.

17 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 2,855,033.230 826,242.868 662,418.410 3,018,857.688 JPM Global Income A (acc) - CHF (hedged) 243,612.588 31,642.815 26,441.148 248,814.255 JPM Global Income A (acc) - CZK (hedged) 8,031.979 1.945 - 8,033.924 JPM Global Income A (acc) - EUR 13,062,698.075 4,989,376.995 3,970,082.397 14,081,992.673 JPM Global Income A (acc) - SGD (hedged) 926,329.581 173,949.884 245,645.247 854,634.218 JPM Global Income A (acc) - USD (hedged) 6,177,877.665 1,968,212.875 2,395,046.930 5,751,043.610 JPM Global Income A (dist) - EUR 7,356,845.906 1,528,323.799 263,725.344 8,621,444.361 JPM Global Income A (dist) - GBP (hedged) 103,929.756 28,760.666 13,955.568 118,734.854 JPM Global Income A (div) - CHF (hedged) 74,209.177 51,562.525 7,554.737 118,216.965 JPM Global Income A (div) - EUR 39,841,369.406 11,487,347.264 2,428,920.359 48,899,796.311 JPM Global Income A (div) - SGD 1,244,067.375 401,261.153 222,002.269 1,423,326.259 JPM Global Income A (div) - SGD (hedged) 3,071,992.020 899,172.843 716,636.674 3,254,528.189 JPM Global Income A (div) - USD (hedged) 4,138,131.794 388,144.684 699,721.668 3,826,554.810 JPM Global Income A (irc) - AUD (hedged) 95,193,351.508 26,767,786.892 14,362,684.801 107,598,453.599 JPM Global Income A (irc) - CAD (hedged) 861,670.900 534,961.545 - 1,396,632.445 JPM Global Income A (irc) - RMB (hedged) 17,743,625.031 2,427,273.674 1,508,275.476 18,662,623.229 JPM Global Income A (irc) - SGD (hedged) - 60,249.579 - 60,249.579 JPM Global Income A (irc) - USD (hedged) - 311,662.349 8,669.173 302,993.176 JPM Global Income A (mth) - EUR 3,556,969.162 1,764,420.067 259,051.747 5,062,337.482 JPM Global Income A (mth) - GBP (hedged) 401,819.407 214,923.231 32,521.589 584,221.049 JPM Global Income A (mth) - SGD (hedged) 60,649,999.709 16,062,361.566 7,666,171.552 69,046,189.723 JPM Global Income A (mth) - USD (hedged) 16,811,552.588 2,388,864.799 3,359,495.140 15,840,922.247 JPM Global Income C (acc) - EUR 6,294,937.113 1,838,580.850 2,242,621.728 5,890,896.235 JPM Global Income C (acc) - PLN (hedged) 15,818.188 5,388.600 8,040.236 13,166.552 JPM Global Income C (acc) - USD (hedged) 1,954,712.445 330,778.485 129,762.136 2,155,728.794 JPM Global Income C (dist) - EUR 10.000 109,277.644 4,517.106 104,770.538 JPM Global Income C (dist) - GBP (hedged) 85,059.572 31,636.679 23,753.349 92,942.902 JPM Global Income C (dist) - USD (hedged) 100,832.664 118,145.475 67,781.042 151,197.097 JPM Global Income C (div) - CHF (hedged) 9,570.000 11,695.000 2,250.000 19,015.000 JPM Global Income C (div) - EUR 3,422,226.913 405,195.511 536,182.075 3,291,240.349 JPM Global Income C (div) - USD (hedged) 1,130,516.993 170,600.503 337,636.576 963,480.920 JPM Global Income C (irc) - AUD (hedged) 2,562,664.810 333,588.124 - 2,896,252.934 JPM Global Income C (irc) - RMB (hedged) 1,876,297.248 325,995.095 236,327.026 1,965,965.317 JPM Global Income C (mth) - GBP (hedged) 108,504.458 8,679.813 16,542.876 100,641.395 JPM Global Income C (mth) - SGD (hedged) 3,185,632.957 570,326.785 676,659.885 3,079,299.857 JPM Global Income C (mth) - USD (hedged) 574,746.784 94,316.801 55,665.930 613,397.655 JPM Global Income D (acc) - EUR 6,989,406.646 1,855,817.225 815,784.501 8,029,439.370 JPM Global Income D (acc) - USD (hedged) 1,007,121.376 71,805.801 164,667.110 914,260.067 JPM Global Income D (div) - EUR 29,754,044.741 5,313,371.708 2,379,256.574 32,688,159.875 JPM Global Income D (div) - USD (hedged) 509,021.555 57,180.154 87,138.470 479,063.239 JPM Global Income D (mth) - EUR 128,444.276 124,411.111 13,793.617 239,061.770 JPM Global Income D (mth) - USD (hedged) 779,039.068 37,768.430 149,826.679 666,980.819 JPM Global Income F (irc) - AUD (hedged) 260.485 2,563,800.230 23,166.140 2,540,894.575 JPM Global Income F (irc) - USD (hedged) - 200.000 - 200.000 JPM Global Income F (mth) - USD (hedged) 20.000 641,061.557 31,222.791 609,858.766 JPM Global Income I (acc) - EUR 3,059,659.353 900,068.631 2,128,730.142 1,830,997.842 JPM Global Income I (acc) - USD (hedged) 481,897.228 374,348.633 372,460.972 483,784.889 JPM Global Income I (div) - EUR 8,818.378 5,870.848 5,024.886 9,664.340 JPM Global Income I (div) - USD (hedged) 464.887 - - 464.887 JPM Global Income I (mth) - JPY (hedged) 20,564,840.576 3,861,852.277 0.002 24,426,692.851 JPM Global Income I2 (acc) - EUR - 10.000 - 10.000 JPM Global Income T (div) - EUR 3,051,775.055 1,284,809.132 482,292.245 3,854,291.942 JPM Global Income V (acc) - EUR (hedged to BRL) 950,693.598 546,866.286 124,483.965 1,373,075.919 JPM Global Income X (div) - EUR 1,387,340.000 261,664.000 19,570.000 1,629,434.000 JPM Global Income X (irc) - AUD (hedged)* 75,852.011 1,218.274 77,070.285 -

JPMorgan Investment Funds - Global Macro Balanced Fund JPM Global Macro Balanced A (acc) - EUR 80,956.369 5,286.498 15,043.674 71,199.193 JPM Global Macro Balanced A (acc) - USD 7,277.524 1,044.115 558.514 7,763.125 JPM Global Macro Balanced A (dist) - EUR 56,771.575 5,824.390 5,093.016 57,502.949 JPM Global Macro Balanced C (acc) - EUR 41,915.326 19,897.897 46,674.768 15,138.455 JPM Global Macro Balanced C (acc) - USD (hedged) - 36,156.617 - 36,156.617 JPM Global Macro Balanced C (dist) - EUR 1,068.000 10.000 20.000 1,058.000 JPM Global Macro Balanced D (acc) - EUR 524,964.800 53,907.597 58,204.390 520,668.007 JPM Global Macro Balanced D (acc) - SEK (hedged) 23,288.032 121.384 22,470.728 938.688 JPM Global Macro Balanced X (acc) - EUR 1,578.841 861.965 775.661 1,665.145

* Share Class inactive as at end of the period.

18 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Global Macro Fund JPM Global Macro A (acc) - EUR (hedged) 314,325.024 744,875.607 56,025.818 1,003,174.813 JPM Global Macro A (acc) - SGD (hedged) 338,551.223 3,745.485 - 342,296.708 JPM Global Macro A (acc) - USD 1,042,990.388 342,486.661 162,337.875 1,223,139.174 JPM Global Macro A (dist) - EUR (hedged) 250,968.061 75,218.315 35,924.669 290,261.707 JPM Global Macro A (mth) - USD 85,010.071 8,936.419 7,584.532 86,361.958 JPM Global Macro C (acc) - EUR (hedged) 731,728.491 605,348.617 100,961.207 1,236,115.901 JPM Global Macro C (acc) - NOK (hedged) 10,343.371 36,930.028 - 47,273.399 JPM Global Macro C (acc) - USD 452,530.118 425,257.002 227,275.720 650,511.400 JPM Global Macro C (dist) - EUR (hedged) 1,220.000 4,300.000 - 5,520.000 JPM Global Macro C (dist) - GBP (hedged) - 263,021.344 2,056.767 260,964.577 JPM Global Macro C (mth) - USD 29,332.535 32,450.214 4,511.504 57,271.245 JPM Global Macro D (acc) - EUR (hedged) 694,640.343 312,511.027 91,188.982 915,962.388 JPM Global Macro D (acc) - USD 444,710.860 131,318.694 103,125.898 472,903.656 JPM Global Macro D (mth) - USD 11,000.596 4,025.072 579.054 14,446.614 JPM Global Macro I (acc) - EUR (hedged) 299,789.846 268,383.545 10,385.422 557,787.969 JPM Global Macro I (acc) - SEK (hedged) 867,112.845 958,186.932 47,161.098 1,778,138.679 JPM Global Macro X (acc) - USD 3,938.377 648.302 1,195.694 3,390.985

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) 1,211,129.074 1,965,484.244 799,454.110 2,377,159.208 JPM Global Macro Opportunities A (acc) - CHF (hedged) 50,035.405 40,579.010 6,208.000 84,406.415 JPM Global Macro Opportunities A (acc) - CZK (hedged) 421,168.783 226,019.214 15,508.528 631,679.469 JPM Global Macro Opportunities A (acc) - EUR 4,605,359.345 2,331,205.300 810,686.785 6,125,877.860 JPM Global Macro Opportunities A (acc) - HUF (hedged) - 5,106.554 - 5,106.554 JPM Global Macro Opportunities A (acc) - SEK (hedged) 2,784.747 6,608.582 2,431.003 6,962.326 JPM Global Macro Opportunities A (acc) - SGD (hedged) 4,148,878.689 2,319,031.350 1,412,908.326 5,055,001.713 JPM Global Macro Opportunities A (acc) - USD (hedged) 2,583,973.456 1,684,651.665 936,563.772 3,332,061.349 JPM Global Macro Opportunities A (dist) - EUR 1,735,461.927 651,494.785 159,019.970 2,227,936.742 JPM Global Macro Opportunities A (dist) - GBP (hedged) 1,468.640 581.136 - 2,049.776 JPM Global Macro Opportunities C (acc) - CHF (hedged) 33,023.573 27,143.954 2,834.307 57,333.220 JPM Global Macro Opportunities C (acc) - EUR 5,296,586.313 2,388,523.703 2,219,980.257 5,465,129.759 JPM Global Macro Opportunities C (acc) - PLN (hedged)* 2,714.125 512.316 3,226.441 - JPM Global Macro Opportunities C (acc) - USD (hedged) 463,382.113 539,641.880 37,685.143 965,338.850 JPM Global Macro Opportunities C (dist) - EUR 442,923.910 111,731.794 11,969.607 542,686.097 JPM Global Macro Opportunities C (dist) - GBP (hedged) 2,559,289.182 832,060.895 104,711.776 3,286,638.301 JPM Global Macro Opportunities C (dist) - USD (hedged) 477,709.340 255,316.567 52,712.938 680,312.969 JPM Global Macro Opportunities D (acc) - EUR 3,486,796.775 1,512,918.754 525,848.389 4,473,867.140 JPM Global Macro Opportunities D (acc) - HUF (hedged) - 63,690.871 - 63,690.871 JPM Global Macro Opportunities D (acc) - PLN (hedged) 36.234 595.826 - 632.060 JPM Global Macro Opportunities D (acc) - USD (hedged) 486.293 631.193 592.920 524.566 JPM Global Macro Opportunities I (acc) - EUR 6,100,027.307 2,844,500.507 445,414.320 8,499,113.494 JPM Global Macro Opportunities I (acc) - JPY (hedged) 3,671,086.936 1,162,458.206 597,446.703 4,236,098.439 JPM Global Macro Opportunities I (acc) - SEK (hedged)** - 165,712.118 389.683 165,322.435 JPM Global Macro Opportunities I (acc) - USD (hedged) 856,717.153 200,728.139 448,216.576 609,228.716 JPM Global Macro Opportunities T (acc) - EUR 528,051.953 299,007.662 52,803.355 774,256.260 JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) 136,107.996 223,968.314 12,160.673 347,915.637 JPM Global Macro Opportunities X (acc) - EUR 455,567.533 55,055.542 65,246.276 445,376.799 JPM Global Macro Opportunities X (acc) - USD (hedged) 334,288.985 22,769.725 13,082.616 343,976.094 JPM Global Macro Opportunities X (dist) - AUD (hedged) 2,102,626.636 5,711,192.682 3,893,609.976 3,920,209.342

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - CZK - 20.334 - 20.334 JPM Global Select Equity A (acc) - EUR 5,023.865 106,347.028 53,276.702 58,094.191 JPM Global Select Equity A (acc) - SGD - 506,181.849 218,006.276 288,175.573 JPM Global Select Equity A (acc) - USD 245,929.363 213,708.823 185,566.228 274,071.958 JPM Global Select Equity A (dist) - USD 2,873.558 26,273.753 6,351.768 22,795.543 JPM Global Select Equity C (acc) - EUR 45,470.114 82,966.332 30,013.861 98,422.585 JPM Global Select Equity C (acc) - USD 463,074.015 246,341.138 73,592.877 635,822.276 JPM Global Select Equity C (dist) - USD - 5,018.224 3,567.227 1,450.997 JPM Global Select Equity D (acc) - USD 29,421.435 62,507.318 13,967.583 77,961.170 JPM Global Select Equity I2 (acc) - USD - 10.000 - 10.000 JPM Global Select Equity X (acc) - USD 136,623.381 1,625.335 158.319 138,090.397

JPMorgan Investment Funds - Global Select Equity Plus Fund (2) JPM Global Select Equity Plus A (perf) (acc) - USD 27,414.503 107.963 27,522.466 - JPM Global Select Equity Plus A (perf) (dist) - USD 12.119 - 12.119 - JPM Global Select Equity Plus C (perf) (acc) - USD 687.256 1.560 688.816 - JPM Global Select Equity Plus D (perf) (acc) - USD 14,643.134 24.900 14,668.034 -

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period. ** Share Class reactivated during the period.

19 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 343,541.182 14,541.037 43,823.402 314,258.817 JPM Income Opportunity A (perf) (acc) - EUR (hedged) 5,710,790.987 1,253,101.220 2,735,240.542 4,228,651.665 JPM Income Opportunity A (perf) (acc) - SEK (hedged) 105,830.066 174,817.288 33,444.775 247,202.579 JPM Income Opportunity A (perf) (acc) - SGD (hedged) 2,543,189.145 102,594.894 - 2,645,784.039 JPM Income Opportunity A (perf) (acc) - USD 2,256,196.899 320,465.385 392,821.786 2,183,840.498 JPM Income Opportunity A (perf) (dist) - EUR (hedged) 799,022.220 2,771.969 248,964.471 552,829.718 JPM Income Opportunity A (perf) (dist) - GBP (hedged) 119,356.752 68,003.310 101,616.123 85,743.939 JPM Income Opportunity A (perf) (dist) - USD 4,357.280 6,549.562 1,811.062 9,095.780 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 44,588.417 3,219.471 3,465.930 44,341.958 JPM Income Opportunity A (perf) (mth) - USD 314,754.497 15,522.981 45,716.425 284,561.053 JPM Income Opportunity C (perf) (acc) - CHF (hedged) 631,448.721 28,680.240 55,123.094 605,005.867 JPM Income Opportunity C (perf) (acc) - EUR (hedged) 2,986,895.490 513,091.002 711,551.436 2,788,435.056 JPM Income Opportunity C (perf) (acc) - SEK (hedged) 11,340.188 12,085.000 70.000 23,355.188 JPM Income Opportunity C (perf) (acc) - USD 2,034,188.869 498,168.430 584,640.886 1,947,716.413 JPM Income Opportunity C (perf) (dist) - EUR (hedged) 332,617.322 33,269.670 38,710.187 327,176.805 JPM Income Opportunity C (perf) (dist) - GBP (hedged) 1,144,726.654 1,565,703.196 1,582,981.553 1,127,448.297 JPM Income Opportunity C (perf) (dist) - USD 131,577.387 58,203.312 52,870.536 136,910.163 JPM Income Opportunity C (perf) (mth) - USD 95,787.947 38,255.312 35,120.138 98,923.121 JPM Income Opportunity D (perf) (acc) - EUR (hedged) 1,224,669.542 201,267.708 231,840.594 1,194,096.656 JPM Income Opportunity D (perf) (acc) - USD 101,449.713 35,778.853 59,878.087 77,350.479 JPM Income Opportunity D (perf) (dist) - EUR (hedged) 45,126.245 5,272.842 4,708.842 45,690.245 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 171,984.599 45,097.604 20,353.716 196,728.487 JPM Income Opportunity I (perf) (acc) - EUR (hedged) 2,363,617.300 760,681.006 375,714.707 2,748,583.599 JPM Income Opportunity I (perf) (acc) - SGD (hedged) 20,021,062.734 - 0.004 20,021,062.730 JPM Income Opportunity I (perf) (acc) - USD 1,378,091.984 187,507.106 106,590.531 1,459,008.559 JPM Income Opportunity I (perf) (dist) - EUR (hedged) 657,889.811 167,177.546 743.569 824,323.788 JPM Income Opportunity I (perf) (dist) - GBP (hedged) 133,833.783 3,907.376 112,262.836 25,478.323 JPM Income Opportunity I (perf) (dist) - USD* 1,787.542 - 1,787.542 - JPM Income Opportunity P (perf) (acc) - EUR (hedged) 10.000 - - 10.000 JPM Income Opportunity P (perf) (acc) - USD 11,021.010 - - 11,021.010 JPM Income Opportunity P (perf) (dist) - GBP (hedged) 890.000 - - 890.000 JPM Income Opportunity X (perf) (acc) - EUR (hedged) 300,354.597 2,670.000 210,610.459 92,414.138 JPM Income Opportunity X (perf) (acc) - USD 2,855.227 1,216.232 1,866.877 2,204.582 JPM Income Opportunity X (perf) (dist) - GBP (hedged) 10.112 0.001 - 10.113

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 22,705.907 1,673.225 5,881.072 18,498.060 JPM Japan Select Equity A (acc) - JPY 396,248.774 116,616.680 147,744.700 365,120.754 JPM Japan Select Equity A (dist) - JPY 2,190.180 0.003 - 2,190.183 JPM Japan Select Equity C (acc) - EUR (hedged) 22,262.396 7,390.501 27,104.433 2,548.464 JPM Japan Select Equity C (acc) - JPY 306,807.691 42,498.159 296,945.678 52,360.172 JPM Japan Select Equity C (acc) - USD (hedged) 51,993.313 30,224.000 36,968.313 45,249.000 JPM Japan Select Equity C (dist) - JPY 157.000 - - 157.000 JPM Japan Select Equity D (acc) - JPY 30,454.255 11,868.098 4,834.568 37,487.785 JPM Japan Select Equity I2 (acc) - JPY - 10.925 - 10.925 JPM Japan Select Equity X (acc) - JPY 129,311.941 590.284 33,590.367 96,311.858

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 36,867.943 14,304.036 3,586.610 47,585.369 JPM Japan Strategic Value A (acc) - EUR (hedged) 74,096.094 5,394.288 18,379.039 61,111.343 JPM Japan Strategic Value A (acc) - JPY 365,777.637 81,547.564 206,947.748 240,377.453 JPM Japan Strategic Value A (acc) - USD (hedged) 9,314.119 2,032.463 721.957 10,624.625 JPM Japan Strategic Value A (dist) - GBP 28,017.287 1,735.653 28,203.989 1,548.951 JPM Japan Strategic Value C (acc) - EUR (hedged) 275,765.376 184,593.677 52,814.621 407,544.432 JPM Japan Strategic Value C (acc) - JPY 423,584.582 179,493.332 376,198.039 226,879.875 JPM Japan Strategic Value C (acc) - USD 52,895.222 52,736.236 54,517.237 51,114.221 JPM Japan Strategic Value D (acc) - EUR 31,268.530 54,113.194 47,253.370 38,128.354 JPM Japan Strategic Value D (acc) - EUR (hedged) 51,019.687 14,228.359 5,817.661 59,430.385 JPM Japan Strategic Value D (acc) - JPY 12,412.191 2,340.301 2,844.948 11,907.544 JPM Japan Strategic Value I (acc) - EUR (hedged) 141,605.000 94,133.847 17,802.930 217,935.917 JPM Japan Strategic Value X (acc) - JPY 461,200.922 31,122.587 47,982.556 444,340.953 JPM Japan Strategic Value X (acc) - USD 472,347.908 16,775.000 6,368.318 482,754.590 JPM Japan Strategic Value X (acc) - USD (hedged) 42,837.000 53,601.000 15,023.000 81,415.000

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - EUR (hedged) - 1,650.000 - 1,650.000 JPM US Bond A (acc) - GBP (hedged) 963,059.000 3,834.000 85,279.000 881,614.000 JPM US Bond A (acc) - USD 273,688.906 25,983.591 52,493.121 247,179.376 JPM US Bond A (dist) - USD 8,849.418 139.560 1,925.892 7,063.086 JPM US Bond C (acc) - USD 89,841.781 11,833.599 28,623.302 73,052.078 JPM US Bond D (acc) - EUR (hedged) - 10.000 - 10.000 JPM US Bond D (acc) - USD 140,666.918 50,239.692 74,975.914 115,930.696 JPM US Bond I (acc) - USD 45,421.421 225,971.523 4,540.723 266,852.221

* Share Class inactive as at end of the period.

20 JPMorgan Investment Funds Statement of Changes in the Number of Shares (continued) For the Period from 1 January 2018 to 30 June 2018

Shares Outstanding Shares Outstanding at the Beginning Shares Shares at the End of the Period Subscribed Redeemed of the Period

JPMorgan Investment Funds - US Equity Fund (3) JPM US Equity A (acc) - EUR 15,192.895 11.082 15,203.977 - JPM US Equity A (acc) - EUR (hedged) 22,460.925 4,957.922 27,418.847 - JPM US Equity A (acc) - USD 367,313.417 8,851.362 376,164.779 - JPM US Equity A (dist) - GBP 1,060.573 0.077 1,060.650 - JPM US Equity A (dist) - USD 197,729.210 628.087 198,357.297 - JPM US Equity C (acc) - USD 153,950.050 25,154.640 179,104.690 - JPM US Equity C (dist) - USD 27,050.160 - 27,050.160 - JPM US Equity D (acc) - EUR (hedged) 13,716.354 944.174 14,660.528 - JPM US Equity D (acc) - USD 94,341.850 256.469 94,598.319 - JPM US Equity I (acc) - EUR (hedged) 41,181.035 - 41,181.035 - JPM US Equity I (acc) - USD 83,368.324 - 83,368.324 - JPM US Equity I (dist) - EUR 10.000 - 10.000 - JPM US Equity I (dist) - GBP 1,033.003 - 1,033.003 - JPM US Equity I (dist) - USD 10.000 - 10.000 - JPM US Equity X (acc) - USD 14,037.594 19.474 14,057.068 -

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - AUD (hedged) 208,869.644 123,968.994 55,266.461 277,572.177 JPM US Select Equity A (acc) - EUR 602,607.900 98,904.466 85,636.137 615,876.229 JPM US Select Equity A (acc) - EUR (hedged) 726,306.131 160,860.232 171,875.520 715,290.843 JPM US Select Equity A (acc) - USD 1,661,184.227 718,185.585 495,269.862 1,884,099.950 JPM US Select Equity A (dist) - GBP - 1,788.005 4.120 1,783.885 JPM US Select Equity A (dist) - USD 61,522.653 125,176.233 13,861.598 172,837.288 JPM US Select Equity C (acc) - EUR 675,042.548 81,594.171 147,047.103 609,589.616 JPM US Select Equity C (acc) - EUR (hedged) 285,767.146 120,368.373 105,271.880 300,863.639 JPM US Select Equity C (acc) - USD 1,274,843.590 213,694.444 897,987.159 590,550.875 JPM US Select Equity C (dist) - GBP 134,406.882 475.857 24,655.080 110,227.659 JPM US Select Equity C (dist) - USD 41,707.726 8.781 21,707.723 20,008.784 JPM US Select Equity D (acc) - EUR (hedged) 163,623.187 29,003.229 25,128.570 167,497.846 JPM US Select Equity D (acc) - USD 338,954.662 104,287.443 62,646.372 380,595.733 JPM US Select Equity I (acc) - EUR 206,314.113 174,864.429 75,880.693 305,297.849 JPM US Select Equity I (acc) - EUR (hedged) 194,623.560 185,014.985 127,707.197 251,931.348 JPM US Select Equity I (acc) - USD 644,234.442 388,015.979 314,584.369 717,666.052 JPM US Select Equity I (dist) - GBP - 11.493 - 11.493 JPM US Select Equity I (dist) - USD 16,871.213 24,816.948 35,873.507 5,814.654 JPM US Select Equity I2 (acc) - EUR (hedged) 10.000 - - 10.000 JPM US Select Equity I2 (acc) - USD 10.000 1,500,000.000 90,000.000 1,410,010.000 JPM US Select Equity I2 (dist) - USD 10.000 - - 10.000 JPM US Select Equity X (acc) - USD 58,854.354 6,016.808 5,049.257 59,821.905

(3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018. The accompanying notes form an integral part of these Financial Statements.

21 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - CZK 1,034.24 - - JPM Europe Select Equity A (acc) - EUR 1,376.37 1,395.55 1,266.32 JPM Europe Select Equity A (acc) - USD 165.65 173.09 138.30 JPM Europe Select Equity A (dist) - EUR 85.17 87.17 81.38 JPM Europe Select Equity A (dist) - GBP 101.43 - - JPM Europe Select Equity C (acc) - EUR 145.56 146.86 132.11 JPM Europe Select Equity C (acc) - USD 133.44 138.68 109.75 JPM Europe Select Equity C (dist) - EUR 118.02 120.45 111.62 JPM Europe Select Equity C (dist) - GBP 127.77 130.34 115.97 JPM Europe Select Equity D (acc) - EUR 120.00 122.18 111.80 JPM Europe Select Equity D (acc) - USD 153.10 160.58 129.26 JPM Europe Select Equity I (acc) - EUR 191.45 193.11 173.65 JPM Europe Select Equity I (acc) - USD* - 177.22 140.19 JPM Europe Select Equity I (acc) - USD (hedged) 145.84 145.93 126.34 JPM Europe Select Equity I (dist) - EUR 129.93 133.54 123.67 JPM Europe Select Equity I2 (acc) - EUR 98.45 99.27 - JPM Europe Select Equity I2 (acc) - USD 97.10 100.83 - JPM Europe Select Equity I2 (acc) - USD (hedged) 99.75 99.77 - JPM Europe Select Equity I2 (dist) - EUR 98.44 99.27 - JPM Europe Select Equity X (acc) - EUR 209.72 211.01 188.52 JPM Europe Select Equity X (acc) - USD (hedged) 135.19 134.93 116.08 JPM Europe Select Equity X (dist) - EUR 123.59 127.86 118.22

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - AUD (hedged) 10.29 10.43 - JPM Europe Strategic Dividend A (acc) - EUR 209.10 213.42 197.89 JPM Europe Strategic Dividend A (acc) - HUF (hedged) 37,922.59 38,771.46 35,059.70 JPM Europe Strategic Dividend A (acc) - USD (hedged) 154.71 156.21 138.89 JPM Europe Strategic Dividend A (dist) - EUR 117.95 122.56 116.77 JPM Europe Strategic Dividend A (div) - EUR 132.47 138.67 135.19 JPM Europe Strategic Dividend A (inc) - EUR*** - - 101.86 JPM Europe Strategic Dividend A (mth) - EUR 85.97 90.04 87.78 JPM Europe Strategic Dividend A (mth) - RMB (hedged) 11.45 11.76 10.60 JPM Europe Strategic Dividend A (mth) - SGD (hedged) 10.18 10.58 9.91 JPM Europe Strategic Dividend A (mth) - USD (hedged) 141.16 146.15 136.42 JPM Europe Strategic Dividend C (acc) - EUR 151.54 154.01 141.60 JPM Europe Strategic Dividend C (acc) - PLN (hedged)* - 503.15 443.49 JPM Europe Strategic Dividend C (acc) - USD (hedged) 129.54 130.22 114.77 JPM Europe Strategic Dividend C (dist) - EUR 139.82 146.28 140.20 JPM Europe Strategic Dividend C (dist) - EUR (hedged) 113.24 118.74 110.35 JPM Europe Strategic Dividend C (dist) - GBP 117.24 122.88 112.29 JPM Europe Strategic Dividend C (div) - EUR 130.98 136.51 132.00 JPM Europe Strategic Dividend C (mth) - EUR* - - 94.25 JPM Europe Strategic Dividend C (mth) - RMB (hedged)* - - 732.50 JPM Europe Strategic Dividend C (mth) - SGD (hedged) 10.37 10.74 9.96 JPM Europe Strategic Dividend C (mth) - USD (hedged) 148.58 153.16 141.70 JPM Europe Strategic Dividend D (acc) - EUR 161.82 165.82 154.98 JPM Europe Strategic Dividend D (div) - EUR 126.08 132.48 130.19 JPM Europe Strategic Dividend D (mth) - EUR (hedged) 100.16 105.48 - JPM Europe Strategic Dividend D (mth) - USD (hedged) 95.97 99.78 93.92 JPM Europe Strategic Dividend I (acc) - EUR 174.75 177.57 163.19 JPM Europe Strategic Dividend I (acc) - SGD* - 11.81 10.31 JPM Europe Strategic Dividend I (acc) - SGD (hedged)* - 12.13 10.72 JPM Europe Strategic Dividend I (acc) - USD 99.59 104.24 - JPM Europe Strategic Dividend I (acc) - USD (hedged)** 98.30 - 117.10 JPM Europe Strategic Dividend I (dist) - EUR 119.37 125.86 119.78 JPM Europe Strategic Dividend I (div) - EUR 97.40 101.27 - JPM Europe Strategic Dividend I2 (acc) - EUR 98.11 99.65 - JPM Europe Strategic Dividend I2 (dist) - EUR 98.09 99.65 - JPM Europe Strategic Dividend X (acc) - EUR 161.43 163.49 149.27 JPM Europe Strategic Dividend X (acc) - SGD 9.38 - - JPM Europe Strategic Dividend X (acc) - SGD (hedged) 9.62 - - JPM Europe Strategic Dividend X (acc) - USD (hedged) 111.20 111.40 - JPM Europe Strategic Dividend X (dist) - GBP 109.00 114.94 105.46 JPM Europe Strategic Dividend X (div) - EUR 105.13 109.19 104.84

* Share Class inactive as at end of the period. ** Share Class reactivated during the period. *** Share Class closed as at the end of the period.

22 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 1,841.93 1,861.38 1,693.30 JPM Global Balanced A (acc) - USD (hedged) 172.76 172.39 153.83 JPM Global Balanced A (dist) - EUR 126.16 127.89 118.47 JPM Global Balanced A (dist) - USD (hedged) 166.06 166.30 150.94 JPM Global Balanced A (mth) - USD (hedged) 159.78 160.88 146.05 JPM Global Balanced C (acc) - EUR 1,506.83 1,517.06 1,369.79 JPM Global Balanced C (acc) - USD (hedged) 178.54 177.49 157.20 JPM Global Balanced C (dist) - EUR 122.30 124.08 114.36 JPM Global Balanced C (dist) - USD (hedged) 133.79 134.17 121.14 JPM Global Balanced C (mth) - USD (hedged) 165.06 165.56 149.20 JPM Global Balanced D (acc) - EUR 182.14 184.53 168.70 JPM Global Balanced D (acc) - USD (hedged) 168.84 168.89 151.46 JPM Global Balanced D (mth) - USD (hedged) 156.13 157.59 143.79 JPM Global Balanced I (acc) - EUR 130.96 131.83 118.98 JPM Global Balanced I2 (acc) - EUR 99.18 99.74 - JPM Global Balanced T (acc) - EUR 141.14 142.99 130.73 JPM Global Balanced X (acc) - EUR 119.68 120.02 107.50

JPMorgan Investment Funds - Global Convertibles Conservative Fund (1) JPM Global Convertibles Conservative A (acc) - SGD (hedged) 11.83 11.90 10.93 JPM Global Convertibles Conservative A (acc) - USD 188.38 188.95 172.80 JPM Global Convertibles Conservative A (dist) - USD 111.17 111.53 102.12 JPM Global Convertibles Conservative A (mth) - USD 122.52 123.59 114.50 JPM Global Convertibles Conservative C (acc) - SGD (hedged)* - - 10.28 JPM Global Convertibles Conservative C (acc) - USD 197.86 197.90 180.00 JPM Global Convertibles Conservative C (dist) - USD 110.70 110.83 101.56 JPM Global Convertibles Conservative C (mth) - USD 138.38 139.17 128.15 JPM Global Convertibles Conservative D (acc) - USD 174.49 175.48 161.37 JPM Global Convertibles Conservative D (mth) - USD 129.66 131.12 122.08 JPM Global Convertibles Conservative I (acc) - USD 159.58 159.58 145.09 JPM Global Convertibles Conservative I2 (acc) - USD 100.42 100.34 - JPM Global Convertibles Conservative X (acc) - USD 138.98 138.45 124.93

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 142.44 140.61 132.53 JPM Global Dividend A (acc) - EUR (hedged) 94.34 95.54 83.98 JPM Global Dividend A (acc) - USD 130.78 132.97 110.25 JPM Global Dividend A (dist) - EUR (hedged) 149.97 151.89 137.52 JPM Global Dividend A (dist) - USD 147.61 152.36 129.97 JPM Global Dividend A (div) - EUR 115.03 115.56 112.82 JPM Global Dividend A (div) - EUR (hedged) 100.65 103.75 94.46 JPM Global Dividend A (div) - USD 136.43 141.19 121.26 JPM Global Dividend A (mth) - USD (hedged) 112.30 114.33 101.95 JPM Global Dividend C (acc) - EUR 218.86 214.97 200.61 JPM Global Dividend C (acc) - USD 123.75 125.19 102.75 JPM Global Dividend C (dist) - EUR 115.78 117.16 112.83 JPM Global Dividend C (dist) - EUR (hedged) 93.95 96.11 86.43 JPM Global Dividend C (div) - EUR* - - 119.51 JPM Global Dividend D (acc) - EUR (hedged) 87.15 88.59 78.46 JPM Global Dividend D (acc) - USD 120.79 123.28 102.99 JPM Global Dividend D (div) - EUR (hedged) 95.69 99.00 90.82 JPM Global Dividend D (mth) - EUR (hedged) 104.30 107.89 - JPM Global Dividend F (mth) - USD (hedged) 98.90 100.93 - JPM Global Dividend I (acc) - EUR 103.21 101.36 - JPM Global Dividend I (dist) - EUR (hedged)* - - 85.65 JPM Global Dividend T (acc) - EUR (hedged) 123.98 126.03 111.62 JPM Global Dividend X (acc) - EUR (hedged)* - 138.12 119.44 JPM Global Dividend X (acc) - USD 137.24 138.40 112.88 JPM Global Dividend X (dist) - AUD 14.44 14.18 12.93

JPMorgan Investment Funds - Global Financials Fund (2) JPM Global Financials A (acc) - EUR - 87.03 75.90 JPM Global Financials A (acc) - SGD - 28.97 24.02 JPM Global Financials A (acc) - USD - 161.79 124.13 JPM Global Financials A (dist) - USD - 85.67 67.18 JPM Global Financials C (acc) - EUR - 124.94 108.09 JPM Global Financials C (acc) - SGD - 13.42 11.04 JPM Global Financials C (acc) - USD - 182.21 138.68 JPM Global Financials C (dist) - USD - 132.81 103.51 JPM Global Financials D (acc) - USD - 152.73 118.35 JPM Global Financials X (acc) - USD - 165.18 124.67

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. (2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period.

23 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 12.09 12.08 11.27 JPM Global High Yield Bond A (acc) - CHF (hedged) 111.68 113.11 108.70 JPM Global High Yield Bond A (acc) - CZK (hedged) 1,015.80 1,024.84 - JPM Global High Yield Bond A (acc) - EUR (hedged) 221.97 224.31 214.43 JPM Global High Yield Bond A (acc) - HUF (hedged) 25,565.60 25,803.72 24,577.39 JPM Global High Yield Bond A (acc) - USD 171.74 171.43 160.60 JPM Global High Yield Bond A (dist) - EUR (hedged) 76.16 80.47 81.19 JPM Global High Yield Bond A (dist) - USD 96.67 101.39 101.01 JPM Global High Yield Bond A (irc) - AUD (hedged) 8.33 8.60 8.58 JPM Global High Yield Bond A (irc) - CAD (hedged) 8.82 9.10 9.09 JPM Global High Yield Bond A (irc) - NZD (hedged) 10.49 10.84 10.82 JPM Global High Yield Bond A (irc) - RMB (hedged) 8.70 8.99 9.00 JPM Global High Yield Bond A (mth) - HKD 10.25 10.53 10.41 JPM Global High Yield Bond A (mth) - SGD 12.21 12.36 13.33 JPM Global High Yield Bond A (mth) - USD 91.56 94.45 94.16 JPM Global High Yield Bond C (acc) - EUR (hedged) 249.83 251.93 239.71 JPM Global High Yield Bond C (acc) - PLN (hedged) 448.97 448.46 418.14 JPM Global High Yield Bond C (acc) - USD 181.92 181.17 168.96 JPM Global High Yield Bond C (dist) - EUR (hedged) 67.91 71.97 72.61 JPM Global High Yield Bond C (dist) - GBP (hedged) 62.76 66.33 67.66 JPM Global High Yield Bond C (dist) - USD 99.94 105.70 104.23 JPM Global High Yield Bond C (div) - EUR (hedged) 67.25 70.05 70.99 JPM Global High Yield Bond C (inc) - EUR (hedged)*** - - 71.76 JPM Global High Yield Bond C (irc) - CAD (hedged) 9.97 10.26 10.20 JPM Global High Yield Bond C (irc) - RMB (hedged)* - - 10.19 JPM Global High Yield Bond C (mth) - HKD 10.10 10.35 10.21 JPM Global High Yield Bond C (mth) - USD 94.18 96.91 96.15 JPM Global High Yield Bond D (acc) - EUR (hedged) 205.95 208.56 200.16 JPM Global High Yield Bond D (acc) - PLN (hedged) 401.51 402.96 379.29 JPM Global High Yield Bond D (acc) - USD 151.41 151.50 142.63 JPM Global High Yield Bond D (div) - EUR (hedged) 63.65 66.57 68.05 JPM Global High Yield Bond D (mth) - EUR (hedged) 92.89 97.28 - JPM Global High Yield Bond F (irc) - AUD (hedged) 9.70 10.01 - JPM Global High Yield Bond F (mth) - USD 97.04 100.09 - JPM Global High Yield Bond I (acc) - EUR (hedged) 87.37 88.08 83.78 JPM Global High Yield Bond I (acc) - USD 186.82 186.01 173.40 JPM Global High Yield Bond I (dist) - EUR (hedged) 65.45 70.19 70.82 JPM Global High Yield Bond I (dist) - GBP (hedged)* - 64.94 65.26 JPM Global High Yield Bond I (dist) - USD* - 102.35 100.89 JPM Global High Yield Bond I (inc) - EUR (hedged)*** - - 65.89 JPM Global High Yield Bond I (mth) - USD 91.44 94.07 93.29 JPM Global High Yield Bond I2 (acc) - EUR (hedged) 99.25 100.00 - JPM Global High Yield Bond I2 (acc) - USD 100.72 100.22 - JPM Global High Yield Bond I2 (dist) - EUR (hedged) 99.23 100.00 - JPM Global High Yield Bond I2 (dist) - GBP (hedged) 99.77 100.05 - JPM Global High Yield Bond I2 (dist) - USD 100.69 100.22 - JPM Global High Yield Bond I2 (mth) - USD 98.05 100.22 - JPM Global High Yield Bond P (acc) - USD 100.87 100.36 - JPM Global High Yield Bond P (dist) - EUR (hedged) 98.72 104.20 - JPM Global High Yield Bond P (dist) - USD 115.07 119.12 116.60 JPM Global High Yield Bond T (acc) - EUR (hedged) 99.09 100.37 96.41 JPM Global High Yield Bond V (acc) - USD (hedged to BRL)* - - 108.03 JPM Global High Yield Bond X (acc) - EUR (hedged) 172.58 173.60 164.36 JPM Global High Yield Bond X (acc) - USD 160.94 159.88 148.36 JPM Global High Yield Bond X (dist) - USD* - - 106.49 JPM Global High Yield Bond X (mth) - USD 97.89 - -

JPMorgan Investment Funds - Global Income Conservative Fund JPM Global Income Conservative A (acc) - EUR 101.60 104.13 98.96 JPM Global Income Conservative A (acc) - SEK (hedged) 1,012.79 1,038.71 988.78 JPM Global Income Conservative A (acc) - USD (hedged) 105.25 106.50 99.27 JPM Global Income Conservative A (dist) - EUR 99.18 103.38 98.93 JPM Global Income Conservative A (dist) - USD (hedged) 102.76 106.90 100.11 JPM Global Income Conservative A (div) - EUR 95.77 100.20 98.95 JPM Global Income Conservative C (acc) - EUR 102.92 105.11 99.13 JPM Global Income Conservative C (dist) - EUR 101.98 104.30 99.13 JPM Global Income Conservative D (acc) - EUR 101.09 103.79 98.95 JPM Global Income Conservative D (div) - EUR 96.46 101.11 100.19 JPM Global Income Conservative D (mth) - EUR 96.00 100.58 -

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period.

24 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 12.42 12.61 11.55 JPM Global Income A (acc) - CHF (hedged) 150.76 155.02 146.20 JPM Global Income A (acc) - CZK (hedged) 1,019.27 1,044.51 - JPM Global Income A (acc) - EUR 136.24 139.90 131.30 JPM Global Income A (acc) - SGD (hedged) 11.07 11.28 10.42 JPM Global Income A (acc) - USD (hedged) 180.65 183.27 168.73 JPM Global Income A (dist) - EUR 102.81 108.48 106.31 JPM Global Income A (dist) - GBP (hedged) 70.32 73.90 72.10 JPM Global Income A (div) - CHF (hedged) 115.88 122.04 120.72 JPM Global Income A (div) - EUR 136.83 143.92 141.64 JPM Global Income A (div) - SGD 15.48 16.44 15.38 JPM Global Income A (div) - SGD (hedged) 16.50 17.21 16.69 JPM Global Income A (div) - USD (hedged) 140.64 146.15 141.10 JPM Global Income A (irc) - AUD (hedged) 11.39 12.00 11.83 JPM Global Income A (irc) - CAD (hedged) 8.95 9.44 9.28 JPM Global Income A (irc) - RMB (hedged) 8.96 9.44 9.32 JPM Global Income A (irc) - SGD (hedged) 10.03 - - JPM Global Income A (irc) - USD (hedged) 10.03 - - JPM Global Income A (mth) - EUR 92.18 96.96 95.45 JPM Global Income A (mth) - GBP (hedged) 66.81 69.93 68.34 JPM Global Income A (mth) - SGD (hedged) 15.94 16.62 16.11 JPM Global Income A (mth) - USD (hedged) 130.86 135.95 131.23 JPM Global Income C (acc) - EUR 144.48 147.87 137.86 JPM Global Income C (acc) - PLN (hedged) 485.22 491.89 450.02 JPM Global Income C (acc) - USD (hedged) 186.76 188.85 172.69 JPM Global Income C (dist) - EUR 98.56 100.91 - JPM Global Income C (dist) - GBP (hedged) 88.84 93.13 90.62 JPM Global Income C (dist) - USD (hedged) 144.83 150.31 143.66 JPM Global Income C (div) - CHF (hedged) 99.71 104.64 102.83 JPM Global Income C (div) - EUR 115.48 121.06 118.35 JPM Global Income C (div) - USD (hedged) 139.93 144.93 139.00 JPM Global Income C (irc) - AUD (hedged) 9.72 10.21 9.99 JPM Global Income C (irc) - RMB (hedged) 9.76 10.25 10.02 JPM Global Income C (mth) - GBP (hedged) 73.49 76.65 74.38 JPM Global Income C (mth) - SGD (hedged) 10.18 10.57 10.18 JPM Global Income C (mth) - USD (hedged) 136.78 141.63 135.75 JPM Global Income D (acc) - EUR 133.26 137.08 129.11 JPM Global Income D (acc) - USD (hedged) 176.86 179.74 166.05 JPM Global Income D (div) - EUR 119.58 125.98 124.42 JPM Global Income D (div) - USD (hedged) 139.42 145.14 140.66 JPM Global Income D (mth) - EUR 95.18 100.30 - JPM Global Income D (mth) - USD (hedged) 129.60 134.87 130.63 JPM Global Income F (irc) - AUD (hedged) 9.55 10.05 - JPM Global Income F (irc) - USD (hedged) 10.04 - - JPM Global Income F (mth) - USD (hedged) 96.56 100.46 - JPM Global Income I (acc) - EUR 113.83 116.48 108.56 JPM Global Income I (acc) - USD (hedged) 107.44 108.63 - JPM Global Income I (div) - EUR 97.80 102.51 - JPM Global Income I (div) - USD (hedged) 98.61 102.11 - JPM Global Income I (mth) - JPY (hedged) 13,111.00 13,712.00 13,354.00 JPM Global Income I2 (acc) - EUR 99.44 - - JPM Global Income T (div) - EUR 98.89 104.20 102.92 JPM Global Income V (acc) - EUR (hedged to BRL) 136.78 154.39 152.46 JPM Global Income X (div) - EUR 118.24 123.56 120.03 JPM Global Income X (irc) - AUD (hedged)* - 9.84 9.56

JPMorgan Investment Funds - Global Macro Balanced Fund JPM Global Macro Balanced A (acc) - EUR 1,218.28 1,260.24 1,163.43 JPM Global Macro Balanced A (acc) - USD 142.82 152.18 123.59 JPM Global Macro Balanced A (dist) - EUR 97.58 100.97 95.19 JPM Global Macro Balanced A (inc) - EUR*** - - 95.49 JPM Global Macro Balanced C (acc) - EUR 1,166.02 1,201.98 1,101.93 JPM Global Macro Balanced C (acc) - USD (hedged) 97.94 - - JPM Global Macro Balanced C (dist) - EUR 112.27 116.58 109.37 JPM Global Macro Balanced D (acc) - EUR 133.22 138.11 128.08 JPM Global Macro Balanced D (acc) - SEK (hedged) 1,078.27 1,120.41 1,040.26 JPM Global Macro Balanced X (acc) - EUR 157.81 162.15 147.69

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period.

25 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Global Macro Fund JPM Global Macro A (acc) - AUD (hedged)* - - 9.67 JPM Global Macro A (acc) - EUR (hedged) 90.65 91.60 84.37 JPM Global Macro A (acc) - SGD (hedged) 10.55 10.56 9.57 JPM Global Macro A (acc) - USD 146.65 146.24 132.34 JPM Global Macro A (dist) - EUR (hedged) 90.78 92.07 85.85 JPM Global Macro A (mth) - USD 124.87 125.07 114.17 JPM Global Macro C (acc) - EUR (hedged) 94.77 95.44 87.30 JPM Global Macro C (acc) - NOK (hedged) 1,058.19 1,058.99 955.54 JPM Global Macro C (acc) - USD 109.39 108.70 97.69 JPM Global Macro C (dist) - EUR (hedged) 90.18 91.32 84.55 JPM Global Macro C (dist) - GBP (hedged) 97.39 - - JPM Global Macro C (mth) - USD 129.55 129.31 117.20 JPM Global Macro D (acc) - EUR (hedged) 88.62 89.75 83.04 JPM Global Macro D (acc) - USD 138.70 138.62 126.01 JPM Global Macro D (mth) - USD 120.97 121.45 111.36 JPM Global Macro I (acc) - EUR (hedged) 103.44 104.15 95.22 JPM Global Macro I (acc) - SEK (hedged) 874.10 880.94 806.38 JPM Global Macro X (acc) - USD 109.14 108.11 96.52

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) 11.10 11.15 9.50 JPM Global Macro Opportunities A (acc) - CHF (hedged) 114.68 116.50 102.27 JPM Global Macro Opportunities A (acc) - CZK (hedged) 1,110.35 1,124.03 - JPM Global Macro Opportunities A (acc) - EUR 188.63 191.44 167.36 JPM Global Macro Opportunities A (acc) - HUF (hedged) 9,631.38 - - JPM Global Macro Opportunities A (acc) - SEK (hedged) 973.46 989.03 865.56 JPM Global Macro Opportunities A (acc) - SGD (hedged) 10.86 10.92 9.39 JPM Global Macro Opportunities A (acc) - USD (hedged) 136.19 136.29 117.15 JPM Global Macro Opportunities A (dist) - EUR 135.79 138.10 122.91 JPM Global Macro Opportunities A (dist) - GBP (hedged) 114.90 116.28 - JPM Global Macro Opportunities A (inc) - EUR*** - - 127.00 JPM Global Macro Opportunities C (acc) - AUD (hedged)* - - 9.76 JPM Global Macro Opportunities C (acc) - CHF (hedged) 117.41 118.86 103.62 JPM Global Macro Opportunities C (acc) - EUR 165.06 166.93 144.91 JPM Global Macro Opportunities C (acc) - PLN (hedged)* - 487.98 415.67 JPM Global Macro Opportunities C (acc) - USD (hedged) 112.60 112.29 95.84 JPM Global Macro Opportunities C (dist) - EUR 106.15 108.22 95.67 JPM Global Macro Opportunities C (dist) - GBP (hedged) 76.23 77.34 67.98 JPM Global Macro Opportunities C (dist) - USD (hedged) 123.77 124.38 107.99 JPM Global Macro Opportunities C (inc) - EUR*** - - 93.07 JPM Global Macro Opportunities D (acc) - EUR 147.52 150.24 132.26 JPM Global Macro Opportunities D (acc) - HUF (hedged) 9,492.42 - - JPM Global Macro Opportunities D (acc) - PLN (hedged) 1,109.05 1,116.75 964.71 JPM Global Macro Opportunities D (acc) - USD (hedged) 109.27 109.73 94.94 JPM Global Macro Opportunities I (acc) - EUR 105.62 106.79 92.67 JPM Global Macro Opportunities I (acc) - JPY (hedged) 10,943.00 11,035.00 9,507.00 JPM Global Macro Opportunities I (acc) - SEK (hedged)** 980.23 - 869.56 JPM Global Macro Opportunities I (acc) - USD (hedged) 125.38 125.01 106.66 JPM Global Macro Opportunities T (acc) - EUR 101.76 103.63 91.23 JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) 125.81 140.44 129.20 JPM Global Macro Opportunities X (acc) - EUR 111.01 111.91 96.52 JPM Global Macro Opportunities X (acc) - USD (hedged) 174.67 173.63 147.25 JPM Global Macro Opportunities X (dist) - AUD (hedged) 11.33 11.46 9.77

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - CZK 1,071.65 - - JPM Global Select Equity A (acc) - EUR 115.29 112.57 102.42 JPM Global Select Equity A (acc) - SGD 10.12 - - JPM Global Select Equity A (acc) - USD 270.56 272.10 217.73 JPM Global Select Equity A (dist) - USD 178.07 179.10 144.68 JPM Global Select Equity C (acc) - EUR 151.66 147.27 132.64 JPM Global Select Equity C (acc) - USD 293.22 293.29 232.37 JPM Global Select Equity C (dist) - USD 98.43 - - JPM Global Select Equity D (acc) - USD 242.46 244.76 197.34 JPM Global Select Equity I2 (acc) - USD 98.30 - - JPM Global Select Equity X (acc) - USD 296.88 296.13 233.13

JPMorgan Investment Funds - Global Select Equity Plus Fund (2) JPM Global Select Equity Plus A (perf) (acc) - USD - 242.47 196.39 JPM Global Select Equity Plus A (perf) (dist) - USD - 162.59 133.64 JPM Global Select Equity Plus C (perf) (acc) - USD - 275.90 221.69 JPM Global Select Equity Plus D (perf) (acc) - USD - 173.63 142.04

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period. ** Share Class reactivated during the period. *** Share Class closed as at the end of the period.

26 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 97.67 98.28 98.07 JPM Income Opportunity A (perf) (acc) - EUR (hedged) 137.61 138.20 137.40 JPM Income Opportunity A (perf) (acc) - SEK (hedged) 1,387.29 1,393.95 1,387.75 JPM Income Opportunity A (perf) (acc) - SGD (hedged) 10.71 10.66 10.44 JPM Income Opportunity A (perf) (acc) - USD 191.87 190.30 185.82 JPM Income Opportunity A (perf) (dist) - EUR (hedged) 84.50 86.18 87.24 JPM Income Opportunity A (perf) (dist) - GBP (hedged) 85.32 86.48 87.83 JPM Income Opportunity A (perf) (dist) - USD 100.07 101.37 101.08 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 66.10 67.56 69.52 JPM Income Opportunity A (perf) (inc) - EUR (hedged)*** - - 116.87 JPM Income Opportunity A (perf) (mth) - USD 92.55 93.46 95.07 JPM Income Opportunity C (perf) (acc) - CHF (hedged) 91.24 91.58 91.02 JPM Income Opportunity C (perf) (acc) - EUR (hedged) 140.43 140.68 139.31 JPM Income Opportunity C (perf) (acc) - SEK (hedged) 879.08 881.18 873.63 JPM Income Opportunity C (perf) (acc) - SGD (hedged)* - - 10.53 JPM Income Opportunity C (perf) (acc) - USD 189.98 188.05 182.88 JPM Income Opportunity C (perf) (dist) - EUR (hedged) 70.02 71.92 73.42 JPM Income Opportunity C (perf) (dist) - GBP (hedged) 99.96 102.15 103.42 JPM Income Opportunity C (perf) (dist) - USD 97.08 98.28 98.03 JPM Income Opportunity C (perf) (inc) - EUR (hedged)*** - - 71.76 JPM Income Opportunity C (perf) (mth) - USD 94.91 95.65 96.88 JPM Income Opportunity D (perf) (acc) - EUR (hedged) 134.70 135.44 134.93 JPM Income Opportunity D (perf) (acc) - USD 106.02 105.29 103.03 JPM Income Opportunity D (perf) (dist) - EUR (hedged) 69.67 71.35 72.21 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 66.34 67.78 69.66 JPM Income Opportunity I (perf) (acc) - EUR (hedged) 77.28 77.40 76.61 JPM Income Opportunity I (perf) (acc) - SGD (hedged) 10.85 10.77 10.51 JPM Income Opportunity I (perf) (acc) - USD 112.84 111.67 108.55 JPM Income Opportunity I (perf) (dist) - EUR (hedged) 72.64 74.62 75.29 JPM Income Opportunity I (perf) (dist) - GBP (hedged) 59.62 60.91 61.84 JPM Income Opportunity I (perf) (dist) - USD* - 99.12 98.51 JPM Income Opportunity P (perf) (acc) - EUR (hedged) 99.59 99.59 - JPM Income Opportunity P (perf) (acc) - USD 111.64 110.38 107.04 JPM Income Opportunity P (perf) (dist) - GBP (hedged) 63.39 64.79 65.66 JPM Income Opportunity X (perf) (acc) - EUR (hedged) 126.34 126.17 124.38 JPM Income Opportunity X (perf) (acc) - USD 199.40 196.72 190.12 JPM Income Opportunity X (perf) (dist) - GBP (hedged) 58.99 60.47 61.20 JPM Income Opportunity X (perf) (dist) - USD* - - 103.81

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 180.53 180.20 159.47 JPM Japan Select Equity A (acc) - JPY 12,889.00 13,463.00 10,875.00 JPM Japan Select Equity A (dist) - JPY 9,355.00 9,772.00 8,006.00 JPM Japan Select Equity C (acc) - EUR (hedged) 109.92 114.92 92.90 JPM Japan Select Equity C (acc) - JPY 15,886.00 16,523.00 13,234.00 JPM Japan Select Equity C (acc) - USD (hedged) 151.83 156.94 124.30 JPM Japan Select Equity C (dist) - JPY 15,073.00 15,780.00 12,823.00 JPM Japan Select Equity D (acc) - JPY 14,913.00 15,634.00 12,724.00 JPM Japan Select Equity I (acc) - JPY* - - 10,384.00 JPM Japan Select Equity I2 (acc) - JPY 9,680.00 - - JPM Japan Select Equity X (acc) - JPY 20,659.00 21,401.00 17,005.00

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 108.29 113.69 98.90 JPM Japan Strategic Value A (acc) - EUR (hedged) 126.80 140.05 112.21 JPM Japan Strategic Value A (acc) - JPY 13,968.00 15,342.00 12,180.00 JPM Japan Strategic Value A (acc) - USD (hedged) 166.65 182.50 143.40 JPM Japan Strategic Value A (dist) - GBP 90.17 95.04 80.66 JPM Japan Strategic Value C (acc) - EUR (hedged) 121.76 133.92 106.40 JPM Japan Strategic Value C (acc) - JPY 26,195.00 28,655.00 22,561.00 JPM Japan Strategic Value C (acc) - USD 106.81 115.01 - JPM Japan Strategic Value D (acc) - EUR 100.00 105.38 92.36 JPM Japan Strategic Value D (acc) - EUR (hedged) 96.64 107.14 86.49 JPM Japan Strategic Value D (acc) - JPY 12,895.00 14,218.00 11,375.00 JPM Japan Strategic Value I (acc) - EUR (hedged) 108.59 119.42 - JPM Japan Strategic Value X (acc) - JPY 27,579.00 30,048.00 23,469.00 JPM Japan Strategic Value X (acc) - USD 151.36 162.34 122.20 JPM Japan Strategic Value X (acc) - USD (hedged) 114.08 123.90 -

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - EUR (hedged) 99.15 - - JPM US Bond A (acc) - GBP (hedged) 68.64 70.38 68.84 JPM US Bond A (acc) - USD 225.11 229.36 221.99 JPM US Bond A (dist) - USD 131.66 138.09 133.66 JPM US Bond C (acc) - USD 234.08 237.91 229.12 JPM US Bond D (acc) - USD 161.20 164.44 159.56 JPM US Bond D (acc) - EUR (hedged) 99.11 - - JPM US Bond I (acc) - USD 105.92 107.63 103.61

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period.

27 JPMorgan Investment Funds Statistical Information (continued)

Net Asset Value per Share in Share Class Currency

30 June 2018 31 December 2017 31 December 2016

JPMorgan Investment Funds - US Equity Fund (3) JPM US Equity A (acc) - EUR - 127.15 118.68 JPM US Equity A (acc) - EUR (hedged) - 135.49 113.46 JPM US Equity A (acc) - USD - 193.44 158.80 JPM US Equity A (dist) - GBP - 189.25 171.61 JPM US Equity A (dist) - USD - 148.21 123.13 JPM US Equity C (acc) - USD - 212.60 172.91 JPM US Equity C (dist) - USD - 139.76 115.25 JPM US Equity D (acc) - EUR (hedged) - 128.22 107.91 JPM US Equity D (acc) - USD - 182.93 150.95 JPM US Equity I (acc) - EUR (hedged) - 117.11 97.10 JPM US Equity I (acc) - USD - 165.38 134.45 JPM US Equity I (dist) - EUR - 102.71 - JPM US Equity I (dist) - GBP - 116.21 104.57 JPM US Equity I (dist) - USD - 116.62 - JPM US Equity X (acc) - USD - 215.73 174.20

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - AUD (hedged) 10.98 10.87 - JPM US Select Equity A (acc) - EUR 190.04 181.89 172.29 JPM US Select Equity A (acc) - EUR (hedged) 156.10 155.86 132.50 JPM US Select Equity A (acc) - USD 354.70 349.68 291.39 JPM US Select Equity A (dist) - GBP 106.09 - - JPM US Select Equity A (dist) - USD 243.23 239.88 202.35 JPM US Select Equity C (acc) - EUR 225.46 214.71 201.66 JPM US Select Equity C (acc) - EUR (hedged) 166.00 164.92 138.98 JPM US Select Equity C (acc) - USD 351.34 344.63 284.74 JPM US Select Equity C (dist) - GBP 182.37 174.80 159.59 JPM US Select Equity C (dist) - USD 161.49 159.54 133.44 JPM US Select Equity D (acc) - EUR (hedged) 147.40 147.58 126.13 JPM US Select Equity D (acc) - USD 242.39 239.57 200.67 JPM US Select Equity I (acc) - EUR 108.01 102.84 - JPM US Select Equity I (acc) - EUR (hedged) 119.66 118.86 100.12 JPM US Select Equity I (acc) - USD 234.08 229.57 189.62 JPM US Select Equity I (dist) - GBP 106.50 - - JPM US Select Equity I (dist) - USD 161.04 159.74 133.55 JPM US Select Equity I2 (acc) - EUR (hedged) 100.70 100.00 - JPM US Select Equity I2 (acc) - USD 102.27 100.26 - JPM US Select Equity I2 (dist) - USD 102.20 100.26 - JPM US Select Equity X (acc) - USD 363.72 355.81 291.99

(3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018. The accompanying notes form an integral part of these Financial Statements.

28 JPMorgan Investment Funds Notes to the Unaudited Financial Statements As at 30 June 2018

1. Organisation JPMorgan Investment Funds (the “Fund” or the “SICAV”) is an investment company incorporated on 22 December 1994 under the name J.P. Morgan Investment Funds. The name of the SICAV was changed to JPMorgan Fleming Investment Funds on 19 November 2001 and then to JPMorgan Investment Funds on 12 September 2005. It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended, as a Société Anonyme qualifying as a Société d’Investissement à Capital Variable (SICAV). As at 30 June 2018, it comprises 17 Sub-Funds each relating to a separate investment portfolio consisting of securities, cash and other instruments. On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is acting as a Chapter 15 Management Company under the Luxembourg Law of 17 December 2010, as amended, and complies with UCITS regulations. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 49 663. Each Sub-Fund may contain A, C, D, F, I, I2, P, T, V and X Share Classes. These Share Classes may differ in the minimum subscription amount, minimum holding amount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. Certain Share Classes may charge a Performance Fee and are redenominated by the inclusion of “(perf)” in the name of the Share Class. Within each Sub-Fund, individual Share Classes may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. The currency of denomination for each Share Class is indicated by a suffix in the name of the Share Class. 2. Significant Accounting Policies The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. a) Investment Valuation Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest available price prevailing at the time of calculating the net asset value. If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied. Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 29 June 2018. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. b) Swing Pricing Adjustment A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. In order to counter this impact, a swing pricing mechanism may be adopted to protect the interests of Shareholders of the Sub-Fund. If on any Valuation Day, the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds. The extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original Net Asset Value per Share. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office. The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a swing pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets. As at period end, a swing pricing adjustment has been applied to JPMorgan Investment Funds - Global Convertibles Conservative Fund. Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date. The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders will subscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied. c) Realised and Unrealised Gains and Losses on Investments Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date of purchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments are calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.

29 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018 d) Income Recognition Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognised on an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply. e) Conversion of Foreign Currencies The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations and Changes in Net Assets. The reference currency of the SICAV as reflected in the combined statements is USD. The principal exchange rates applied for the period ended 30 June 2018 are the latest exchange rates known at the time of the NAV calculation: 1 USD = 1.353766270 AUD; 1 USD = 0.858870430 EUR; 1 USD = 8.180490000 NOK; 1 USD = 1.318580000 CAD; 1 USD = 0.759936180 GBP; 1 USD = 1.478633870 NZD; 1 USD = 0.993610000 CHF; 1 USD = 7.846090000 HKD; 1 USD = 3.756500000 PLN; 1 USD = 6.629100000 CNH; 1 USD = 283.190000000 HUF; 1 USD = 8.984220000 SEK; 1 USD = 22.338400000 CZK; 1 USD = 110.745000000 JPY; 1 USD = 1.363640000 SGD. f) Forward Currency Exchange Contracts Unrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Forward Currency Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net Unrealised Gain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Net Assets. g) Financial Futures Contracts on Securities and Indices Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in Net Assets. h) Option Contracts The SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV, however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract. Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is accounted for as a realised gain for options written or as a realised loss for options purchased. For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, depending upon whether losses or gains are incurred on the underlying futures contract. The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealised gains or losses are recorded under “Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations and Changes in Net Assets. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations and Changes in Net Assets. i) Interest Rate Swap Contracts An interest rate swap contract is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The interest on interest rate swap contracts are recorded under “Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes in unrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations and Changes in Net Assets.

30 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018 j) Credit Default Swaps A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities shall be taken into account for the calculation of the investment restrictions applicable to individual issuers. The market values are recorded under “Other Derivative Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Other Derivative Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Other Derivative Instruments” in the Combined Statement of Operations and Changes in Net Assets. 3. Fees and Expenses a) Charging Structures and Capped Expense Ratio P Share Classes are subject to an additional fee charged and collected by J.P. Morgan International Bank Limited. Unless stated otherwise in the Sub-Fund specific details, X Share Classes are designed to accommodate an alternative charging structure whereby a fee for the management of the Sub-Fund is administratively levied and collected by the Management Company or through the relevant JPMorgan Chase and Co. entity directly from the Shareholder. The Management and Advisory Fee for X Share Classes is therefore listed as “Nil” in the Fees and Expenses tables in the Prospectus. Any exceptions to the charging structures detailed above are noted in the Prospectus. The maximum total fees and expenses to be borne by shareholders on the Share Class of any Sub-Fund will not exceed a capped percentage of the total net assets attributable to that Share Class. These capped fees and expenses comprise Management and Advisory Fees, Distribution Fees and other Operating and Administrative Expenses; it does not cover performance fees, if any. No other costs are charged to these Share Classes and the Management Company absorbs any difference that may arise between the actual costs of the operations of these Share Classes and the capped percentage. This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio as shown in the Appendix. b) Management and Advisory Fees The SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management (“Management and Advisory Fees”). The Management and Advisory Fees are accrued daily and payable monthly in arrears at a maximum rate as specified in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. The maximum Management and Advisory Fee that can be charged on P Share Classes is stated in the Prospectus. However, the actual Management and Advisory Fee charged may be lower as J.P. Morgan International Bank Limited will also charge and collect a separate and additional fee from their clients. Charges for the management of the Sub-Funds in respect of the X Share Classes of the Sub-Funds are administratively levied and collected by the Management Company or the appropriate JPMorgan Chase & Co. entity directly from the Shareholder. Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings qualifying as transferable securities within the meaning of UCITS rules (including investment trusts) (the “Undertakings”) managed by the Management Company, the Investment Managers or any other member of JPMorgan Chase & Co. In accordance with the Prospectus, no double charging of fees will occur with the exception of performance fees. The avoidance of a double-charge of the Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Management and Advisory Fee are calculated; or b) investing in Undertakings via share classes that do not accrue a Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Management and Advisory Fee being netted off by a rebate to the SICAV or Sub-Fund of the Management and Advisory Fee (or equivalent) charged to the underlying Undertakings; or d) charging only the difference between the Management and Advisory Fee of the SICAV or Sub-Fund as per the Prospectus and the Management and Advisory Fee (or equivalent) charged to the Undertakings. Where a Sub-Fund invests in Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group, the Management and Advisory Fee, as specified in the Prospectus, may be charged regardless of any fees reflected in the price of the shares or units of the Undertakings. c) Operating and Administrative Expenses The SICAV bears all its ordinary operating and administrative expenses at the rates set out in the Prospectus (“Operating and Administrative Expenses”) to meet all fixed and variable costs, charges, fees, and other expenses incurred in the operation and administration of the SICAV from time to time. The Operating and Administrative Expenses are capped for each Share Class at the maximum rate set out in the Prospectus. The Management Company will bear any Operating and Administrative Expenses which exceed the maximum rate specified in the Prospectus. At its discretion, the Management Company may on a temporary basis meet the Direct and/or Indirect Fund Expenses on a Sub-Fund’s behalf and/or waive all or part of the Fund Servicing Fee. The Operating and Administrative Expenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued daily and payable monthly in arrears and will not exceed the maximum rate as specified in the relevant section of the Prospectus. The Operating and Administrative Expenses cover: (i) A “Fund Servicing Fee” paid to the Management Company for the services that the Management Company provides to the SICAV. The Fund Servicing Fee will be reviewed annually and will not exceed 0.15% per annum. (ii) Expenses directly contracted by the SICAV (“Direct Fund Expenses”) and expenses directly contracted by the Management Company on behalf of the SICAV (“Indirect Fund Expenses”) as detailed in the Prospectus. Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses. The SICAV’s formation expenses and the expenses relating to the creation of new Sub-Funds may be capitalised and amortised over a period not exceeding five years, as permitted by Luxembourg law. d) Performance Fees Pursuant to the Investment Management Agreement, as set out in the Prospectus, the Investment Manager is entitled to receive from the net assets of certain Sub-Funds or Share Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds the return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in the Prospectus and as specified in the

31 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

Prospectus for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the performance fee accrual, if any, becomes payable to the Management Company on the last Dealing Day of the Financial Year, or under any of the following circumstances: on very significant orders for switching or redemption (applies to those Shares only) and when a Sub-Fund is merged or liquidated. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be entitled to receive the performance Fee from the Management Company. On each Valuation Day, the net asset value of each Share Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees and expenses (including the Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Share Class at the rate set out in the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, if any, and any Performance Fee accrued through that day in respect of such Share Class is added back (the “Adjusted net asset value”). For purposes of calculating the Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back any accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previous Valuation Day’s Adjusted net asset value for that Share Class. Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Managers or any other member of JPMorgan Chase & Co. No double-charging of Performance Fees will occur. The avoidance of a double-charge of the Performance Fee is achieved by either a) where a Sub-Fund invests in such UCITS and other UCIs, and these UCITS or UCIs charge performance fees, the Sub-Fund will not charge Performance Fees or b) where a Sub-Fund charges a Performance Fee, it will not invest in UCITS and/or UCIs that charge performance fees. Claw-Back mechanism The purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperforms the cumulative Benchmark Return (as defined in the Prospectus) accrued since the last Valuation Day of the last period in which a Performance Fee was paid. High Water Mark Method If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Fee accrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’s Adjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no new Performance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulative Benchmark Return since the beginning of the SICAV accounting period. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. As at 30 June 2018, Performance Fee rates and benchmarks on all Share Classes with suffix of “(perf)” are as follows: Sub-Fund Applicable Performance Fee Rate Performance Benchmark Share Classes High Water Mark method JPMorgan Investment Funds - Income Opportunity Fund Non-hedged 20% ICE Overnight USD LIBOR JPMorgan Investment Funds - Income Opportunity Fund CHF hedged 20% ICE Spot Next CHF LIBOR JPMorgan Investment Funds - Income Opportunity Fund EUR hedged 20% EONIA JPMorgan Investment Funds - Income Opportunity Fund GBP hedged 20% ICE Overnight GBP LIBOR JPMorgan Investment Funds - Income Opportunity Fund RMB hedged 20% Overnight CNH HIBOR JPMorgan Investment Funds - Income Opportunity Fund SEK hedged 20% STIBOR Tomorrow Next Offered Rate JPMorgan Investment Funds - Income Opportunity Fund SGD hedged 20% Singapore Overnight Rate Average e) Distribution Fees The SICAV pays to the Management Company a distribution fee (the “Distribution Fee”) in respect of D, F and T Share Classes. The Distribution Fee rate payable for each Share Class is stated in the Prospectus. The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily) decide to vary such rate between the maximum and 0.0%. The Management Company may pay all or part of the Distribution Fee to certain Distributors for the services provided by them in relation to the distribution of the D, F and T Share Classes. 4. Dividend Policy Share Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends. Share Classes suffixed “(dist)” It is intended that all those Share Classes with the suffix “(dist)” will, if appropriate, pay reportable income annually and will have “UK Reporting Fund Status”. Share Classes suffixed “(div)” Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will normally be paid in the currency of the relevant Share Class. Share Classes suffixed “(mth)” Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networks and to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” Share Classes give

32 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018 priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend payments for these Share Classes will normally be made to Shareholders each month and will be paid in the currency of the relevant Share Class. The Management Company reserves the right to fix a minimum amount per Share Class, below which the actual payment of the dividend would not be economically efficient for the SICAV. These payments will be deferred to the following month or reinvested in further Shares of the same Share Class and not paid directly to the Shareholders. The net asset value of “(mth)” Share Classes may fluctuate more than other Share Classes due to more frequent distribution of income. Share Classes suffixed “(fix)” Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the Prospectus. Share Classes with the suffix “(fix)” may be closed to further subscriptions, liquidated, not pay a dividend or reduce the dividend amount payable if the payment of the dividend is believed not to be in the best interests of all Shareholders collectively in the Share Class. Share Classes suffixed “(irc)” Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculated by the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which is revised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negative respectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these two currencies of the preceding calendar month. Other Information Shareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capital attributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for Shareholders in certain countries. Shareholders should consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)” and “(mth)” do not distribute the reportable income in accordance with the United Kingdom tax legislation relating to offshore funds. During the period ended 30 June 2018, the SICAV paid dividends as follows: Dividend Dividend Class Name Currency Amount Payment Class Name Currency Amount Payment per Share Date per Share Date JPM Europe Strategic Dividend A (mth) - EUR EUR 0.37 17/01/18 JPM Global Income A (mth) - USD (hedged) USD 0.50 17/01/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 17/01/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.07 17/01/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 17/01/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.09 17/01/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.60 17/01/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.28 17/01/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.04 17/01/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 17/01/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.62 17/01/18 JPM Global Income C (mth) - USD (hedged) USD 0.52 17/01/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.44 17/01/18 JPM Global Income Conservative D (mth) - EUR EUR 0.28 17/01/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.41 17/01/18 JPM Global Income D (mth) - EUR EUR 0.37 17/01/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.23 17/01/18 JPM Global Income D (mth) - USD (hedged) USD 0.50 17/01/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.23 17/01/18 JPM Global Income I (mth) - JPY (hedged) JPY 51.00 17/01/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.22 17/01/18 JPM Global Income X (irc) - AUD (hedged)* AUD 0.07 17/01/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.11 17/01/18 JPM Global Macro A (mth) - USD USD 0.09 17/01/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.13 17/01/18 JPM Global Macro C (mth) - USD USD 0.09 17/01/18 JPM Global Convertibles Conservative D (mth) - USD USD 0.12 17/01/18 JPM Global Macro D (mth) - USD USD 0.09 17/01/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.31 17/01/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.28 17/01/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.30 17/01/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.28 17/01/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.05 17/01/18 JPM Europe Strategic Dividend A (div) - EUR EUR 1.69 22/02/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.04 17/01/18 JPM Europe Strategic Dividend A (mth) - EUR EUR 0.38 22/02/18 JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 17/01/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 22/02/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.07 17/01/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 22/02/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 17/01/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.61 22/02/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.07 17/01/18 JPM Europe Strategic Dividend C (div) - EUR EUR 1.67 22/02/18 JPM Global High Yield Bond A (mth) - USD USD 0.51 17/01/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.05 22/02/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 17/01/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.64 22/02/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 17/01/18 JPM Europe Strategic Dividend D (div) - EUR EUR 1.62 22/02/18 JPM Global High Yield Bond C (mth) - USD USD 0.52 17/01/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.44 22/02/18 JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.53 17/01/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.42 22/02/18 JPM Global High Yield Bond I (mth) - USD USD 0.51 17/01/18 JPM Europe Strategic Dividend I (div) - EUR EUR 1.04 22/02/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.08 17/01/18 JPM Europe Strategic Dividend X (div) - EUR EUR 1.33 22/02/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.06 17/01/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.24 22/02/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.08 17/01/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.24 22/02/18 JPM Global Income A (mth) - EUR EUR 0.36 17/01/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.23 22/02/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.26 17/01/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.10 22/02/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.06 17/01/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.12 22/02/18

* Share Class inactive as at the end of the period.

33 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

Dividend Dividend Class Name Currency Amount Payment Class Name Currency Amount Payment per Share Date per Share Date JPM Global Convertibles Conservative D (mth) - USD USD 0.11 22/02/18 JPM Global Income I (mth) - JPY (hedged) JPY 52.00 22/02/18 JPM Global Dividend A (div) - EUR EUR 0.98 22/02/18 JPM Global Income T (div) - EUR EUR 1.18 22/02/18 JPM Global Dividend A (div) - EUR (hedged) EUR 0.89 22/02/18 JPM Global Income X (div) - EUR EUR 1.40 22/02/18 JPM Global Dividend A (div) - USD USD 1.23 22/02/18 JPM Global Macro A (mth) - USD USD 0.09 22/02/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.33 22/02/18 JPM Global Macro C (mth) - USD USD 0.10 22/02/18 JPM Global Dividend D (div) - EUR (hedged) EUR 0.85 22/02/18 JPM Global Macro D (mth) - USD USD 0.09 22/02/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.31 22/02/18 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR EUR (hedged) 0.59 22/02/18 JPM Global Dividend F (mth) - USD (hedged) USD 0.30 22/02/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.27 22/02/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.05 22/02/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.28 22/02/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.05 22/02/18 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR EUR JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 22/02/18 (hedged) 0.54 22/02/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.07 22/02/18 JPM Europe Strategic Dividend A (mth) - EUR EUR 0.38 16/03/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 22/02/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 16/03/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.07 22/02/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 16/03/18 JPM Global High Yield Bond A (mth) - USD USD 0.51 22/02/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.61 16/03/18 JPM Global High Yield Bond C (div) - EUR (hedged) EUR 1.13 22/02/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.05 16/03/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 22/02/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.64 16/03/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 22/02/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.44 16/03/18 JPM Global High Yield Bond C (mth) - USD USD 0.53 22/02/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.42 16/03/18 JPM Global High Yield Bond D (div) - EUR (hedged) EUR 1.07 22/02/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.24 16/03/18 JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.53 22/02/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.24 16/03/18 JPM Global High Yield Bond F (irc) - AUD (hedged) AUD 0.06 22/02/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.23 16/03/18 JPM Global High Yield Bond F (mth) - USD USD 0.54 22/02/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.10 16/03/18 JPM Global High Yield Bond I (mth) - USD USD 0.51 22/02/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.12 16/03/18 JPM Global High Yield Bond I2 (mth) - USD USD 0.54 22/02/18 JPM Global Convertibles Conservative D (mth) - USD USD 0.11 16/03/18 JPM Global Income A (div) - CHF (hedged) CHF 1.38 22/02/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.33 16/03/18 JPM Global Income A (div) - EUR EUR 1.63 22/02/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.31 16/03/18 JPM Global Income A (div) - SGD SGD 0.19 22/02/18 JPM Global Dividend F (mth) - USD (hedged) USD 0.30 16/03/18 JPM Global Income A (div) - SGD (hedged) SGD 0.19 22/02/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.05 16/03/18 JPM Global Income A (div) - USD (hedged) USD 1.66 22/02/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.05 16/03/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.07 22/02/18 JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 16/03/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.05 22/02/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.06 16/03/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.07 22/02/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 16/03/18 JPM Global Income A (mth) - EUR EUR 0.37 22/02/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.07 16/03/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.27 22/02/18 JPM Global High Yield Bond A (mth) - USD USD 0.51 16/03/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.06 22/02/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 16/03/18 JPM Global Income A (mth) - USD (hedged) USD 0.52 22/02/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 16/03/18 JPM Global Income C (div) - CHF (hedged) CHF 1.18 22/02/18 JPM Global High Yield Bond C (mth) - USD USD 0.53 16/03/18 JPM Global Income C (div) - EUR EUR 1.37 22/02/18 JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.53 16/03/18 JPM Global Income C (div) - USD (hedged) USD 1.64 22/02/18 JPM Global High Yield Bond F (irc) - AUD (hedged) AUD 0.06 16/03/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.06 22/02/18 JPM Global High Yield Bond F (mth) - USD USD 0.54 16/03/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.08 22/02/18 JPM Global High Yield Bond I (mth) - USD USD 0.51 16/03/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.29 22/02/18 JPM Global High Yield Bond I2 (mth) - USD USD 0.54 16/03/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 22/02/18 JPM Global High Yield Bond X (mth) - USD USD 0.54 16/03/18 JPM Global Income C (mth) - USD (hedged) USD 0.54 22/02/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.07 16/03/18 JPM Global Income Conservative A (div) - EUR EUR 0.99 22/02/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.05 16/03/18 JPM Global Income Conservative D (div) - EUR EUR 1.00 22/02/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.07 16/03/18 JPM Global Income Conservative D (mth) - EUR EUR 0.34 22/02/18 JPM Global Income A (mth) - EUR EUR 0.37 16/03/18 JPM Global Income D (div) - EUR EUR 1.42 22/02/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.27 16/03/18 JPM Global Income D (div) - USD (hedged) USD 1.64 22/02/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.06 16/03/18 JPM Global Income D (mth) - EUR EUR 0.38 22/02/18 JPM Global Income A (mth) - USD (hedged) USD 0.52 16/03/18 JPM Global Income D (mth) - USD (hedged) USD 0.52 22/02/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.06 16/03/18 JPM Global Income F (irc) - AUD (hedged) AUD 0.06 22/02/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.07 16/03/18 JPM Global Income F (mth) - USD (hedged) USD 0.39 22/02/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.29 16/03/18 JPM Global Income I (div) - EUR EUR 1.16 22/02/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 16/03/18 JPM Global Income I (div) - USD (hedged) USD 1.16 22/02/18 JPM Global Income C (mth) - USD (hedged) USD 0.54 16/03/18

34 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

Dividend Dividend Class Name Currency Amount Payment Class Name Currency Amount Payment per Share Date per Share Date JPM Global Income Conservative D (mth) - EUR EUR 0.34 16/03/18 JPM Global Macro Balanced C (dist) - EUR EUR 0.84 22/03/18 JPM Global Income D (mth) - EUR EUR 0.38 16/03/18 JPM Global Macro C (dist) - EUR (hedged) EUR 0.52 22/03/18 JPM Global Income D (mth) - USD (hedged) USD 0.52 16/03/18 JPM Global Macro Opportunities A (dist) - EUR EUR 0.30 22/03/18 JPM Global Income F (irc) - AUD (hedged) AUD 0.06 16/03/18 JPM Global Macro Opportunities A (dist) - GBP (hedged) GBP 0.37 22/03/18 JPM Global Income F (mth) - USD (hedged) USD 0.39 16/03/18 JPM Global Macro Opportunities C (dist) - EUR EUR 0.90 22/03/18 JPM Global Income I (mth) - JPY (hedged) JPY 52.00 16/03/18 JPM Global Macro Opportunities C (dist) - GBP (hedged) GBP 0.73 22/03/18 JPM Global Macro A (mth) - USD USD 0.09 16/03/18 JPM Global Macro Opportunities C (dist) - USD (hedged) USD 0.99 22/03/18 JPM Global Macro C (mth) - USD USD 0.10 16/03/18 JPM Global Macro Opportunities X (dist) - AUD (hedged) AUD 0.17 22/03/18 JPM Global Macro D (mth) - USD USD 0.09 16/03/18 JPM Global Select Equity A (dist) - USD USD 0.01 22/03/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.27 16/03/18 JPM Income Opportunity A (perf) (dist) - EUR (hedged) EUR 1.31 22/03/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.28 16/03/18 JPM Income Opportunity A (perf) (dist) - GBP (hedged) GBP 1.25 22/03/18 JPM Europe Select Equity A (dist) - EUR EUR 0.73 22/03/18 JPM Income Opportunity A (perf) (dist) - USD USD 2.08 22/03/18 JPM Europe Select Equity C (dist) - EUR EUR 1.33 22/03/18 JPM Income Opportunity C (perf) (dist) - EUR (hedged) EUR 1.77 22/03/18 JPM Europe Select Equity C (dist) - GBP GBP 1.05 22/03/18 JPM Income Opportunity C (perf) (dist) - GBP (hedged) GBP 2.52 22/03/18 JPM Europe Select Equity I (dist) - EUR EUR 2.57 22/03/18 JPM Income Opportunity C (perf) (dist) - USD USD 2.18 22/03/18 JPM Europe Select Equity I2 (dist) - EUR EUR 0.01 22/03/18 JPM Income Opportunity D (perf) (dist) - EUR (hedged) EUR 1.29 22/03/18 JPM Europe Select Equity X (dist) - EUR EUR 3.38 22/03/18 JPM Income Opportunity I (perf) (dist) - EUR (hedged) EUR 1.86 22/03/18 JPM Europe Strategic Dividend A (dist) - EUR EUR 2.11 22/03/18 JPM Income Opportunity I (perf) (dist) - GBP (hedged) GBP 1.49 22/03/18 JPM Europe Strategic Dividend C (dist) - EUR EUR 4.05 22/03/18 JPM Income Opportunity P (perf) (dist) - GBP (hedged) GBP 1.69 22/03/18 JPM Europe Strategic Dividend C (dist) - EUR (hedged) EUR 3.36 22/03/18 JPM Income Opportunity X (perf) (dist) - GBP (hedged) GBP 1.88 22/03/18 JPM Europe Strategic Dividend C (dist) - GBP GBP 3.33 22/03/18 JPM Japan Select Equity A (dist) - JPY JPY 1.00 22/03/18 JPM Europe Strategic Dividend I (dist) - EUR EUR 4.43 22/03/18 JPM Japan Select Equity C (dist) - JPY JPY 98.00 22/03/18 JPM Europe Strategic Dividend I2 (dist) - EUR EUR 0.01 22/03/18 JPM Japan Strategic Value A (dist) - GBP GBP 0.11 22/03/18 JPM Europe Strategic Dividend X (dist) - GBP GBP 4.10 22/03/18 JPM US Bond A (dist) - USD USD 3.86 22/03/18 JPM Global Balanced A (dist) - EUR EUR 0.40 22/03/18 JPM US Select Equity A (dist) - USD USD 0.01 22/03/18 JPM Global Balanced A (dist) - USD (hedged) USD 0.60 22/03/18 JPM US Select Equity C (dist) - GBP GBP 0.65 22/03/18 JPM Global Balanced C (dist) - EUR EUR 0.95 22/03/18 JPM US Select Equity C (dist) - USD USD 1.16 22/03/18 JPM Global Balanced C (dist) - USD (hedged) USD 1.18 22/03/18 JPM US Select Equity I (dist) - USD USD 1.82 22/03/18 JPM Global Convertibles Conservative A (dist) - USD USD 0.01 22/03/18 JPM US Select Equity I2 (dist) - USD USD 0.01 22/03/18 JPM Global Convertibles Conservative C (dist) - USD USD 0.06 22/03/18 JPM Europe Strategic Dividend A (mth) - EUR EUR 0.38 18/04/18 JPM Global Dividend A (dist) - EUR (hedged) EUR 0.01 22/03/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 18/04/18 JPM Global Dividend A (dist) - USD USD 2.26 22/03/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 18/04/18 JPM Global Dividend C (dist) - EUR EUR 3.32 22/03/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.61 18/04/18 JPM Global Dividend C (dist) - EUR (hedged) EUR 1.41 22/03/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.05 18/04/18 JPM Global Dividend X (dist) - AUD AUD 0.42 22/03/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.64 18/04/18 JPM Global High Yield Bond A (dist) - EUR (hedged) EUR 3.45 22/03/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.44 18/04/18 JPM Global High Yield Bond A (dist) - USD USD 4.82 22/03/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.42 18/04/18 JPM Global High Yield Bond C (dist) - EUR (hedged) EUR 3.45 22/03/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.24 18/04/18 JPM Global High Yield Bond C (dist) - GBP (hedged) GBP 3.33 22/03/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.24 18/04/18 JPM Global High Yield Bond C (dist) - USD USD 6.14 22/03/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.23 18/04/18 JPM Global High Yield Bond I (dist) - EUR (hedged) EUR 4.15 22/03/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.10 18/04/18 JPM Global High Yield Bond I2 (dist) - EUR (hedged) EUR 0.01 22/03/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.12 18/04/18 JPM Global High Yield Bond I2 (dist) - GBP (hedged) GBP 0.01 22/03/18 JPM Global Convertibles Conservative D (mth) - USD USD 0.11 18/04/18 JPM Global High Yield Bond I2 (dist) - USD USD 0.01 22/03/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.33 18/04/18 JPM Global High Yield Bond P (dist) - EUR (hedged) EUR 4.69 22/03/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.31 18/04/18 JPM Global High Yield Bond P (dist) - USD USD 4.60 22/03/18 JPM Global Dividend F (mth) - USD (hedged) USD 0.30 18/04/18 JPM Global Income A (dist) - EUR EUR 2.85 22/03/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.05 18/04/18 JPM Global Income A (dist) - GBP (hedged) GBP 1.98 22/03/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.04 18/04/18 JPM Global Income C (dist) - EUR EUR 0.01 22/03/18 JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 18/04/18 JPM Global Income C (dist) - GBP (hedged) GBP 2.59 22/03/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.06 18/04/18 JPM Global Income C (dist) - USD (hedged) USD 3.80 22/03/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 18/04/18 JPM Global Income Conservative A (dist) - EUR EUR 1.70 22/03/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.07 18/04/18 JPM Global Income Conservative A (dist) - USD (hedged) USD 2.88 22/03/18 JPM Global High Yield Bond A (mth) - USD USD 0.51 18/04/18 JPM Global Income Conservative C (dist) - EUR EUR 0.15 22/03/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 18/04/18 JPM Global Macro A (dist) - EUR (hedged) EUR 0.34 22/03/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 18/04/18 JPM Global Macro Balanced A (dist) - EUR EUR 0.02 22/03/18 JPM Global High Yield Bond C (mth) - USD USD 0.53 18/04/18

35 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

Dividend Dividend Class Name Currency Amount Payment Class Name Currency Amount Payment per Share Date per Share Date JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.53 18/04/18 JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.51 17/05/18 JPM Global High Yield Bond F (irc) - AUD (hedged) AUD 0.05 18/04/18 JPM Global High Yield Bond F (irc) - AUD (hedged) AUD 0.05 17/05/18 JPM Global High Yield Bond F (mth) - USD USD 0.54 18/04/18 JPM Global High Yield Bond F (mth) - USD USD 0.53 17/05/18 JPM Global High Yield Bond I (mth) - USD USD 0.51 18/04/18 JPM Global High Yield Bond I (mth) - USD USD 0.49 17/05/18 JPM Global High Yield Bond I2 (mth) - USD USD 0.54 18/04/18 JPM Global High Yield Bond I2 (mth) - USD USD 0.53 17/05/18 JPM Global High Yield Bond X (mth) - USD USD 0.54 18/04/18 JPM Global High Yield Bond X (mth) - USD USD 0.53 17/05/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.07 18/04/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.07 17/05/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.05 18/04/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.05 17/05/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.07 18/04/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.07 17/05/18 JPM Global Income A (mth) - EUR EUR 0.37 18/04/18 JPM Global Income A (irc) - SGD (hedged) SGD 0.06 17/05/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.27 18/04/18 JPM Global Income A (irc) - USD (hedged) USD 0.06 17/05/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.06 18/04/18 JPM Global Income A (mth) - EUR EUR 0.39 17/05/18 JPM Global Income A (mth) - USD (hedged) USD 0.52 18/04/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.28 17/05/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.06 18/04/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.07 17/05/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.08 18/04/18 JPM Global Income A (mth) - USD (hedged) USD 0.54 17/05/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.29 18/04/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.06 17/05/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 18/04/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.08 17/05/18 JPM Global Income C (mth) - USD (hedged) USD 0.54 18/04/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.31 17/05/18 JPM Global Income Conservative D (mth) - EUR EUR 0.34 18/04/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 17/05/18 JPM Global Income D (mth) - EUR EUR 0.38 18/04/18 JPM Global Income C (mth) - USD (hedged) USD 0.57 17/05/18 JPM Global Income D (mth) - USD (hedged) USD 0.52 18/04/18 JPM Global Income Conservative D (mth) - EUR EUR 0.35 17/05/18 JPM Global Income F (irc) - AUD (hedged) AUD 0.06 18/04/18 JPM Global Income D (mth) - EUR EUR 0.40 17/05/18 JPM Global Income F (mth) - USD (hedged) USD 0.39 18/04/18 JPM Global Income D (mth) - USD (hedged) USD 0.54 17/05/18 JPM Global Income I (mth) - JPY (hedged) JPY 52.00 18/04/18 JPM Global Income F (irc) - AUD (hedged) AUD 0.06 17/05/18 JPM Global Macro A (mth) - USD USD 0.09 18/04/18 JPM Global Income F (mth) - USD (hedged) USD 0.40 17/05/18 JPM Global Macro C (mth) - USD USD 0.10 18/04/18 JPM Global Income I (mth) - JPY (hedged) JPY 55.00 17/05/18 JPM Global Macro D (mth) - USD USD 0.09 18/04/18 JPM Global Macro A (mth) - USD USD 0.10 17/05/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.27 18/04/18 JPM Global Macro C (mth) - USD USD 0.10 17/05/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.28 18/04/18 JPM Global Macro D (mth) - USD USD 0.10 17/05/18 JPM Europe Strategic Dividend A (mth) - EUR EUR 0.36 17/05/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.29 17/05/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 17/05/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.30 17/05/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 17/05/18 JPM Europe Strategic Dividend A (div) - EUR EUR 1.73 23/05/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.59 17/05/18 JPM Europe Strategic Dividend C (div) - EUR EUR 1.71 23/05/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.04 17/05/18 JPM Europe Strategic Dividend D (div) - EUR EUR 1.65 23/05/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.62 17/05/18 JPM Europe Strategic Dividend I (div) - EUR EUR 1.27 23/05/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.43 17/05/18 JPM Europe Strategic Dividend X (div) - EUR EUR 1.37 23/05/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.40 17/05/18 JPM Global Dividend A (div) - EUR EUR 1.00 23/05/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.26 17/05/18 JPM Global Dividend A (div) - EUR (hedged) EUR 0.89 23/05/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.26 17/05/18 JPM Global Dividend A (div) - USD USD 1.21 23/05/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.25 17/05/18 JPM Global Dividend D (div) - EUR (hedged) EUR 0.85 23/05/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.13 17/05/18 JPM Global High Yield Bond C (div) - EUR (hedged) EUR 1.09 23/05/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.15 17/05/18 JPM Global High Yield Bond D (div) - EUR (hedged) EUR 1.03 23/05/18 JPM Global Convertibles Conservative D (mth) - USD USD 0.14 17/05/18 JPM Global Income A (div) - CHF (hedged) CHF 1.45 23/05/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.33 17/05/18 JPM Global Income A (div) - EUR EUR 1.71 23/05/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.31 17/05/18 JPM Global Income A (div) - SGD SGD 0.19 23/05/18 JPM Global Dividend F (mth) - USD (hedged) USD 0.29 17/05/18 JPM Global Income A (div) - SGD (hedged) SGD 0.21 23/05/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.05 17/05/18 JPM Global Income A (div) - USD (hedged) USD 1.75 23/05/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.04 17/05/18 JPM Global Income C (div) - CHF (hedged) CHF 1.24 23/05/18 JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 17/05/18 JPM Global Income C (div) - EUR EUR 1.44 23/05/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.06 17/05/18 JPM Global Income C (div) - USD (hedged) USD 1.74 23/05/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 17/05/18 JPM Global Income Conservative A (div) - EUR EUR 1.02 23/05/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.06 17/05/18 JPM Global Income Conservative D (div) - EUR EUR 1.03 23/05/18 JPM Global High Yield Bond A (mth) - USD USD 0.50 17/05/18 JPM Global Income D (div) - EUR EUR 1.49 23/05/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 17/05/18 JPM Global Income D (div) - USD (hedged) USD 1.73 23/05/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 17/05/18 JPM Global Income I (div) - EUR EUR 1.22 23/05/18 JPM Global High Yield Bond C (mth) - USD USD 0.51 17/05/18 JPM Global Income I (div) - USD (hedged) USD 1.22 23/05/18

36 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

Dividend Dividend Class Name Currency Amount Payment Class Name Currency Amount Payment per Share Date per Share Date JPM Global Income T (div) - EUR EUR 1.24 23/05/18 JPM Global High Yield Bond D (mth) - EUR (hedged) EUR 0.51 19/06/18 JPM Global Income X (div) - EUR EUR 1.47 23/05/18 JPM Global High Yield Bond F (irc) - AUD (hedged) AUD 0.05 19/06/18 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR EUR JPM Global High Yield Bond F (mth) - USD USD 0.53 19/06/18 (hedged) 0.59 23/05/18 JPM Global High Yield Bond I (mth) - USD USD 0.49 19/06/18 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR EUR (hedged) 0.54 23/05/18 JPM Global High Yield Bond I2 (mth) - USD USD 0.53 19/06/18 JPM Europe Strategic Dividend A (mth) - EUR EUR 0.36 19/06/18 JPM Global High Yield Bond X (mth) - USD USD 0.53 19/06/18 JPM Europe Strategic Dividend A (mth) - RMB (hedged) CNH 0.05 19/06/18 JPM Global Income A (irc) - AUD (hedged) AUD 0.07 19/06/18 JPM Europe Strategic Dividend A (mth) - SGD (hedged) SGD 0.04 19/06/18 JPM Global Income A (irc) - CAD (hedged) CAD 0.05 19/06/18 JPM Europe Strategic Dividend A (mth) - USD (hedged) USD 0.59 19/06/18 JPM Global Income A (irc) - RMB (hedged) CNH 0.07 19/06/18 JPM Europe Strategic Dividend C (mth) - SGD (hedged) SGD 0.04 19/06/18 JPM Global Income A (irc) - SGD (hedged) SGD 0.06 19/06/18 JPM Europe Strategic Dividend C (mth) - USD (hedged) USD 0.62 19/06/18 JPM Global Income A (irc) - USD (hedged) USD 0.06 19/06/18 JPM Europe Strategic Dividend D (mth) - EUR (hedged) EUR 0.43 19/06/18 JPM Global Income A (mth) - EUR EUR 0.39 19/06/18 JPM Europe Strategic Dividend D (mth) - USD (hedged) USD 0.40 19/06/18 JPM Global Income A (mth) - GBP (hedged) GBP 0.28 19/06/18 JPM Global Balanced A (mth) - USD (hedged) USD 0.26 19/06/18 JPM Global Income A (mth) - SGD (hedged) SGD 0.07 19/06/18 JPM Global Balanced C (mth) - USD (hedged) USD 0.26 19/06/18 JPM Global Income A (mth) - USD (hedged) USD 0.54 19/06/18 JPM Global Balanced D (mth) - USD (hedged) USD 0.25 19/06/18 JPM Global Income C (irc) - AUD (hedged) AUD 0.06 19/06/18 JPM Global Convertibles Conservative A (mth) - USD USD 0.13 19/06/18 JPM Global Income C (irc) - RMB (hedged) CNH 0.08 19/06/18 JPM Global Convertibles Conservative C (mth) - USD USD 0.15 19/06/18 JPM Global Income C (mth) - GBP (hedged) GBP 0.31 19/06/18 JPM Global Convertibles Conservative D (mth) - USD USD 0.14 19/06/18 JPM Global Income C (mth) - SGD (hedged) SGD 0.04 19/06/18 JPM Global Dividend A (mth) - USD (hedged) USD 0.33 19/06/18 JPM Global Income C (mth) - USD (hedged) USD 0.57 19/06/18 JPM Global Dividend D (mth) - EUR (hedged) EUR 0.31 19/06/18 JPM Global Income Conservative D (mth) - EUR EUR 0.35 19/06/18 JPM Global Dividend F (mth) - USD (hedged) USD 0.29 19/06/18 JPM Global Income D (mth) - EUR EUR 0.40 19/06/18 JPM Global High Yield Bond A (irc) - AUD (hedged) AUD 0.04 19/06/18 JPM Global Income D (mth) - USD (hedged) USD 0.54 19/06/18 JPM Global High Yield Bond A (irc) - CAD (hedged) CAD 0.04 19/06/18 JPM Global Income F (irc) - AUD (hedged) AUD 0.06 19/06/18 JPM Global High Yield Bond A (irc) - NZD (hedged) NZD 0.06 19/06/18 JPM Global Income F (mth) - USD (hedged) USD 0.40 19/06/18 JPM Global High Yield Bond A (irc) - RMB (hedged) CNH 0.06 19/06/18 JPM Global Income I (mth) - JPY (hedged) JPY 55.00 19/06/18 JPM Global High Yield Bond A (mth) - HKD HKD 0.06 19/06/18 JPM Global Macro A (mth) - USD USD 0.10 19/06/18 JPM Global High Yield Bond A (mth) - SGD SGD 0.06 19/06/18 JPM Global Macro C (mth) - USD USD 0.10 19/06/18 JPM Global High Yield Bond A (mth) - USD USD 0.50 19/06/18 JPM Global Macro D (mth) - USD USD 0.10 19/06/18 JPM Global High Yield Bond C (irc) - CAD (hedged) CAD 0.05 19/06/18 JPM Income Opportunity A (perf) (mth) - USD USD 0.29 19/06/18 JPM Global High Yield Bond C (mth) - HKD HKD 0.06 19/06/18 JPM Income Opportunity C (perf) (mth) - USD USD 0.30 19/06/18 JPM Global High Yield Bond C (mth) - USD USD 0.51 19/06/18

5. Taxation The SICAV is not subject to taxation in Luxembourg on its income, profits or gains. The SICAV is not subject to net wealth tax in Luxembourg. The only tax to which the SICAV in Luxembourg is subject is the subscription tax (“taxe d’abonnement”) up to a rate of 0.05% per annum based on the net asset value attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rate of 0.01% per annum of the net assets will be applicable to Share Classes as identified in the Appendix. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion of the assets of the SICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the taxe d’abonnement. No stamp duty, capital duty or other tax is payable in Luxembourg upon the issue of the Shares of the SICAV. No tax is payable on realised or unrealised capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The regular income of the SICAV from some of its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxes at varying rates, which normally cannot be recovered. Following case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so and the likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action. 6. Statement of Changes in Investments A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial period, may be obtained free of charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV. 7. Value of Financial Instruments and Associated Risks The SICAV entered into forward currency exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the

37 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018 contracts, that a change in the value of the contracts may not directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its obligation to perform under the terms of the contract. 8. Collateral received with respect to Financial Techniques and Financial Derivative Instruments Assets received from counterparties in securities lending activities and OTC derivative transactions other than currency forwards constitute collateral. The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund. Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold, reinvested or pledged. Collateral received with respect to financial derivative instruments are shown in the Appendix. 9. Securities Lending The SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs or risk, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certain techniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws, regulations, circulars or CSSF positions. A significant proportion of the income generated from the securities lending program is credited to participating Sub-Funds, with a portion of the income being paid to JPMorgan Chase Bank, N.A. for its role as securities lending agent for the SICAV. Borrowers of securities lent by participating Sub-Funds are approved by the Management Company after appropriate assessment of such borrowers’ status and financial standing. The Management Company waives the incremental income previously received from the portion of income generated from the securities lending program; for its oversight of the program; hence, 85% of any incremental income earned from securities lending is accrued to the applicable Sub-Fund, whilst the remaining 15% income is paid to the securities lending agent which arranges the transaction. The income earned from the securities lending program is detailed in the Combined Statementof Operations and Changes in Net Assets. As at 30 June 2018, the SICAV valuation of securities on loan is USD 210,912,475 as detailed below and received collateral with a market value of USD 223,410,942. Cash Non Cash Lending Lending Agent Lending Market Value Collateral** Collateral* Base Currency Income (Gross) Fee Income (Net) Sub-Fund USD USD USD Base Currency Base Currency Base Currency JPMorgan Investment Funds - Europe Select Equity Fund 48,003,851 4,820,668 45,723,885 EUR 294,468 44,170 250,298 JPMorgan Investment Funds - Europe Strategic Dividend Fund 97,656,967 8,893,908 94,849,485 EUR 867,747 130,162 737,585 JPMorgan Investment Funds - Global Dividend Fund 773,539 532,553 281,497 USD 10,396 1,559 8,837 JPMorgan Investment Funds - Global Select Equity Fund 3,707,050 2,361,353 1,485,038 USD 12,237 1,835 10,402 JPMorgan Investment Funds - Japan Select Equity Fund 12,372,368 2,067,525 11,080,294 JPY 2,578,651 386,798 2,191,853 JPMorgan Investment Funds - Japan Strategic Value Fund 35,829,970 3,294,377 34,784,140 JPY 10,185,313 1,527,797 8,657,516 JPMorgan Investment Funds - US Select Equity Fund 12,568,730 3,617,240 9,618,981 USD 1,014 153 861 * The securities received as collateral are in the form of government securities (US, UK, Eurozone and other government securities). These securities are issued and guaranteed as to principal and interest by the governments of the relevant countries. ** Cash collateral may be reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. Income earned is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets.

10. Transactions with Connected Parties All transactions with connected parties were carried out on an arm’s length basis. JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts, financial futures contracts and swaps contracts. The Management Company, Registrar and Transfer Agent, Domiciliary Agent and Global Distributor, Investment Managers, Custodian, Corporate and Administrative Agent and other related Agents of the SICAV are considered as connected parties as they are affiliated entities of JPMorgan Chase & Co. In addition Elvinger Hoss Prussen, société anonyme (of which Mr Jacques Elvinger who is on the Board of Directors of the SICAV, is a partner) is compensated for legal services to the SICAV. 11. Commission Sharing Arrangements The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the SICAV, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the SICAV and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations. 12. Information for German Registered Shareholders A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial period, may be obtained free of charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, JPMorgan Asset Management (Europe) S.à r.l., Frankfurt Branch, Taunustor 1, D-60310, Frankfurt am Main, Germany. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent.

38 JPMorgan Investment Funds Notes to the Unaudited Financial Statements (continued) As at 30 June 2018

13. Information for Investors in Switzerland Representative in Switzerland: JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 21, 8002 Zürich. Paying Agent in Switzerland: J.P. Morgan (Suisse) SA, 8 Rue de la Confédération, 1204 Geneva. The Prospectus, the Key Investor Information Documents, the articles of incorporation, the annual and semi-annual financial report as well as a list of the purchases and sales which the SICAV has undertaken during the financial period may be obtained free of charge from the representative. 14. Authorisation of Sub-Funds in Hong Kong Certain Share Classes of the following Sub-Funds are authorised in Hong Kong and are available to Hong Kong residents: - JPMorgan Investment Funds - Europe Select Equity Fund; - JPMorgan Investment Funds - Global Dividend Fund; - JPMorgan Investment Funds - Global High Yield Bond Fund. 15. Directors’ Fees The only remuneration paid to Directors is an annual fee. This is waived by Mr Daniel Watkins and Mr Massimo Greco. The total Directors’ fee for the period amounted to EUR 117,030 of which EUR 27,770 was due to the Chairman. 16. Transaction Costs For the period ended 30 June 2018, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of transferable securities, derivatives (except OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodian agent and relating to purchase and sale of transferable securities as follows: Sub-Fund Base Currency Custodian Transaction Costs and Brokerage Fees (in Base Currency) JPMorgan Investment Funds - Europe Select Equity Fund EUR 1,846,661 JPMorgan Investment Funds - Europe Strategic Dividend Fund EUR 5,559,533 JPMorgan Investment Funds - Global Balanced Fund EUR 716,659 JPMorgan Investment Funds - Global Convertibles Fund (USD) USD 9,750 JPMorgan Investment Funds - Global Dividend Fund USD 208,877 JPMorgan Investment Funds - Global Financials Fund USD 140,825 JPMorgan Investment Funds - Global High Yield Bond Fund USD 39,460 JPMorgan Investment Funds - Global Income Conservative Fund EUR 290,010 JPMorgan Investment Funds - Global Income Fund EUR 9,624,195 JPMorgan Investment Funds - Global Macro Balanced Fund EUR 175,921 JPMorgan Investment Funds - Global Macro Fund USD 685,855 JPMorgan Investment Funds - Global Macro Opportunities Fund EUR 6,378,628 JPMorgan Investment Funds - Global Select Equity Fund USD 255,189 JPMorgan Investment Funds - Global Select Equity Plus Fund USD 5,488 JPMorgan Investment Funds - Income Opportunity Fund USD 21,495 JPMorgan Investment Funds - Japan Select Equity Fund JPY 10,562,342 JPMorgan Investment Funds - Japan Strategic Value Fund JPY 27,802,375 JPMorgan Investment Funds - US Bond Fund USD 7,476 JPMorgan Investment Funds - US Equity Fund USD 68,987 JPMorgan Investment Funds - US Select Equity Fund USD 496,598 For fixed income securities, transaction costs are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately. 17. Significant Events during the Period a) Sub-Fund mergers During the period, the following Sub-Funds were merged: JPMorgan Funds - Income Opportunity Plus Fund merged into JPMorgan Investment Funds - Income Opportunity Fund on 9 February 2018; JPMorgan Investment Funds - Global Financials Fund and JPMorgan Investment Funds - Global Select Equity Plus Fund merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018; JPMorgan Investment Funds - US Equity Fund merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018; JPMorgan Funds - Europe Select Equity Plus Fund merged into JPMorgan Investment Funds - Europe Select Equity Fund on 23 February 2018. b) Sub-Fund rename During the period, the following Sub-Fund was renamed: JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 Feb 2018. c) Reduction of Management and Advisory Fee With effect from 11 May 2018, the Management and Advisory Fee was reduced to 0.50% on the I2 Share Classes for JPMorgan Investment Funds - Europe Strategic Dividend Fund. 18. Events after the Period-End Subsequent to period-end, the following Sub-Fund was merged: JPMorgan Investment Funds – Global Macro Balanced Fund merged into the JPMorgan Investment Funds – Global Macro Fund on 13 July 2018.

39 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange Norway listing Telenor ASA NOK 1,383,343 24,407,131 1.64

Equities 24,407,131 1.64 Austria Spain Erste Group Bank AG EUR 471,908 16,891,947 1.13 Banco Santander SA EUR 2,973,754 13,732,796 0.92 Iberdrola SA EUR 1,124,605 7,488,745 0.51 16,891,947 1.13 Repsol SA EUR 1,187,245 20,132,707 1.35 Repsol SA Rights 06/07/2018 EUR 1,187,245 591,248 0.04 Denmark Novo Nordisk A/S ‘B’ DKK 1,090,744 43,403,599 2.92 41,945,496 2.82 43,403,599 2.92 Sweden Nordea Bank AB SEK 2,296,307 18,821,780 1.26 Finland Cargotec OYJ ‘B’ EUR 161,648 7,005,824 0.47 18,821,780 1.26 UPM-Kymmene OYJ EUR 300,048 9,226,476 0.62 Switzerland 16,232,300 1.09 Credit Suisse Group AG CHF 1,521,727 19,658,228 1.32 Julius Baer Group Ltd. CHF 339,805 17,130,064 1.15 France Lonza Group AG CHF 60,618 13,877,565 0.93 Accor SA EUR 464,905 19,584,123 1.32 Novartis AG CHF 535,892 34,931,554 2.35 Air Liquide SA EUR 171,696 18,547,460 1.25 Roche Holding AG CHF 256,287 48,748,319 3.28 Capgemini SE EUR 157,129 18,223,036 1.22 Cie Generale des Etablissements Michelin SCA EUR 227,140 23,866,736 1.60 134,345,730 9.03 LVMH Moet Hennessy Louis Vuitton SE EUR 116,925 33,615,937 2.26 United Kingdom Pernod Ricard SA EUR 147,223 20,684,831 1.39 3i Group plc GBP 898,241 9,171,143 0.62 Publicis Groupe SA EUR 414,936 24,522,718 1.65 ASOS plc GBP 171,715 11,871,272 0.80 Renault SA EUR 96,437 7,047,616 0.47 AstraZeneca plc GBP 368,856 22,011,077 1.48 Schneider Electric SE EUR 302,668 21,686,162 1.46 Aviva plc GBP 3,405,754 19,480,502 1.31 Thales SA EUR 122,122 13,534,171 0.91 Beazley plc GBP 1,602,638 10,568,828 0.71 TOTAL SA EUR 516,429 27,251,958 1.83 BHP Billiton plc GBP 395,229 7,688,306 0.52 Vinci SA EUR 377,497 31,249,202 2.10 Diageo plc GBP 973,255 30,158,173 2.03 HSBC Holdings plc GBP 2,563,681 20,663,096 1.39 259,813,950 17.46 Imperial Brands plc GBP 843,975 26,955,803 1.81 Germany London Stock Exchange Group plc GBP 262,312 13,305,204 0.89 adidas AG EUR 115,153 21,671,795 1.46 Prudential plc GBP 1,691,783 33,321,940 2.24 Continental AG EUR 103,164 20,297,517 1.36 Rio Tinto plc GBP 711,566 34,023,821 2.29 Infineon Technologies AG EUR 1,366,529 29,899,654 2.01 Royal Dutch Shell plc ‘A’ GBP 1,843,036 55,303,023 3.71 Merck KGaA EUR 105,387 8,829,323 0.59 Standard Chartered plc GBP 2,289,929 18,039,998 1.21 Muenchener Synthomer plc GBP 1,125,010 6,700,659 0.45 Rueckversicherungs-Gesellschaft AG EUR 120,010 21,817,818 1.47 Taylor Wimpey plc GBP 7,887,584 16,012,580 1.07 RWE AG EUR 682,283 13,301,107 0.89 Unilever plc GBP 646,334 30,786,023 2.07 SAP SE EUR 422,020 41,794,751 2.81 United Internet AG EUR 191,911 9,409,396 0.63 366,061,448 24.60 Volkswagen AG Preference EUR 203,542 29,143,144 1.96 Total Equities 1,470,607,394 98.82 196,164,505 13.18 Total Transferable securities and money market instruments 1,470,607,394 98.82 Ireland admitted to an official exchange listing CRH plc EUR 777,500 23,737,075 1.59 Kerry Group plc ‘A’ EUR 234,162 21,086,288 1.42 Units of authorised UCITS or other collective investment undertakings Ryanair Holdings plc EUR 1,041,137 16,447,362 1.11 Collective Investment Schemes - UCITS 61,270,725 4.12 Luxembourg Italy JPMorgan Euro Liquidity Fund - JPM Enel SpA EUR 2,953,076 14,077,314 0.95 Euro Liquidity X (flex dist.)† EUR 10,402,825 10,402,825 0.70 FinecoBank Banca Fineco SpA EUR 991,793 9,605,515 0.64 UniCredit SpA EUR 1,174,991 16,841,146 1.13 10,402,825 0.70

40,523,975 2.72 Total Collective Investment Schemes - UCITS 10,402,825 0.70

Jersey Total Units of authorised UCITS or other collective investment 10,402,825 0.70 Ferguson plc GBP 337,879 23,574,537 1.58 undertakings Glencore plc GBP 7,334,503 30,276,903 2.04 1,481,010,219 99.52 WPP plc GBP 1,372,099 18,581,613 1.25 Total Investments

72,433,053 4.87 Cash 1,147,016 0.08 Luxembourg Other Assets/(Liabilities) 6,015,681 0.40 ArcelorMittal EUR 490,793 12,397,431 0.83 Total Net Assets 1,488,172,916 100.00 12,397,431 0.83 Netherlands † Related Party Fund. Airbus SE EUR 190,654 19,254,147 1.29 Akzo Nobel NV EUR 197,348 14,544,548 0.98 ASML Holding NV EUR 162,438 27,715,984 1.86 Heineken NV EUR 242,735 21,052,407 1.42 ING Groep NV EUR 1,934,870 23,973,039 1.61 Koninklijke Ahold Delhaize NV EUR 1,086,614 22,389,681 1.51 Unilever NV, CVA EUR 365,891 17,557,280 1.18 Wolters Kluwer NV EUR 400,976 19,407,238 1.30

165,894,324 11.15

40 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

United Kingdom 24.60 France 17.46 Germany 13.18 Netherlands 11.15 Switzerland 9.03 Jersey 4.87 Ireland 4.12 Denmark 2.92 Spain 2.82 Italy 2.72 Norway 1.64 Luxembourg 1.53 Sweden 1.26 Austria 1.13 Finland 1.09 Total Investments 99.52 Cash and Other Assets/(Liabilities) 0.48 Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United Kingdom 25.93 France 17.25 Germany 12.73 Netherlands 9.76 Switzerland 7.97 Spain 6.47 Ireland 5.17 Jersey 3.07 Denmark 2.32 Luxembourg 2.07 Italy 1.87 Austria 1.84 Sweden 1.28 Norway 1.12 Finland 1.02 Total Investments 99.87 Cash and Other Assets/(Liabilities) 0.13 Total 100.00

41 JPMorgan Investment Funds - Europe Select Equity Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

EUR 2,803,475 DKK 20,886,293 11/07/2018 Standard Chartered 278 - EUR 23,418,349 GBP 20,646,764 11/07/2018 Merrill Lynch 88,784 0.01 EUR 1,399,154 NOK 13,238,202 11/07/2018 Merrill Lynch 9,609 - EUR 1,065,255 SEK 10,841,012 11/07/2018 Merrill Lynch 28,868 - EUR 473,983 USD 549,890 11/07/2018 Goldman Sachs 1,966 - EUR 850,796 USD 984,349 11/07/2018 Merrill Lynch 5,846 - USD 97,864,514 EUR 82,612,908 11/07/2018 HSBC 1,392,450 0.09 USD 616,542 GBP 464,679 11/07/2018 BNP Paribas 4,171 -

Total Unrealised Gain on Forward Currency Exchange Contracts 1,531,972 0.10

DKK 3,772,751 EUR 506,465 11/07/2018 RBC (115) - EUR 7,330,561 CHF 8,525,978 11/07/2018 Merrill Lynch (39,832) - EUR 861,906 USD 1,004,290 11/07/2018 BNP Paribas (161) - EUR 702,929 USD 819,201 11/07/2018 Goldman Sachs (260) - EUR 629,939 USD 737,584 11/07/2018 Merrill Lynch (3,192) - GBP 405,837 USD 539,490 11/07/2018 Deutsche Bank (4,519) -

Total Unrealised Loss on Forward Currency Exchange Contracts (48,079) -

Net Unrealised Gain on Forward Currency Exchange Contracts 1,483,893 0.10

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

EURO STOXX 50 Index, 21/09/2018 129 EUR 4,386,645 63,855 0.01 FTSE 100 Index, 21/09/2018 37 GBP 3,184,360 26,763 -

Total Unrealised Gain on Financial Futures Contracts 90,618 0.01

Net Unrealised Gain on Financial Futures Contracts 90,618 0.01

42 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange Orange SA EUR 1,419,591 20,410,170 0.67 listing Peugeot SA EUR 392,831 7,722,075 0.25 Publicis Groupe SA EUR 159,451 9,423,554 0.31 Equities Renault SA EUR 203,134 14,845,033 0.49 Austria Rexel SA EUR 391,907 4,836,132 0.16 BAWAG Group AG, Reg. S EUR 78,853 3,138,349 0.10 Rubis SCA EUR 53,156 2,849,162 0.09 Oesterreichische Post AG EUR 89,632 3,501,026 0.12 Schneider Electric SE EUR 296,703 21,258,770 0.70 OMV AG EUR 173,538 8,518,113 0.28 SCOR SE EUR 186,907 5,933,363 0.19 UNIQA Insurance Group AG EUR 735,175 5,809,721 0.19 TOTAL SA EUR 1,237,211 65,287,624 2.14 Veolia Environnement SA EUR 697,687 12,823,487 0.42 20,967,209 0.69 Vinci SA EUR 241,736 20,010,906 0.66 Belgium 359,203,178 11.78 Ageas EUR 179,316 7,781,418 0.25 KBC Group NV EUR 148,607 9,814,006 0.32 Germany Warehouses De Pauw, REIT, CVA EUR 41,336 4,493,223 0.15 Aareal Bank AG EUR 253,254 9,489,427 0.31 Allianz SE EUR 250,356 44,503,283 1.46 22,088,647 0.72 alstria office REIT-AG EUR 394,389 5,075,786 0.17 BASF SE EUR 440,872 36,332,262 1.19 Bermuda Bayerische Motoren Werke AG EUR 281,588 21,996,247 0.72 Stolt-Nielsen Ltd. NOK 219,734 2,897,579 0.09 Daimler AG EUR 554,609 30,719,793 1.01 Deutsche Pfandbriefbank AG, Reg. S EUR 631,236 7,530,645 0.25 2,897,579 0.09 Deutsche Telekom AG EUR 2,000,230 26,553,053 0.87 Cayman Islands DIC Asset AG EUR 340,482 3,253,306 0.11 Phoenix Group Holdings Rights E.ON SE EUR 2,054,219 18,839,242 0.62 09/07/2018 GBP 177,859 312,577 0.01 Evonik Industries AG EUR 178,218 5,259,213 0.17 Phoenix Group Holdings GBP 381,127 2,902,144 0.10 Hannover Rueck SE EUR 104,450 11,181,372 0.37 Muenchener 3,214,721 0.11 Rueckversicherungs-Gesellschaft AG EUR 122,334 22,240,321 0.73 ProSiebenSat.1 Media SE EUR 255,253 5,540,266 0.18 Denmark RWE AG EUR 465,582 9,076,521 0.30 Alm Brand A/S DKK 420,046 3,528,982 0.12 Schaeffler AG Preference EUR 441,449 4,944,229 0.16 Danske Bank A/S DKK 633,261 16,961,611 0.56 TAG Immobilien AG EUR 320,183 6,009,835 0.20 Novo Nordisk A/S ‘B’ DKK 823,975 32,788,153 1.07 Talanx AG EUR 248,393 7,804,508 0.25 Pandora A/S DKK 159,014 9,505,255 0.31 Telefonica Deutschland Holding AG EUR 1,129,133 3,799,533 0.12 Sydbank A/S DKK 134,942 3,982,452 0.13 TLG Immobilien AG EUR 241,537 5,492,551 0.18 Topdanmark A/S DKK 140,435 5,265,989 0.17 TUI AG GBP 527,075 9,961,487 0.33 Tryg A/S DKK 225,088 4,508,633 0.15 Volkswagen AG Preference EUR 132,806 19,015,163 0.62 Vonovia SE EUR 288,747 11,801,090 0.39 76,541,075 2.51 Faroe Islands 326,419,133 10.71 Bakkafrost P/F NOK 120,973 5,743,377 0.19 Gibraltar 888 Holdings plc GBP 908,749 2,760,729 0.09 5,743,377 0.19 Finland 2,760,729 0.09 Cramo OYJ EUR 202,199 4,012,639 0.13 Ireland DNA OYJ EUR 355,193 7,189,106 0.24 AIB Group plc EUR 1,941,679 9,106,475 0.30 Elisa OYJ EUR 228,968 9,046,526 0.30 Bank of Ireland Group plc EUR 1,129,843 7,674,459 0.25 Fortum OYJ EUR 599,678 12,332,378 0.40 C&C Group plc EUR 549,459 1,755,522 0.06 Kesko OYJ ‘B’ EUR 76,433 3,998,975 0.13 Cairn Homes plc EUR 4,152,244 7,357,776 0.24 Konecranes OYJ EUR 86,251 3,023,529 0.10 Green REIT plc EUR 3,314,511 4,892,218 0.16 Metso OYJ EUR 175,000 5,047,875 0.17 Smurfit Kappa Group plc EUR 97,420 3,392,164 0.11 Neste OYJ EUR 108,120 7,279,720 0.24 Ramirent OYJ EUR 668,680 6,054,897 0.20 34,178,614 1.12 Sampo OYJ ‘A’ EUR 286,400 11,981,544 0.39 Stora Enso OYJ ‘R’ EUR 780,000 13,131,300 0.43 Israel Tieto OYJ EUR 115,688 3,216,126 0.11 Plus500 Ltd. GBP 192,792 3,528,747 0.12 UPM-Kymmene OYJ EUR 528,682 16,256,972 0.53 Uponor OYJ EUR 253,299 3,467,663 0.11 3,528,747 0.12 Valmet OYJ EUR 185,141 3,046,495 0.10 Italy Anima Holding SpA, Reg. S EUR 374,822 1,724,181 0.06 109,085,745 3.58 Assicurazioni Generali SpA EUR 1,342,486 19,210,975 0.63 France Atlantia SpA EUR 478,237 12,061,137 0.40 Altarea SCA, REIT EUR 9,213 1,867,936 0.06 Azimut Holding SpA EUR 262,985 3,500,988 0.12 Amundi SA, Reg. S EUR 130,981 7,776,342 0.26 Banca Generali SpA EUR 175,367 3,728,302 0.12 AXA SA EUR 1,238,870 26,133,963 0.86 Ei Towers SpA EUR 75,007 3,532,830 0.12 BNP Paribas SA EUR 535,927 28,650,657 0.94 Enav SpA, Reg. S EUR 946,639 4,061,081 0.13 Bouygues SA EUR 324,986 12,071,605 0.40 Enel SpA EUR 5,530,341 26,363,136 0.86 Cie de Saint-Gobain EUR 264,402 10,196,663 0.33 Eni SpA EUR 1,594,893 25,586,868 0.84 Cie Generale des Etablissements Immobiliare Grande Distribuzione SIIQ Michelin SCA EUR 96,099 10,097,602 0.33 SpA, REIT EUR 420,316 2,888,832 0.09 CNP Assurances EUR 534,555 10,453,223 0.34 Intesa Sanpaolo SpA EUR 8,590,010 21,457,845 0.70 Coface SA EUR 417,517 3,981,025 0.13 Italgas SpA EUR 740,241 3,477,282 0.11 Convivio, REIT EUR 70,161 6,235,559 0.20 Mediobanca Banca di Credito Finanziario SpA 4,841,853 Edenred EUR 242,000 6,552,150 0.21 EUR 604,476 0.16 Poste Italiane SpA, Reg. S 9,039,421 Engie SA EUR 1,021,331 13,466,249 0.44 EUR 1,248,194 0.30 Saras SpA 4,202,457 Gaztransport Et Technigaz SA EUR 91,772 4,813,441 0.16 EUR 2,006,904 0.14 Societa Cattolica di Assicurazioni SC 7,120,185 Gecina SA, REIT EUR 56,558 8,104,761 0.27 EUR 1,000,026 0.23 Telecom Italia SpA 8,055,939 IPSOS EUR 96,605 2,830,527 0.09 EUR 14,470,880 0.26 Terna Rete Elettrica Nazionale SpA 5,969,767 Kaufman & Broad SA EUR 95,447 3,856,059 0.13 EUR 1,284,788 0.20 Unipol Gruppo SpA 6,566,014 Metropole Television SA EUR 234,630 4,025,078 0.13 EUR 1,987,894 0.22 Natixis SA EUR 1,501,531 9,123,302 0.30 173,389,093 5.69 Nexity SA EUR 66,513 3,566,760 0.12

43 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Jersey Banco de Sabadell SA EUR 4,467,384 6,428,566 0.21 Centamin plc GBP 2,201,883 2,943,321 0.10 Bankinter SA EUR 926,734 7,768,811 0.26 Ferguson plc GBP 214,851 14,990,612 0.49 Bolsas y Mercados Espanoles SHMSF Glencore plc GBP 7,040,723 29,064,176 0.95 SA EUR 131,396 3,702,739 0.12 CaixaBank SA EUR 3,540,123 13,148,017 0.43 46,998,109 1.54 Enagas SA EUR 302,445 7,562,637 0.25 Ence Energia y Celulosa SA EUR 520,916 3,952,450 0.13 Luxembourg Endesa SA EUR 333,220 6,343,676 0.21 APERAM SA EUR 109,113 4,020,268 0.13 Gas Natural SDG SA EUR 307,075 6,989,027 0.23 Aroundtown SA EUR 657,516 4,646,994 0.15 Iberdrola SA EUR 4,043,695 26,926,965 0.88 Corestate Capital Holding SA EUR 72,099 3,330,974 0.11 International Consolidated Airlines Millicom International Cellular SA, SDR 6,129,917 SEK 121,616 0.20 Group SA EUR 1,867,766 14,096,030 0.46 RTL Group SA 4,401,561 EUR 74,984 0.15 Merlin Properties Socimi SA, REIT EUR 456,317 5,695,977 0.19 Red Electrica Corp. SA EUR 389,261 6,820,826 0.22 22,529,714 0.74 Repsol SA EUR 1,263,403 21,424,156 0.70 Malta Repsol SA Rights 06/07/2018 EUR 1,263,403 629,175 0.02 Kindred Group plc, SDR SEK 370,266 4,013,085 0.13 192,546,013 6.32 4,013,085 0.13 Sweden Netherlands Axfood AB SEK 239,724 3,929,129 0.13 ABN AMRO Group NV, Reg. S, CVA EUR 563,932 12,558,766 0.41 Betsson AB SEK 777,201 4,017,325 0.13 Aegon NV EUR 2,692,128 13,880,612 0.46 Boliden AB SEK 366,826 10,196,813 0.34 Akzo Nobel NV EUR 216,470 15,953,839 0.52 Bonava AB ‘B’ SEK 313,582 3,129,672 0.10 ASR Nederland NV EUR 266,872 9,337,851 0.31 Castellum AB SEK 543,697 7,533,945 0.25 BE Semiconductor Industries NV EUR 147,794 3,431,777 0.11 Com Hem Holding AB SEK 565,839 7,813,717 0.26 BinckBank NV EUR 512,793 2,488,328 0.08 Dios Fastigheter AB SEK 797,477 4,101,547 0.14 Eurocommercial Properties NV, REIT, Dustin Group AB SEK 288,423 2,218,213 0.07 CVA EUR 102,627 3,728,439 0.12 Hemfosa Fastigheter AB SEK 476,024 4,794,139 0.16 Flow Traders EUR 179,210 5,976,653 0.20 Holmen AB ‘B’ SEK 155,494 3,026,486 0.10 ING Groep NV EUR 1,862,135 23,071,853 0.76 Intrum AB SEK 170,735 3,391,684 0.11 Intertrust NV EUR 201,620 3,089,826 0.10 JM AB SEK 207,893 3,182,835 0.10 Koninklijke Ahold Delhaize NV EUR 708,239 14,593,265 0.48 Klovern AB ‘B’ SEK 3,117,360 2,965,968 0.10 Koninklijke KPN NV EUR 2,962,360 6,888,968 0.23 Kungsleden AB SEK 868,670 5,111,286 0.17 Koninklijke Volkerwessels NV EUR 191,206 4,193,148 0.14 Lundin Petroleum AB SEK 271,833 7,495,835 0.25 NN Group NV EUR 404,407 14,154,245 0.46 Modern Times Group MTG AB ‘B’ SEK 103,590 3,704,698 0.12 Philips Lighting NV, Reg. S EUR 176,102 3,917,389 0.13 Nobia AB SEK 527,836 3,466,594 0.11 Randstad NV EUR 115,332 5,839,259 0.19 Nobina AB SEK 1,041,871 6,889,860 0.23 Van Lanschot Kempen NV, CVA EUR 104,373 2,523,217 0.08 Nordea Bank AB SEK 1,716,235 14,067,195 0.46 Vastned Retail NV, REIT EUR 85,620 3,459,048 0.11 Pandox AB SEK 188,929 2,754,328 0.09 Peab AB SEK 721,973 4,641,523 0.15 149,086,483 4.89 Resurs Holding AB SEK 874,622 4,793,047 0.16 Scandic Hotels Group AB 3,752,643 Norway SEK 508,314 0.12 Skandinaviska Enskilda Banken AB ‘A’ 9,194,955 Aker ASA ‘A’ NOK 134,211 8,771,539 0.29 SEK 1,135,315 0.30 SKF AB ‘B’ 5,849,336 Aker BP ASA NOK 336,158 10,619,742 0.35 SEK 367,600 0.19 SSAB AB ‘B’ 3,660,411 Atea ASA NOK 343,781 4,262,654 0.14 SEK 1,136,363 0.12 Svenska Handelsbanken AB ‘A’ 14,764,513 Austevoll Seafood ASA NOK 561,864 5,775,136 0.19 SEK 1,558,941 0.48 Swedbank AB ‘A’ 16,567,493 DNB ASA NOK 795,466 13,320,810 0.44 SEK 901,336 0.54 Swedish Match AB 7,624,359 Entra ASA NOK 693,296 8,130,555 0.27 SEK 180,420 0.25 Tele2 AB ‘B’ 6,478,107 Equinor ASA NOK 1,083,865 24,687,845 0.81 SEK 648,462 0.21 Telia Co. AB 11,061,201 Grieg Seafood ASA NOK 481,830 4,353,044 0.14 SEK 2,824,503 0.36 Thule Group AB 3,824,917 Leroy Seafood Group ASA NOK 526,552 3,024,519 0.10 SEK 179,742 0.13 Volvo AB ‘B’ 11,530,038 Marine Harvest ASA NOK 540,013 9,207,433 0.30 SEK 842,396 0.38 Wihlborgs Fastigheter AB 5,468,467 Norsk Hydro ASA NOK 1,216,389 6,253,900 0.21 SEK 554,722 0.18 Norway Royal Salmon ASA NOK 116,634 2,226,217 0.07 213,002,279 6.99 Norwegian Finans Holding ASA NOK 424,232 4,031,998 0.13 Salmar ASA NOK 150,322 5,422,806 0.18 Switzerland SpareBank 1 SMN NOK 478,081 4,251,412 0.14 Cembra Money Bank AG CHF 47,569 3,196,952 0.11 SpareBank 1 SR-Bank ASA NOK 562,479 5,111,186 0.17 Galenica AG, Reg. S CHF 92,393 4,204,837 0.14 Storebrand ASA NOK 637,811 4,401,533 0.14 GAM Holding AG CHF 274,184 3,270,641 0.11 Telenor ASA NOK 732,216 12,918,916 0.42 Novartis AG CHF 913,949 59,574,801 1.95 Oriflame Holding AG SEK 124,347 3,435,425 0.11 136,771,245 4.49 Roche Holding AG CHF 302,447 57,528,407 1.89 Sunrise Communications Group AG 3,491,788 Portugal CHF 49,933 0.11 Swiss Re AG 13,441,257 Altri SGPS SA EUR 1,003,245 8,783,410 0.29 CHF 180,771 0.44 Swisscom AG 7,455,638 EDP - Energias de Portugal SA EUR 2,150,719 7,381,268 0.24 CHF 19,411 0.25 Zurich Insurance Group AG 26,625,389 Galp Energia SGPS SA EUR 443,487 7,194,468 0.23 CHF 104,770 0.87 Navigator Co. SA (The) EUR 1,227,928 6,320,759 0.21 REN - Redes Energeticas Nacionais 182,225,135 5.98 SGPS SA EUR 1,280,419 3,076,847 0.10 United Kingdom 3i Group plc GBP 725,582 7,408,275 0.24 32,756,752 1.07 Admiral Group plc GBP 233,917 5,066,653 0.17 South Africa Amigo Holdings plc GBP 480,523 1,560,136 0.05 Old Mutual Ltd. GBP 3,337,004 5,757,858 0.19 Anglo American plc GBP 1,220,921 23,485,383 0.77 Ashmore Group plc GBP 1,140,468 4,815,490 0.16 5,757,858 0.19 Ashtead Group plc GBP 452,911 11,734,720 0.38 Aviva plc GBP 2,797,322 16,000,344 0.52 Spain Babcock International Group plc GBP 500,000 4,617,381 0.15 Acciona SA EUR 81,240 5,732,294 0.19 BAE Systems plc GBP 1,852,000 13,550,777 0.44 Acerinox SA EUR 444,840 5,043,374 0.17 Bank of Georgia Group plc GBP 156,477 3,375,505 0.11 ACS Actividades de Construccion y BBA Aviation plc GBP 1,010,039 3,873,223 0.13 Servicios SA 13,514,622 EUR 388,910 0.44 Bellway plc GBP 222,327 7,565,776 0.25 ACS Actividades de Construccion y Berkeley Group Holdings plc GBP 184,917 7,933,295 0.26 Servicios SA Rights 06/07/2018 EUR 388,910 345,974 0.01 BHP Billiton plc GBP 1,555,028 30,249,631 0.99 Aena SME SA, Reg. S EUR 65,835 10,247,218 0.34 Big Yellow Group plc, REIT GBP 459,145 4,905,091 0.16 Banco Bilbao Vizcaya Argentaria SA EUR 4,299,898 26,173,479 0.86

44 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Bovis Homes Group plc GBP 398,507 5,190,718 0.17 Units of authorised UCITS or other collective investment undertakings BP plc GBP 10,265,406 67,650,296 2.22 Brewin Dolphin Holdings plc GBP 826,482 3,320,653 0.11 Collective Investment Schemes - UCITS British Land Co. plc (The), REIT 7,630,599 GBP 1,002,468 0.25 Luxembourg Britvic plc GBP 724,187 6,386,090 0.21 JPMorgan Euro Liquidity Fund - JPM Central Asia Metals plc GBP 1,271,446 3,657,095 0.12 Euro Liquidity X (flex dist.)† EUR 104,983,365 104,983,365 3.44 Centrica plc GBP 4,368,050 7,856,783 0.26 Cineworld Group plc GBP 1,260,898 3,807,737 0.12 104,983,365 3.44 Close Brothers Group plc GBP 315,952 5,288,429 0.17 Compass Group plc GBP 1,075,303 19,742,453 0.65 Total Collective Investment Schemes - UCITS 104,983,365 3.44 Computacenter plc GBP 408,271 6,686,017 0.22 Costain Group plc GBP 640,097 3,224,688 0.11 Total Units of authorised UCITS or other collective investment 104,983,365 3.44 Direct Line Insurance Group plc GBP 1,778,842 6,922,899 0.23 undertakings Drax Group plc GBP 1,000,000 3,688,932 0.12 Total Investments 3,118,301,394 102.29 DS Smith plc GBP 596,972 3,524,582 0.11 easyJet plc GBP 272,671 5,151,822 0.17 Cash 55,412 0.00 Evraz plc GBP 1,323,947 7,587,780 0.25 Games Workshop Group plc GBP 158,414 5,375,602 0.18 (69,750,150) (2.29) GlaxoSmithKline plc GBP 2,489,000 43,185,742 1.42 Other Assets/(Liabilities) Go-Ahead Group plc (The) GBP 359,823 6,453,813 0.21 Total Net Assets Great Portland Estates plc, REIT GBP 585,887 4,731,149 0.15 3,048,606,656 100.00 Hansteen Holdings plc, REIT GBP 3,504,006 4,146,313 0.14 HSBC Holdings plc GBP 9,818,516 79,136,578 2.60 † Related Party Fund. Ibstock plc GBP 1,579,750 5,329,460 0.17 IG Group Holdings plc GBP 383,000 3,750,748 0.12 Investec plc GBP 882,325 5,360,908 0.18 J Sainsbury plc GBP 2,004,575 7,318,846 0.24 Kier Group plc GBP 302,954 3,316,094 0.11 Legal & General Group plc GBP 5,671,198 17,065,341 0.56 Lloyds Banking Group plc GBP 44,465,817 31,755,954 1.04 LondonMetric Property plc, REIT GBP 2,537,588 5,320,048 0.17 Man Group plc GBP 4,011,478 7,989,553 0.26 Meggitt plc GBP 1,043,000 5,842,651 0.19 Mondi plc GBP 341,994 7,942,932 0.26 Morgan Advanced Materials plc GBP 1,121,384 4,136,710 0.14 National Express Group plc GBP 1,588,331 7,182,243 0.23 Next plc GBP 113,325 7,801,262 0.26 Northgate plc GBP 716,720 3,278,994 0.11 OneSavings Bank plc GBP 1,391,966 6,442,183 0.21 Pagegroup plc GBP 549,407 3,503,614 0.11 Paragon Banking Group plc GBP 880,031 4,749,216 0.16 Pennon Group plc GBP 444,097 3,986,694 0.13 Persimmon plc GBP 370,430 10,652,686 0.35 Pets at Home Group plc GBP 2,418,795 3,556,533 0.12 Polypipe Group plc GBP 700,516 3,045,726 0.10 Prudential plc GBP 1,253,825 24,695,769 0.81 Quilter plc, Reg. S GBP 1,112,334 1,822,988 0.06 Redde plc GBP 2,069,265 4,146,440 0.14 Redrow plc GBP 549,712 3,337,814 0.11 Rio Tinto plc GBP 782,647 37,422,588 1.23 Royal Dutch Shell plc ‘B’ GBP 3,887,317 120,269,253 3.94 Royal Mail plc GBP 1,152,630 6,586,391 0.22 RPC Group plc GBP 434,237 3,626,294 0.12 RSA Insurance Group plc GBP 887,000 6,801,802 0.22 Schroders plc GBP 147,890 5,275,883 0.17 Segro plc, REIT GBP 905,650 6,842,461 0.22 Severn Trent plc GBP 268,252 6,004,382 0.20 Smiths Group plc GBP 355,786 6,839,805 0.22 Tate & Lyle plc GBP 495,334 3,618,119 0.12 Taylor Wimpey plc GBP 4,159,385 8,443,965 0.28 TBC Bank Group plc GBP 169,080 3,244,744 0.11 Tritax Big Box REIT plc GBP 2,407,234 4,242,816 0.14 United Utilities Group plc GBP 673,508 5,826,912 0.19 Vedanta Resources plc GBP 652,051 4,782,003 0.16 Vesuvius plc GBP 529,137 3,574,689 0.12 William Hill plc GBP 1,279,446 4,391,545 0.14

887,613,509 29.11

Total Equities 3,013,318,029 98.85

Total Transferable securities and money market instruments 3,013,318,029 98.85 admitted to an official exchange listing

45 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

United Kingdom 29.11 France 11.78 Germany 10.71 Sweden 6.99 Spain 6.32 Switzerland 5.98 Italy 5.69 Netherlands 4.89 Norway 4.49 Luxembourg 4.18 Finland 3.58 Denmark 2.51 Jersey 1.54 Ireland 1.12 Portugal 1.07 Belgium 0.72 Austria 0.69 South Africa 0.19 Faroe Islands 0.19 Malta 0.13 Israel 0.12 Cayman Islands 0.11 Bermuda 0.09 Gibraltar 0.09 Total Investments 102.29 Cash and Other Assets/(Liabilities) (2.29) Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United Kingdom 29.13 France 10.77 Germany 9.96 Spain 7.52 Sweden 6.68 Switzerland 5.64 Italy 5.09 Netherlands 4.89 Luxembourg 4.50 Finland 3.83 Norway 3.56 Denmark 2.94 Jersey 1.26 Portugal 0.97 Ireland 0.93 Belgium 0.92 Austria 0.54 Malta 0.13 Faroe Islands 0.12 Isle of Man 0.10 Bermuda 0.07 Total Investments 99.55 Cash and Other Assets/(Liabilities) 0.45 Total 100.00

46 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

CHF 13,412 CNH 89,240 11/07/2018 RBC 41 - CHF 6,204 HUF 1,751,157 11/07/2018 BNP Paribas 52 - EUR 10,872 AUD 17,063 11/07/2018 Barclays 53 - EUR 6,795 AUD 10,693 11/07/2018 Goldman Sachs 15 - EUR 4,631 AUD 7,264 11/07/2018 National Australia Bank 25 - EUR 17,293,784 CHF 19,935,651 17/08/2018 Goldman Sachs 52,901 - EUR 12,612 CNH 95,751 11/07/2018 BNP Paribas 215 - EUR 26,844 CNH 201,570 11/07/2018 HSBC 747 - EUR 89,188 CNH 681,448 11/07/2018 RBC 963 - EUR 10,585 CNH 81,340 11/07/2018 Standard Chartered 54 - EUR 479,294 DKK 3,570,481 11/07/2018 Merrill Lynch 91 - EUR 14,436,760 DKK 107,555,924 11/07/2018 Standard Chartered 1,429 - EUR 7,831,627 DKK 58,328,940 17/08/2018 Toronto-Dominion Bank 1,954 - EUR 1,046,614 GBP 922,667 11/07/2018 ANZ 4,058 - EUR 7,554,585 GBP 6,671,348 11/07/2018 Goldman Sachs 16,375 - EUR 173,350,476 GBP 152,834,274 11/07/2018 Merrill Lynch 657,208 0.02 EUR 217,835 GBP 191,102 11/07/2018 Standard Chartered 1,901 - EUR 47,944,410 GBP 42,083,047 17/08/2018 Barclays 447,486 0.02 EUR 14,868,515 GBP 13,123,963 17/08/2018 National Australia Bank 56,188 - EUR 10,406 HUF 3,375,843 11/07/2018 BNP Paribas 168 - EUR 5,489 HUF 1,762,141 11/07/2018 Merrill Lynch 145 - EUR 6,593 HUF 2,147,896 11/07/2018 Morgan Stanley 79 - EUR 13,148 HUF 4,259,827 11/07/2018 RBC 229 - EUR 340,236 NOK 3,221,177 11/07/2018 Merrill Lynch 2,126 - EUR 7,198,509 NOK 68,093,128 11/07/2018 Toronto-Dominion Bank 51,130 - EUR 105,189,068 NOK 994,935,319 17/08/2018 Toronto-Dominion Bank 896,061 0.03 EUR 963,824 SEK 9,810,162 11/07/2018 Merrill Lynch 25,984 - EUR 25,835,597 SEK 262,926,490 11/07/2018 Standard Chartered 700,140 0.02 EUR 107,497,288 SEK 1,100,433,711 17/08/2018 HSBC 2,292,409 0.08 EUR 4,971,529 SGD 7,833,450 11/07/2018 Standard Chartered 39,488 - EUR 2,206,188 USD 2,557,354 11/07/2018 Goldman Sachs 10,996 - EUR 3,509,132 USD 4,059,974 11/07/2018 Merrill Lynch 24,114 - GBP 4,295 AUD 7,650 11/07/2018 Goldman Sachs 2 - GBP 25,721 CNH 223,584 11/07/2018 Citibank 116 - GBP 9,978 CNH 85,727 11/07/2018 HSBC 176 - GBP 4,326,470 EUR 4,881,292 11/07/2018 RBC 7,351 - GBP 5,439 HUF 2,010,704 11/07/2018 RBC 48 - GBP 932,720 SGD 1,670,399 11/07/2018 RBC 2,211 - GBP 3,620,843 USD 4,760,927 11/07/2018 Merrill Lynch 4,624 - SEK 117,421 CNH 86,500 11/07/2018 RBC 27 - SGD 1,531,130 GBP 848,595 11/07/2018 RBC 5,159 - USD 3,337,173 EUR 2,864,042 11/07/2018 BNP Paribas 534 - USD 2,719,080 EUR 2,305,518 11/07/2018 Deutsche Bank 28,497 - USD 480,420,006 EUR 405,549,384 11/07/2018 HSBC 6,835,583 0.23

Total Unrealised Gain on Forward Currency Exchange Contracts 12,169,153 0.40

AUD 7,374 CHF 5,520 11/07/2018 Goldman Sachs (97) - AUD 14,995 EUR 9,656 11/07/2018 Barclays (148) - AUD 6,567 EUR 4,222 11/07/2018 Morgan Stanley (58) - AUD 9,514 EUR 6,068 11/07/2018 National Australia Bank (36) - AUD 13,115 EUR 8,417 11/07/2018 RBC (101) - AUD 1,355,480 EUR 864,481 11/07/2018 Standard Chartered (5,015) - AUD 9,367 GBP 5,323 11/07/2018 Goldman Sachs (75) - AUD 7,000 GBP 3,938 11/07/2018 Merrill Lynch (11) - AUD 10,630 GBP 5,992 11/07/2018 RBC (31) - CHF 208,597,386 EUR 180,524,867 17/08/2018 RBC (124,282) (0.01) CHF 47,863,205 EUR 41,480,587 17/08/2018 Standard Chartered (87,210) - CNH 88,872 EUR 11,650 11/07/2018 Citibank (144) - CNH 13,309,491 EUR 1,764,177 11/07/2018 HSBC (41,050) - CNH 73,188 EUR 9,813 11/07/2018 RBC (338) - EUR 5,519 AUD 8,725 11/07/2018 Merrill Lynch (13) - EUR 450,024 CHF 523,197 11/07/2018 Goldman Sachs (2,260) - EUR 75,898,662 CHF 88,275,685 11/07/2018 Merrill Lynch (412,411) (0.02) EUR 39,243,174 GBP 34,814,935 17/08/2018 Goldman Sachs (50,614) - EUR 1,196,727 SGD 1,905,586 11/07/2018 Merrill Lynch (3,054) - EUR 9,508 USD 11,265 11/07/2018 BNP Paribas (162) - EUR 1,467,882 USD 1,738,875 11/07/2018 HSBC (24,741) - EUR 3,024,995 USD 3,541,912 11/07/2018 Merrill Lynch (15,327) - EUR 4,980,470 USD 5,807,457 11/07/2018 RBC (4,560) - GBP 85,510 EUR 97,028 11/07/2018 BNP Paribas (407) - GBP 97,383 EUR 111,316 11/07/2018 Standard Chartered (1,279) - GBP 987,225 SGD 1,783,762 11/07/2018 National Australia Bank (7,576) - HUF 357,686,912 EUR 1,107,831 11/07/2018 Merrill Lynch (23,080) - HUF 2,316,452 GBP 6,256 11/07/2018 Barclays (44) - HUF 1,821,225 GBP 5,005 11/07/2018 RBC (132) - SEK 22,397,285 USD 2,520,825 11/07/2018 Barclays (22,683) - SGD 2,118,645 EUR 1,335,379 11/07/2018 Citibank (1,453) - SGD 309,898,532 EUR 197,115,530 11/07/2018 Merrill Lynch (1,999,435) (0.07) SGD 2,342,249 GBP 1,312,260 11/07/2018 National Australia Bank (8,063) -

47 JPMorgan Investment Funds - Europe Strategic Dividend Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

USD 17,263,008 EUR 14,822,486 17/08/2018 UBS (46,726) -

Total Unrealised Loss on Forward Currency Exchange Contracts (2,882,616) (0.10)

Net Unrealised Gain on Forward Currency Exchange Contracts 9,286,537 0.30

48 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange Austria listing EVN AG EUR 7,522 121,179 0.01 OMV AG EUR 50,186 2,463,380 0.13 Bonds Raiffeisen Bank International AG EUR 25,878 676,710 0.03 Verbund AG EUR 34,722 967,008 0.05 Australia Australia Government Bond 2.25% 21/11/2022 AUD 55,000,000 34,926,184 1.84 4,228,277 0.22 Belgium 34,926,184 1.84 KBC Group NV EUR 39,514 2,609,505 0.14 France UCB SA EUR 17,828 1,200,894 0.06 France Government Bond OAT, Reg. S 8.5% 25/04/2023 EUR 20,000,000 28,424,600 1.50 3,810,399 0.20 France Government Bond OAT, Reg. S Bermuda 2.75% 25/10/2027 28,332,812 EUR 23,500,000 1.49 BW Offshore Ltd. NOK 58,665 256,840 0.01 France Government Bond OAT, Reg. S 4.75% 25/04/2035 EUR 7,200,000 11,326,878 0.60 256,840 0.01 France Government Bond OAT, Reg. S 3.25% 25/05/2045 EUR 9,152,750 12,822,266 0.67 Cayman Islands AAC Technologies Holdings, Inc. HKD 77,500 937,005 0.05 80,906,556 4.26 Alibaba Group Holding Ltd., ADR USD 23,358 3,728,931 0.20 Germany CK Hutchison Holdings Ltd. HKD 9,000 82,041 0.00 Bundesrepublik Deutschland, Reg. S Tencent Holdings Ltd. HKD 63,900 2,753,852 0.15 0.5% 15/02/2028 EUR 54,000,000 54,979,425 2.90 Wuxi Biologics Cayman, Inc. HKD 160,500 1,526,754 0.08

54,979,425 2.90 9,028,583 0.48 Italy Denmark Italy Buoni Poliennali Del Tesoro 2% Danske Bank A/S DKK 53,706 1,438,491 0.07 01/02/2028 EUR 29,000,000 27,333,399 1.44 GN Store Nord A/S DKK 17,347 680,505 0.04 Italy Buoni Poliennali Del Tesoro, Novo Nordisk A/S ‘B’ DKK 60,443 2,405,188 0.13 Reg. S, 144A 3.5% 01/03/2030 EUR 20,400,000 21,519,511 1.14 Royal Unibrew A/S DKK 16,689 1,129,417 0.06 Italy Buoni Poliennali Del Tesoro, Topdanmark A/S DKK 12,465 467,409 0.02 Reg. S, 144A 4.75% 01/09/2044 EUR 6,573,000 8,034,310 0.42 6,121,010 0.32 56,887,220 3.00 Faroe Islands Japan Bakkafrost P/F NOK 3,798 180,316 0.01 Japan Government Thirty Year Bond 0.8% 20/03/2048 JPY 3,200,000,000 25,396,297 1.34 180,316 0.01 Japan Government Twenty Year Bond 0.5% 20/03/2038 JPY 1,550,000,000 12,035,498 0.63 Finland Neste OYJ EUR 11,423 769,110 0.04 37,431,795 1.97 Stora Enso OYJ ‘R’ EUR 119,857 2,017,793 0.11 UPM-Kymmene OYJ EUR 93,420 2,872,665 0.15 Spain Spain Government Bond, Reg. S, 5,659,568 0.30 144A 4.4% 31/10/2023 EUR 40,000,000 48,273,972 2.54 France 48,273,972 2.54 Beneteau SA EUR 5,487 88,286 0.00 BNP Paribas SA EUR 47,872 2,559,237 0.13 United Kingdom Capgemini SE EUR 24,388 2,828,398 0.15 UK Treasury, Reg. S 1.5% 22/01/2021 GBP 28,000,000 32,257,272 1.70 Cie Generale des Etablissements UK Treasury, Reg. S 1.5% 22/07/2026 62,318,704 GBP 54,000,000 3.28 Michelin SCA EUR 12,261 1,288,325 0.07 UK Treasury, Reg. S 1.5% 22/07/2047 7,486,531 GBP 7,000,000 0.40 Cie Plastic Omnium SA EUR 10,544 383,538 0.02 Dassault Aviation SA EUR 1,036 1,684,018 0.09 102,062,507 5.38 Engie SA EUR 25,097 330,904 0.02 United States of America Eramet EUR 3,059 343,832 0.02 US Treasury 2.375% 30/04/2020 USD 125,000,000 107,079,922 5.64 Faurecia SA EUR 27,402 1,682,483 0.09 US Treasury 2.375% 15/04/2021 USD 115,000,000 98,141,211 5.17 Kering SA EUR 3,541 1,731,195 0.09 US Treasury 1.625% 15/08/2022 USD 35,000,000 28,796,986 1.52 L’Oreal SA EUR 9,926 2,096,867 0.11 US Treasury 1.75% 15/05/2023 USD 76,500,000 62,770,025 3.31 LVMH Moet Hennessy Louis Vuitton US Treasury 2.125% 15/05/2025 USD 43,000,000 35,347,417 1.86 SE EUR 6,081 1,748,288 0.09 US Treasury 2.25% 15/08/2027 USD 26,000,000 21,257,714 1.12 Natixis SA EUR 89,711 545,084 0.03 US Treasury 6.125% 15/08/2029 USD 9,580,000 10,777,367 0.57 Orange SA EUR 26,992 388,077 0.02 US Treasury 3.75% 15/08/2041 USD 64,730,000 63,065,218 3.33 Pernod Ricard SA EUR 6,500 913,250 0.05 US Treasury 3.625% 15/08/2043 USD 9,920,000 9,513,107 0.50 Peugeot SA EUR 34,257 673,407 0.03 Renault SA EUR 7,780 568,562 0.03 436,748,967 23.02 Rothschild & Co. EUR 12,011 347,118 0.02 Sanofi EUR 23,714 1,639,467 0.09 Total Bonds 852,216,626 44.91 Sopra Steria Group EUR 2,139 371,010 0.02 TOTAL SA EUR 34,413 1,815,974 0.09 Equities Trigano SA EUR 3,452 529,019 0.03 Australia Vinci SA EUR 18,271 1,512,473 0.08 Aristocrat Leisure Ltd. AUD 201,563 3,950,781 0.21 Australia & New Zealand Banking 26,068,812 1.37 Group Ltd. AUD 91,432 1,638,705 0.09 Germany BHP Billiton Ltd. AUD 2,316 49,862 0.00 adidas AG EUR 1,651 310,718 0.02 Commonwealth Bank of Australia AUD 27,306 1,262,209 0.07 Allianz SE EUR 20,542 3,651,546 0.19 CSL Ltd. AUD 47,149 5,761,496 0.30 BASF SE EUR 5,624 463,474 0.02 Domino’s Pizza Enterprises Ltd. AUD 4,122 136,588 0.01 Bayer AG EUR 3,820 363,607 0.02 Macquarie Group Ltd. AUD 68,179 5,348,027 0.28 CANCOM SE EUR 4,725 414,028 0.02 Treasury Wine Estates Ltd. AUD 247,808 2,734,788 0.14 Continental AG EUR 2,264 445,442 0.02 Covestro AG, Reg. S EUR 29,295 2,234,037 0.12 20,882,456 1.10 Deutsche Beteiligungs AG EUR 8,062 274,914 0.02 Deutsche Lufthansa AG EUR 48,557 1,002,945 0.05 Deutsche Pfandbriefbank AG, Reg. S EUR 29,677 354,047 0.02 Evotec AG EUR 18,242 268,750 0.01

49 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Fresenius Medical Care AG & Co. Liechtenstein KGaA EUR 7,900 683,508 0.04 VP Bank AG CHF 2,520 415,832 0.02 HOCHTIEF AG EUR 6,387 986,472 0.05 JOST Werke AG EUR 1,872 59,529 0.00 415,832 0.02 Muenchener Rueckversicherungs-Gesellschaft AG EUR 1,877 341,238 0.02 Luxembourg ADO Properties SA 731,026 Puma SE EUR 318 160,113 0.01 EUR 15,694 0.04 ArcelorMittal 823,451 PVA TePla AG EUR 8,754 142,252 0.01 EUR 32,599 0.04 Befesa SA, Reg. S 566,961 SAP SE EUR 16,939 1,677,554 0.09 EUR 12,495 0.03 Corestate Capital Holding SA 472,025 Siemens Healthineers AG, Reg. S EUR 2,242 79,877 0.00 EUR 10,217 0.03 Siltronic AG EUR 3,959 488,541 0.03 2,593,463 0.14 Sixt SE Preference EUR 9,829 657,560 0.04 Software AG EUR 5,767 229,094 0.01 Netherlands STADA Arzneimittel AG EUR 3,114 250,210 0.01 ABN AMRO Group NV, Reg. S, CVA EUR 79,136 1,762,359 0.09 Stemmer Imaging AG EUR 9,989 418,090 0.02 Adyen NV, Reg. S EUR 1,186 560,118 0.03 TUI AG GBP 58,287 1,101,599 0.06 ASML Holding NV EUR 2,971 506,927 0.03 Uniper SE EUR 103,639 2,644,349 0.14 ASR Nederland NV EUR 66,238 2,317,668 0.12 Varta AG EUR 15,835 365,630 0.02 BE Semiconductor Industries NV EUR 54,365 1,262,355 0.07 CNH Industrial NV EUR 50,137 455,796 0.02 20,069,124 1.06 Ferrari NV EUR 6,290 735,301 0.04 Fiat Chrysler Automobiles NV 1,557,987 Hong Kong EUR 95,005 0.08 Flow Traders 262,498 AIA Group Ltd. HKD 851,400 6,395,733 0.34 EUR 7,871 0.01 ForFarmers NV 119,124 Hong Kong Exchanges & Clearing Ltd. HKD 133,741 3,453,559 0.18 EUR 10,703 0.01 ING Groep NV 2,103,512 Techtronic Industries Co. Ltd. HKD 379,500 1,816,419 0.10 EUR 169,775 0.11 Koninklijke Ahold Delhaize NV EUR 79,009 1,627,980 0.09 11,665,711 0.62 Koninklijke Volkerwessels NV EUR 27,627 605,860 0.03 Wolters Kluwer NV EUR 28,115 1,360,766 0.07 Ireland Accenture plc ‘A’ USD 59,806 8,403,156 0.44 15,238,251 0.80 Eaton Corp. plc USD 120,102 7,797,780 0.41 Grafton Group plc GBP 29,432 264,280 0.02 New Zealand Xero Ltd. 3,184,180 James Hardie Industries plc, CDI AUD 134,313 1,933,040 0.10 AUD 111,582 0.17 Medtronic plc USD 68,189 5,047,176 0.27 3,184,180 0.17 23,445,432 1.24 Norway Austevoll Seafood ASA 165,680 Italy NOK 16,119 0.01 DNB ASA 223,541 Enel SpA EUR 417,707 1,991,209 0.11 NOK 13,349 0.01 Equinor ASA 2,271,155 Eni SpA EUR 110,362 1,770,538 0.09 NOK 99,710 0.12 Leroy Seafood Group ASA 468,872 ERG SpA EUR 101,961 1,918,906 0.10 NOK 81,628 0.02 Marine Harvest ASA 490,761 Intesa Sanpaolo SpA EUR 245,892 614,238 0.03 NOK 28,783 0.03 Telenor ASA 931,246 UniCredit SpA EUR 42,297 606,243 0.03 NOK 52,781 0.05

6,901,134 0.36 4,551,255 0.24 Japan Portugal Semapa-Sociedade de Investimento e Bandai Namco Holdings, Inc. JPY 33,900 1,202,145 0.06 Gestao EUR 15,465 354,148 0.02 Casio Computer Co. Ltd. JPY 178,600 2,497,358 0.13 CyberAgent, Inc. 170,576 JPY 3,300 0.01 354,148 0.02 Daikin Industries Ltd. JPY 7,800 803,485 0.04 Hikari Tsushin, Inc. JPY 5,000 755,181 0.04 Spain ITOCHU Corp. JPY 216,100 3,362,772 0.18 ACS Actividades de Construccion y Japan Exchange Group, Inc. JPY 199,600 3,188,829 0.17 Servicios SA EUR 68,273 2,372,487 0.12 JGC Corp. JPY 124,700 2,160,494 0.11 ACS Actividades de Construccion y Kao Corp. JPY 62,400 4,091,439 0.22 Servicios SA Rights 06/07/2018 EUR 29,605 26,337 0.00 Keyence Corp. JPY 8,100 3,927,736 0.21 Ence Energia y Celulosa SA EUR 79,847 605,839 0.03 M3, Inc. JPY 53,900 1,846,583 0.10 International Consolidated Airlines Group SA EUR 338,372 2,553,693 0.13 Mitsubishi UFJ Financial Group, Inc. JPY 868,100 4,245,484 0.22 Repsol SA EUR 186,092 3,155,655 0.17 Murata Manufacturing Co. Ltd. JPY 15,800 2,278,847 0.12 Repsol SA Rights 06/07/2018 EUR 205,631 102,404 0.01 Nexon Co. Ltd. JPY 44,200 551,375 0.03 Telefonica SA EUR 76,452 558,788 0.03 Nidec Corp. JPY 1,300 167,563 0.01 Nintendo Co. Ltd. JPY 5,000 1,404,113 0.07 9,375,203 0.49 Nitori Holdings Co. Ltd. JPY 20,100 2,695,612 0.14 Nitto Denko Corp. JPY 31,500 2,049,266 0.11 Sweden Ono Pharmaceutical Co. Ltd. JPY 55,100 1,110,610 0.06 Atlas Copco AB ‘A’ SEK 22,390 557,796 0.03 PeptiDream, Inc. JPY 66,000 2,358,375 0.12 Concentric AB SEK 19,310 286,128 0.02 Persol Holdings Co. Ltd. JPY 157,000 3,011,724 0.16 Epiroc AB ‘A’ SEK 25,368 226,834 0.01 Recruit Holdings Co. Ltd. JPY 132,400 3,148,723 0.17 KNOW IT AB SEK 3,492 56,951 0.00 RENOVA, Inc. JPY 187,500 2,079,413 0.11 Nobina AB SEK 58,489 386,786 0.02 Ryohin Keikaku Co. Ltd. JPY 13,200 3,992,474 0.21 Sandvik AB SEK 52,642 796,637 0.04 Shiseido Co. Ltd. JPY 58,600 3,998,844 0.21 Swedbank AB ‘A’ SEK 31,151 572,588 0.03 SoftBank Group Corp. JPY 18,100 1,118,278 0.06 Swedish Match AB SEK 66,831 2,824,208 0.15 Sony Corp. JPY 17,200 755,670 0.04 Telia Co. AB SEK 150,335 588,736 0.03 Start Today Co. Ltd. JPY 13,000 404,540 0.02 Volvo AB ‘B’ SEK 55,632 761,446 0.04 Suruga Bank Ltd. JPY 49,300 379,091 0.02 Suzuki Motor Corp. JPY 82,100 3,891,616 0.21 7,058,110 0.37 Tokio Marine Holdings, Inc. JPY 89,000 3,582,636 0.19 Switzerland Tokyo Electron Ltd. JPY 2,300 339,401 0.02 ABB Ltd. CHF 34,047 638,337 0.03 Yakult Honsha Co. Ltd. JPY 47,900 2,750,832 0.14 Barry Callebaut AG CHF 437 670,867 0.04 BKW AG CHF 10,055 554,951 0.03 70,321,085 3.71 Bobst Group SA CHF 1,336 117,042 0.01 Jersey Georg Fischer AG CHF 1,001 1,096,282 0.06 Ferguson plc GBP 15,807 1,102,888 0.06 Julius Baer Group Ltd. CHF 47,690 2,404,122 0.13 Glencore plc GBP 111,156 458,853 0.02 Nestle SA CHF 84,465 5,585,344 0.29 Novartis AG CHF 88,161 5,746,682 0.30 1,561,741 0.08 Oriflame Holding AG SEK 10,000 276,277 0.01 Partners Group Holding AG CHF 1,441 909,905 0.05 50 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Roche Holding AG CHF 22,368 4,254,615 0.22 Marathon Petroleum Corp. USD 51,767 3,148,516 0.17 Sunrise Communications Group AG CHF 10,998 769,084 0.04 Merck & Co., Inc. USD 70,924 3,712,131 0.20 Swissquote Group Holding SA CHF 6,222 296,880 0.02 Microchip Technology, Inc. USD 66,023 5,141,461 0.27 UBS Group AG CHF 105,661 1,395,564 0.07 Microsoft Corp. USD 252,012 21,533,096 1.14 Zurich Insurance Group AG CHF 2,241 569,509 0.03 Mondelez International, Inc. ‘A’ USD 201,859 7,101,265 0.37 Morgan Stanley USD 222,095 9,212,311 0.49 25,285,461 1.33 Nektar Therapeutics USD 26,093 1,068,197 0.06 Netflix, Inc. USD 5,392 1,836,666 0.10 United Kingdom NextEra Energy, Inc. USD 58,579 8,360,055 0.44 3i Group plc GBP 177,389 1,811,162 0.09 NIKE, Inc. ‘B’ USD 71,487 4,922,590 0.26 Anglo American plc GBP 141,391 2,719,768 0.14 Norfolk Southern Corp. USD 88,960 11,519,599 0.61 Ashtead Group plc GBP 41,242 1,068,562 0.06 NVIDIA Corp. USD 40,765 8,435,581 0.44 Avon Rubber plc GBP 8,075 133,928 0.01 Occidental Petroleum Corp. USD 98,883 7,181,910 0.38 Barratt Developments plc GBP 42,392 248,322 0.01 O’Reilly Automotive, Inc. USD 19,231 4,544,966 0.24 Berkeley Group Holdings plc GBP 46,631 2,000,559 0.10 Parsley Energy, Inc. ‘A’ USD 111,485 2,923,283 0.15 BHP Billiton plc GBP 71,401 1,388,949 0.07 PayPal Holdings, Inc. USD 26,700 1,912,286 0.10 BP plc GBP 53,435 352,143 0.02 PepsiCo, Inc. USD 94,147 8,757,550 0.46 British Land Co. plc (The), REIT GBP 387,486 2,949,471 0.15 Pfizer, Inc. USD 408,281 12,762,288 0.67 Carnival plc GBP 6,775 333,310 0.02 Pioneer Natural Resources Co. 8,618,576 Charter Court Financial Services USD 52,512 0.45 Group plc GBP 49,967 185,412 0.01 Principal Financial Group, Inc. USD 37,974 1,748,477 0.09 Computacenter plc GBP 62,416 1,022,151 0.05 Prudential Financial, Inc. USD 45,817 3,715,312 0.20 Diageo plc GBP 92,257 2,858,760 0.15 Public Service Enterprise Group, Inc. USD 74,548 3,466,746 0.18 easyJet plc GBP 27,938 527,858 0.03 Raytheon Co. USD 33,460 5,580,163 0.29 Evraz plc GBP 19,178 109,913 0.01 Ross Stores, Inc. USD 39,200 2,881,452 0.15 Forterra plc GBP 56,524 197,557 0.01 salesforce.com, Inc. USD 63,965 7,506,405 0.40 GlaxoSmithKline plc GBP 269,200 4,670,792 0.25 SunTrust Banks, Inc. USD 47,725 2,749,582 0.15 Gocompare.Com Group plc GBP 84,683 126,143 0.01 Texas Instruments, Inc. USD 107,247 10,196,718 0.54 HSBC Holdings plc GBP 167,839 1,352,771 0.07 Thermo Fisher Scientific, Inc. USD 18,980 3,348,626 0.18 Just Group plc GBP 195,412 297,930 0.02 T-Mobile US, Inc. USD 32,224 1,657,392 0.09 Legal & General Group plc GBP 1,066,355 3,208,795 0.17 Union Pacific Corp. USD 33,908 4,141,231 0.22 Lloyds Banking Group plc GBP 3,248,820 2,320,195 0.12 UnitedHealth Group, Inc. USD 70,794 14,913,729 0.79 Morgan Sindall Group plc GBP 18,670 304,271 0.02 Universal Display Corp. USD 15,831 1,160,145 0.06 Persimmon plc GBP 49,720 1,429,829 0.07 Ventas, Inc., REIT USD 43,836 2,144,512 0.11 Prudential plc GBP 66,541 1,310,614 0.07 Verizon Communications, Inc. USD 163,880 7,084,736 0.37 Redrow plc GBP 34,679 210,569 0.01 Vertex Pharmaceuticals, Inc. USD 25,884 3,683,121 0.19 Rio Tinto plc GBP 78,202 3,739,261 0.20 Visa, Inc. ‘A’ USD 108,061 12,385,084 0.65 Royal Dutch Shell plc ‘B’ GBP 189,009 5,847,728 0.31 Voya Financial, Inc. USD 22,227 905,253 0.05 SThree plc GBP 43,591 181,053 0.01 Walt Disney Co. (The) USD 136,475 12,309,264 0.65 Tesco plc GBP 252,785 739,234 0.04 WestRock Co. USD 78,800 3,882,067 0.21 Unilever plc GBP 57,958 2,760,641 0.15 Workday, Inc. ‘A’ USD 14,249 1,484,720 0.08 Vodafone Group plc GBP 100,831 209,329 0.01 Xcel Energy, Inc. USD 117,504 4,591,388 0.24 William Hill plc GBP 46,527 159,698 0.01 Zions Bancorp USD 55,642 2,543,584 0.13

46,776,678 2.47 506,929,678 26.71 United States of America Total Equities 831,962,747 43.84 Aetna, Inc. USD 29,940 4,759,512 0.25 Alliance Data Systems Corp. USD 13,249 2,679,113 0.14 Total Transferable securities and money market instruments 1,684,179,373 88.75 Alphabet, Inc. ‘A’ USD 26,526 25,949,150 1.37 admitted to an official exchange listing Amazon.com, Inc. USD 12,435 18,358,799 0.97 American International Group, Inc. USD 152,404 6,985,882 0.37 Transferable securities and money market instruments dealt in on another regulated Analog Devices, Inc. USD 85,820 7,128,326 0.38 market Apple, Inc. USD 93,742 15,015,531 0.79 AutoZone, Inc. USD 13,798 7,960,230 0.42 Bonds AvalonBay Communities, Inc., REIT USD 12,905 1,901,634 0.10 United States of America Bank of America Corp. USD 774,583 19,209,568 1.01 US Treasury Bill 0% 23/08/2018 USD 10,000,000 8,565,424 0.45 Bank of New York Mellon Corp. (The) USD 70,625 3,306,149 0.17 Biogen, Inc. USD 16,147 4,018,167 0.21 8,565,424 0.45 Boeing Co. (The) USD 39,988 11,638,496 0.61 Boston Scientific Corp. USD 124,920 3,490,683 0.18 Total Bonds 8,565,424 0.45 Brighthouse Financial, Inc. USD 29,926 1,061,002 0.06 Broadcom, Inc. USD 35,946 7,560,787 0.40 Total Transferable securities and money market instruments 8,565,424 0.45 Caterpillar, Inc. USD 68,031 8,026,796 0.42 dealt in on another regulated market Charter Communications, Inc. ‘A’ USD 19,366 4,882,750 0.26 Citigroup, Inc. USD 167,551 9,771,842 0.52 Units of authorised UCITS or other collective investment undertakings Coca-Cola Co. (The) USD 270,718 10,164,248 0.54 Crown Holdings, Inc. USD 101,353 3,880,213 0.20 Collective Investment Schemes - UCITS CVS Health Corp. USD 153,264 8,587,139 0.45 Luxembourg Diamondback Energy, Inc. USD 42,364 4,804,118 0.25 JPMorgan Emerging Markets Equity Discovery Communications, Inc. ‘A’ USD 80,042 1,958,222 0.10 Fund - JPM Emerging Markets Equity DISH Network Corp. ‘A’ USD 80,428 2,334,810 0.12 X (acc) - EUR† EUR 375,236 42,788,161 2.25 Dollar Tree, Inc. USD 40,086 2,928,331 0.15 JPMorgan Emerging Markets Local DR Horton, Inc. USD 93,109 3,286,708 0.17 Currency Debt Fund - JPM Emerging EOG Resources, Inc. USD 97,268 10,506,902 0.55 Markets Local Currency Debt X (acc) - † Facebook, Inc. ‘A’ USD 34,783 5,873,097 0.31 USD Accumulation EUR 359,903 33,704,916 1.78 Fastenal Co. USD 104,810 4,415,393 0.23 JPMorgan Emerging Markets Opportunities Fund - JPM Emerging First Republic Bank USD 18,464 1,555,133 0.08 Markets Opportunities X (acc) - USD† USD 102,091 41,339,151 2.18 Hartford Financial Services Group, Inc. (The) USD 116,718 5,111,024 0.27 117,832,228 6.21 Home Depot, Inc. (The) USD 11,853 2,020,208 0.11 Huntington Bancshares, Inc. USD 251,021 3,228,528 0.17 Incyte Corp. USD 20,255 1,159,906 0.06 Total Collective Investment Schemes - UCITS 117,832,228 6.21 Johnson & Johnson USD 136,061 14,292,996 0.75 Total Units of authorised UCITS or other collective investment 117,832,228 6.21 L3 Technologies, Inc. USD 28,358 4,700,070 0.25 undertakings Lennar Corp. ‘A’ USD 84,666 3,843,100 0.20 Lincoln National Corp. USD 33,448 1,803,081 0.10 Total Investments 1,810,577,025 95.41

51 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Time Deposits Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets France BRED Banque Populaire SA 1.99% United States of America 02/07/2018 USD 15,000,000 12,883,056 0.68 50.18 United Kingdom 7.85 12,883,056 0.68 Luxembourg 6.35 France 6.31 Japan Total Time Deposits 12,883,056 0.68 5.68 Germany 3.96 Italy 3.36 Cash 65,039,690 3.43 Spain 3.03 Australia 2.94 9,090,978 0.48 Other Assets/(Liabilities) Switzerland 1.33 Ireland 1.24 Total Net Assets 1,897,590,749 100.00 Netherlands 0.80 Hong Kong 0.62 † Related Party Fund. Cayman Islands 0.48 Sweden 0.37 Denmark 0.32 Finland 0.30 Norway 0.24 Austria 0.22 Belgium 0.20 New Zealand 0.17 Jersey 0.08 Liechtenstein 0.02 Portugal 0.02 Bermuda 0.01 Faroe Islands 0.01 Total Investments and Cash Equivalents 96.09 Cash and Other Assets/(Liabilities) 3.91 Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United States of America 42.86 Italy 12.30 Luxembourg 8.28 Australia 8.19 United Kingdom 6.32 France 4.15 Japan 3.92 Spain 3.41 Switzerland 1.99 Germany 1.33 Ireland 1.09 Netherlands 0.90 Hong Kong 0.80 Cayman Islands 0.48 Denmark 0.39 Sweden 0.37 Austria 0.30 Belgium 0.29 Finland 0.18 Norway 0.14 China 0.11 India 0.07 Jersey 0.06 Portugal 0.03 Taiwan 0.03 Liechtenstein 0.01 Total Investments and Cash Equivalents 98.00 Cash and Other Assets/(Liabilities) 2.00 Total 100.00

52 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

CHF 4,413,857 EUR 3,815,914 18/07/2018 Morgan Stanley 16 - EUR 1,043,253 AUD 1,636,761 18/07/2018 Citibank 5,959 - EUR 86,745,689 AUD 135,435,932 18/07/2018 Standard Chartered 913,427 0.05 EUR 49,268,709 CAD 74,535,896 18/07/2018 HSBC 759,325 0.04 EUR 1,508,738 CHF 1,742,099 18/07/2018 Barclays 2,634 - EUR 5,595,159 DKK 41,668,155 18/07/2018 Standard Chartered 2,610 - EUR 1,083,660 GBP 955,815 18/07/2018 ANZ 3,865 - EUR 151,046,311 GBP 132,758,666 18/07/2018 Barclays 1,067,364 0.06 EUR 1,041,577 GBP 919,288 18/07/2018 Deutsche Bank 3,046 - EUR 1,157,507 GBP 1,012,568 18/07/2018 Standard Chartered 13,598 - EUR 2,890,989 GBP 2,545,767 18/07/2018 UBS 15,007 - EUR 17,606,703 JPY 2,252,583,916 18/07/2018 BNP Paribas 138,491 0.01 EUR 596,615 JPY 76,643,667 18/07/2018 Merrill Lynch 2,263 - EUR 752,635 JPY 96,483,539 18/07/2018 Standard Chartered 4,429 - EUR 5,354,421 NOK 50,935,940 18/07/2018 Standard Chartered 9,254 - EUR 56,747,920 SEK 575,108,727 18/07/2018 Merrill Lynch 1,767,698 0.09 EUR 8,131,654 SEK 83,095,172 18/07/2018 State Street 187,781 0.01 EUR 716,795 USD 829,806 03/07/2018 National Australia Bank 4,099 - EUR 8,189,588 USD 9,543,196 18/07/2018 ANZ 2,236 - EUR 1,410 USD 1,632 18/07/2018 BNP Paribas 10 - EUR 438,376 USD 510,466 18/07/2018 Citibank 434 - EUR 10,809 USD 12,546 18/07/2018 Merrill Lynch 45 - EUR 2,408 USD 2,785 18/07/2018 National Australia Bank 18 - EUR 4,654,867 USD 5,389,037 18/07/2018 RBC 31,474 - HKD 6,489,976 EUR 707,617 18/07/2018 HSBC 2,163 - HKD 6,300,093 EUR 685,965 18/07/2018 RBC 3,049 - HKD 6,401,893 JPY 89,744,630 18/07/2018 Merrill Lynch 4,200 - HKD 5,540,150 USD 706,074 18/07/2018 Deutsche Bank 142 - JPY 1,513,437,917 EUR 11,642,269 18/07/2018 Standard Chartered 94,055 0.01 USD 1,529,696 AUD 2,059,322 18/07/2018 Merrill Lynch 7,273 - USD 4,521,239 EUR 3,848,711 18/07/2018 Barclays 30,176 - USD 7,787,996 EUR 6,662,209 18/07/2018 BNP Paribas 19,312 - USD 7,078,339 EUR 6,002,548 18/07/2018 Deutsche Bank 70,141 - USD 481,552,000 EUR 407,421,806 18/07/2018 Goldman Sachs 5,713,994 0.30 USD 9,684,010 EUR 8,305,204 18/07/2018 HSBC 2,956 - USD 12,416,482 EUR 10,511,220 18/07/2018 Merrill Lynch 141,198 0.01 USD 814,071 EUR 694,642 18/07/2018 National Australia Bank 3,770 - USD 3,679,540 EUR 3,111,451 18/07/2018 Societe Generale 45,320 - USD 1,925,471 EUR 1,628,771 18/07/2018 Standard Chartered 23,140 - USD 18,249,605 EUR 15,501,780 18/07/2018 State Street 155,024 0.01 USD 481,552,811 EUR 407,724,608 18/07/2018 Toronto-Dominion Bank 5,411,888 0.29 USD 5,149,183 JPY 563,535,458 18/07/2018 National Australia Bank 47,543 - USD 966,626 JPY 106,590,564 18/07/2018 State Street 2,711 -

Total Unrealised Gain on Forward Currency Exchange Contracts 16,713,138 0.88

AUD 26,472,865 EUR 17,032,149 18/07/2018 BNP Paribas (255,022) (0.02) AUD 44,621,550 EUR 28,365,578 18/07/2018 Deutsche Bank (86,756) (0.01) AUD 2,313,732 USD 1,740,253 18/07/2018 ANZ (26,684) - CAD 882,734 EUR 584,594 18/07/2018 Goldman Sachs (10,093) - CAD 73,653,161 EUR 48,463,711 18/07/2018 Morgan Stanley (528,828) (0.03) CAD 63,063,151 EUR 41,113,323 18/07/2018 Standard Chartered (70,621) (0.01) CHF 1,135,255 DKK 7,325,628 18/07/2018 Toronto-Dominion Bank (1,753) - EUR 78,898,878 CHF 91,548,735 18/07/2018 RBC (248,130) (0.01) EUR 27,937,636 CHF 32,848,922 18/07/2018 State Street (461,379) (0.03) EUR 20,540,741 HKD 190,129,738 18/07/2018 Credit Suisse (252,911) (0.01) EUR 627,138 HKD 5,755,135 18/07/2018 Goldman Sachs (2,276) - EUR 582,671 HKD 5,376,173 18/07/2018 Standard Chartered (5,297) - EUR 675,187 JPY 87,820,581 18/07/2018 Barclays (5,839) - EUR 90,979,741 JPY 11,930,482,801 18/07/2018 BNP Paribas (1,538,098) (0.08) EUR 6,934,563 USD 8,124,090 18/07/2018 ANZ (35,302) - EUR 8,888,619 USD 10,416,495 18/07/2018 BNP Paribas (47,959) - EUR 150,724,980 USD 178,144,346 18/07/2018 Citibank (2,109,619) (0.11) EUR 502,220,224 USD 595,765,772 18/07/2018 Credit Suisse (8,902,498) (0.47) EUR 9,326,661 USD 10,930,353 18/07/2018 Goldman Sachs (50,769) - EUR 10,407,319 USD 12,331,099 18/07/2018 Merrill Lynch (171,846) (0.01) EUR 20,800,000 USD 24,500,085 18/07/2018 Standard Chartered (219,251) (0.01) EUR 298,244,678 USD 353,601,595 18/07/2018 State Street (5,119,191) (0.27) GBP 4,126,179 EUR 4,675,176 18/07/2018 BNP Paribas (13,785) - GBP 955,611 EUR 1,089,749 18/07/2018 Credit Suisse (10,184) - GBP 1,475,570 EUR 1,687,453 18/07/2018 Merrill Lynch (20,485) - GBP 949,463 EUR 1,081,881 18/07/2018 RBC (9,262) - HKD 7,696,236 EUR 847,478 18/07/2018 HSBC (5,775) - HKD 8,815,264 EUR 967,449 18/07/2018 State Street (3,362) - HKD 9,955,378 USD 1,269,666 18/07/2018 HSBC (503) - JPY 115,306,622 EUR 897,834 18/07/2018 ANZ (3,661) - JPY 164,247,168 EUR 1,288,747 18/07/2018 Barclays (15,052) - JPY 121,782,069 EUR 951,228 18/07/2018 RBC (6,839) - JPY 150,918,048 EUR 1,183,171 18/07/2018 State Street (12,840) - JPY 369,165,235 USD 3,363,935 18/07/2018 BNP Paribas (23,224) - JPY 312,740,020 USD 2,872,449 18/07/2018 National Australia Bank (39,129) - JPY 160,638,778 USD 1,472,327 18/07/2018 RBC (17,434) -

53 JPMorgan Investment Funds - Global Balanced Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

JPY 117,245,556 USD 1,080,949 18/07/2018 Standard Chartered (18,165) - NOK 398,903,558 EUR 42,226,436 18/07/2018 Standard Chartered (365,895) (0.02) NZD 30,990,789 EUR 18,477,324 18/07/2018 Standard Chartered (495,798) (0.03) USD 12,546 EUR 10,822 02/07/2018 Merrill Lynch (46) - USD 8,504,808 EUR 7,300,553 18/07/2018 ANZ (4,060) - USD 3,176,773 EUR 2,734,761 18/07/2018 Citibank (9,326) - USD 4,052,288 EUR 3,501,181 18/07/2018 Goldman Sachs (24,619) - USD 5,288,815 EUR 4,553,391 18/07/2018 Merrill Lynch (15,982) - USD 829,806 EUR 716,019 18/07/2018 National Australia Bank (4,107) - USD 70,881 EUR 60,961 18/07/2018 Standard Chartered (150) - USD 188,235 EUR 162,164 18/07/2018 State Street (672) - USD 1,381,964 JPY 153,165,437 18/07/2018 ANZ (2,136) -

Total Unrealised Loss on Forward Currency Exchange Contracts (21,272,613) (1.12)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,559,475) (0.24)

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

Canada 10 Year Bond, 19/09/2018 (605) CAD (53,930,843) 92,607 - Euro-Schatz, 06/09/2018 (845) EUR (94,713,938) 14,788 - EURO STOXX 50 Index, 21/09/2018 5 EUR 170,025 1,000 - Hang Seng Index, 30/07/2018 112 HKD 17,609,116 283,820 0.02 MSCI Emerging Markets Index, 21/09/2018 1,647 USD 74,943,368 1,046,774 0.06 S&P 500 Emini Index, 21/09/2018 587 USD 68,978,123 425,382 0.02 S&P/TSX 60 Index, 20/09/2018 222 CAD 27,887,931 219,795 0.01 SPI 200 Index, 20/09/2018 (387) AUD (37,737,124) 147,315 0.01 TOPIX Index, 13/09/2018 404 JPY 54,219,624 219,322 0.01 US 5 Year Note, 28/09/2018 (778) USD (75,911,310) 23,497 - US Long Bond, 19/09/2018 466 USD 58,102,665 81,297 0.01

Total Unrealised Gain on Financial Futures Contracts 2,555,597 0.14

Australia 10 Year Bond, 17/09/2018 363 AUD 29,791,763 (35,252) - EURO STOXX 50 Index, 21/09/2018 (942) EUR (32,032,710) (688,060) (0.04) FTSE 100 Index, 21/09/2018 2 GBP 172,127 - -

Total Unrealised Loss on Financial Futures Contracts (723,312) (0.04)

Net Unrealised Gain on Financial Futures Contracts 1,832,285 0.10

54 JPMorgan Investment Funds - Global Convertibles Conservative Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Mebuki Financial Group, Inc., Reg. S listing 0% 24/04/2019 USD 3,700,000 3,609,165 0.92 Mitsubishi Chemical Holdings Corp., Convertible Bonds Reg. S 0% 30/03/2022 JPY 730,000,000 6,759,479 1.72 Sankyo Co. Ltd., Reg. S 0% 23/07/2020 JPY 220,000,000 2,038,027 0.52 Austria Sapporo Holdings Ltd., Reg. S 0% ams AG, Reg. S 0% 05/03/2025 EUR 2,600,000 2,690,891 0.69 27/04/2021 JPY 310,000,000 2,823,157 0.72 SCREEN Holdings Co. Ltd., Reg. S 0% 2,690,891 0.69 11/06/2025 JPY 300,000,000 2,781,417 0.71 Belgium T&D Holdings, Inc., Reg. S 0% 05/06/2020 JPY 150,000,000 1,363,829 0.35 Bekaert SA, Reg. S 0% 09/06/2021 EUR 4,700,000 5,268,789 1.34 Takashimaya Co. Ltd. 0% 11/12/2020 1,000,623 Sagerpar SA, Reg. S 0.375% JPY 110,000,000 0.25 09/10/2018 EUR 1,800,000 2,241,307 0.57 Tohoku Electric Power Co., Inc., Reg. S 0% 03/12/2020 JPY 300,000,000 2,703,860 0.69 Toppan Printing Co. Ltd., Reg. S 0% 7,510,096 1.91 19/12/2019 JPY 430,000,000 3,948,530 1.01 Cayman Islands Toray Industries, Inc., Reg. S 0% China Overseas Finance Investment 30/08/2019 JPY 240,000,000 2,322,362 0.59 Cayman V Ltd., Reg. S 0% 05/01/2023 USD 7,400,000 7,735,368 1.97 Yamaguchi Financial Group, Inc., Future Land Development Holdings Reg. S, FRN 1.839% 26/03/2020 USD 2,800,000 2,859,080 0.73 Ltd., Reg. S 2.25% 10/02/2019 HKD 30,380,000 3,798,928 0.97 Harvest International Co., Reg. S 0% 58,405,451 14.89 21/11/2022 HKD 40,000,000 5,355,839 1.37 Zhen Ding Technology Holding Ltd., Jersey Reg. S 0% 26/06/2019 USD 4,200,000 4,161,528 1.06 Intu Jersey 2 Ltd., REIT, Reg. S 2.875% 01/11/2022 1,813,435 Zhongsheng Group Holdings Ltd., GBP 1,500,000 0.46 Reg. S 0% 23/05/2023 HKD 16,000,000 2,016,495 0.51 1,813,435 0.46 23,068,158 5.88 Luxembourg China Grand City Properties SA, Reg. S 0.25% 02/03/2022 EUR 1,600,000 1,936,888 0.49 CRRC Corp. Ltd., Reg. S 0% 05/02/2021 USD 4,750,000 4,690,103 1.19 Zhejiang Expressway Co. Ltd., Reg. S 0% 21/04/2022 EUR 2,200,000 2,430,675 0.62 1,936,888 0.49 Malta 7,120,778 1.81 Brait SE, Reg. S 2.75% 18/09/2020 GBP 1,500,000 1,813,218 0.46 Cyprus Abigrove Ltd., Reg. S 0% 16/02/2022 USD 3,400,000 3,364,215 0.86 1,813,218 0.46 Netherlands 3,364,215 0.86 Airbus SE, Reg. S 0% 01/07/2022 EUR 5,100,000 7,143,660 1.82 France America Movil BV, Reg. S 5.5% 17/09/2018 EUR 2,400,000 1,976,233 0.50 Carrefour SA, Reg. S 0% 14/06/2023 USD 5,800,000 4,904,538 1.25 Bayer Capital Corp. BV, Reg. S 5.625% Cie Generale des Etablissements 22/11/2019 EUR 1,500,000 1,872,323 0.48 Michelin SCA, Reg. S 0% 10/01/2022 USD 3,200,000 3,111,632 0.79 Brenntag Finance BV, Reg. S 1.875% Credit Agricole SA, Reg. S 0% 02/12/2022 USD 5,250,000 5,206,477 1.33 03/10/2019 EUR 2,250,000 1,974,837 0.50 Orpar SA, Reg. S 0% 20/06/2024 EUR 700,000 830,228 0.21 16,198,693 4.13 Safran SA, Reg. S 0% 31/12/2020 EUR 3,275,500 4,127,695 1.05 Safran SA, Reg. S 0% 21/06/2023 EUR 1,240,900 2,041,567 0.52 Norway Suez, Reg. S 0% 27/02/2020 EUR 16,714,100 3,564,202 0.91 Telenor East Holding II A/S, Reg. S TOTAL SA, Reg. S 0.5% 02/12/2022 USD 5,200,000 5,705,206 1.46 0.25% 20/09/2019 USD 3,600,000 3,484,818 0.89 Valeo SA, Reg. S 0% 16/06/2021 USD 1,800,000 1,730,259 0.44 Wendel SA, Reg. S 0% 31/07/2019 EUR 8,629,600 5,232,246 1.34 3,484,818 0.89 Singapore 33,222,410 8.47 CapitaLand Ltd., Reg. S 1.95% Germany 17/10/2023 SGD 12,500,000 9,134,147 2.33 BASF SE, Reg. S 0.925% 09/03/2023 USD 3,750,000 3,580,256 0.91 Bayer AG, Reg. S 0.05% 15/06/2020 EUR 3,400,000 4,507,758 1.15 9,134,147 2.33 Deutsche Wohnen SE, Reg. S 0.325% Switzerland 26/07/2024 EUR 3,000,000 3,828,791 0.98 Sika AG, Reg. S 0.15% 05/06/2025 CHF 3,540,000 3,701,447 0.94 LEG Immobilien AG, Reg. S 0.875% 01/09/2025 1,974,519 EUR 1,600,000 0.50 3,701,447 0.94 RAG-Stiftung, Reg. S 0% 18/02/2021 EUR 5,900,000 7,404,964 1.89 United Arab Emirates 21,296,288 5.43 Aabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 4,900,000 5,324,063 1.36 Hong Kong DP World Ltd., Reg. S 1.75% Bagan Capital Ltd., Reg. S 0% 19/06/2024 USD 4,600,000 4,790,118 1.22 23/09/2021 USD 5,114,000 4,839,787 1.23 Baosteel Hong Kong Investment Co. 10,114,181 2.58 Ltd., Reg. S 0% 01/12/2018 USD 4,220,000 4,464,275 1.14 United States of America 9,304,062 2.37 Glencore Funding LLC, Reg. S 0% 27/03/2025 USD 3,000,000 2,935,605 0.75 Japan Morgan Stanley Finance LLC, Reg. S ANA Holdings, Inc., Reg. S 0% 0% 17/12/2021 EUR 2,200,000 2,539,526 0.65 16/09/2022 JPY 1,200,000,000 11,011,350 2.81 Daio Paper Corp., Reg. S 0% 5,475,131 1.40 17/09/2020 JPY 240,000,000 2,337,413 0.60 EDION Corp., Reg. S 0% 19/06/2025 JPY 290,000,000 2,792,780 0.71 Virgin Islands, British Ezaki Glico Co. Ltd., Reg. S 0% Asia View Ltd., Reg. S 1.5% 30/01/2024 JPY 510,000,000 4,680,975 1.19 08/08/2019 USD 2,250,000 2,536,875 0.64 Kansai Paint Co. Ltd., Reg. S 0% China Yangtze Power International BVI 17/06/2019 JPY 240,000,000 2,207,807 0.56 2 Ltd., Reg. S 0% 09/11/2021 EUR 2,553,000 3,204,825 0.82 Kyushu Electric Power Co., Inc., Reg. S Shanghai Port Group BVI Holding Co. 0% 31/03/2022 JPY 340,000,000 3,165,597 0.81 Ltd., Reg. S 0% 09/08/2021 USD 3,462,000 3,644,326 0.93

55 JPMorgan Investment Funds - Global Convertibles Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Smart Insight International Ltd., Reg. S Extra Space Storage LP, REIT, 144A 0% 27/01/2019 HKD 30,000,000 3,736,575 0.95 3.125% 01/10/2035 USD 196,000 228,634 0.06 Finisar Corp. 0.5% 15/12/2033 USD 2,776,000 2,751,985 0.70 13,122,601 3.34 Finisar Corp. 0.5% 15/12/2036 USD 2,130,000 1,936,383 0.49 FireEye, Inc. 1.625% 01/06/2035 USD 3,935,000 3,619,110 0.92 Total Convertible Bonds 232,776,908 59.33 GoPro, Inc. 3.5% 15/04/2022 USD 1,802,000 1,646,022 0.42 Greenbrier Cos., Inc. (The) 2.875% Equities 01/02/2024 USD 2,223,000 2,442,977 0.62 United States of America IAC FinanceCo, Inc., 144A 0.875% Bank of America Corp. Preference 01/10/2022 USD 1,862,000 2,186,926 0.56 7.25% USD 5,763 7,207,208 1.84 Illumina, Inc. 0% 15/06/2019 USD 1,749,000 2,045,331 0.52 Becton Dickinson and Co. Preference Liberty Expedia Holdings, Inc., 144A 6.125% USD 33,004 2,048,888 0.52 1% 30/06/2047 USD 4,045,000 3,986,950 1.02 Stanley Black & Decker, Inc. Preference Liberty Interactive LLC, 144A 1.75% 5.375% USD 19,889 2,138,167 0.55 30/09/2046 USD 1,879,000 2,061,028 0.52 Wells Fargo & Co. Preference 7.5% USD 5,686 7,147,444 1.82 Live Nation Entertainment, Inc., 144A 2.5% 15/03/2023 USD 2,261,000 2,323,585 0.59 18,541,707 4.73 New Relic, Inc., 144A 0.5% 01/05/2023 USD 1,854,000 2,053,945 0.52 Pandora Media, Inc. 1.75% 01/12/2020 USD 2,094,000 2,012,020 0.51 RPM International, Inc. 2.25% Total Equities 18,541,707 4.73 15/12/2020 USD 1,740,000 2,108,245 0.54 Warrants Spirit Realty Capital, Inc., REIT 3.75% 15/05/2021 USD 3,775,000 3,795,687 0.97 Germany Square, Inc., 144A 0.5% 15/05/2023 USD 2,415,000 2,583,036 0.66 Siemens AG 16/08/2019 EUR 39 1,577,945 0.40 Supernus Pharmaceuticals, Inc., 144A 0.625% 01/04/2023 USD 1,822,000 2,194,262 0.56 1,577,945 0.40 Twilio, Inc., 144A 0.25% 01/06/2023 USD 1,841,000 1,915,133 0.49 United Kingdom Twitter, Inc. 1% 15/09/2021 USD 1,927,000 1,876,166 0.48 Premier Oil plc 31/05/2022 GBP 344,712 389,421 0.10 Veeco Instruments, Inc. 2.7% 15/01/2023 USD 2,160,000 1,906,489 0.49 VEREIT, Inc., REIT 3.75% 15/12/2020 5,498,354 389,421 0.10 USD 5,441,000 1.40 Viavi Solutions, Inc. 0.625% 15/08/2033 USD 3,128,000 3,161,301 0.81 Total Warrants 1,967,366 0.50 Vishay Intertechnology, Inc., 144A 2.25% 15/06/2025 USD 3,023,000 2,965,684 0.76 Total Transferable securities and money market instruments 253,285,981 64.56 admitted to an official exchange listing Western Digital Corp., 144A 1.5% 01/02/2024 USD 5,840,000 5,913,000 1.51 Whiting Petroleum Corp. 1.25% Transferable securities and money market instruments dealt in on another regulated 01/04/2020 USD 4,150,000 3,960,565 1.01 market Workday, Inc., 144A 0.25% 01/10/2022 USD 5,635,000 5,927,569 1.51 Zendesk, Inc., 144A 0.25% 15/03/2023 USD 1,564,000 1,692,373 0.43 Convertible Bonds Bermuda 84,819,827 21.62 Jazz Investments I Ltd. 1.875% 15/08/2021 USD 2,191,000 2,392,156 0.61 Total Convertible Bonds 119,419,632 30.44 Weatherford International Ltd. 5.875% 01/07/2021 USD 1,978,000 1,958,833 0.50 Equities United States of America 4,350,989 1.11 Mandatory Exchangeable Trust Cayman Islands Preference, 144A 5.75% USD 7,047 1,492,369 0.38 Ctrip.com International Ltd. 1% 01/07/2020 USD 6,038,000 6,406,137 1.63 1,492,369 0.38 Ctrip.com International Ltd. 1.25% 15/09/2022 USD 2,436,000 2,516,607 0.64 Total Equities 1,492,369 0.38 Momo, Inc., 144A 1.25% 01/07/2025 USD 1,360,000 1,345,108 0.34 Weibo Corp., 144A 1.25% 15/11/2022 USD 5,643,000 5,677,027 1.45 Total Transferable securities and money market instruments 120,912,001 30.82 dealt in on another regulated market 15,944,879 4.06 Units of authorised UCITS or other collective investment undertakings Japan CyberAgent, Inc., Reg. S 0% Collective Investment Schemes - UCITS 17/02/2023 JPY 80,000,000 881,889 0.23 CyberAgent, Inc., Reg. S 0% Luxembourg 19/02/2025 JPY 60,000,000 678,803 0.17 JPMorgan US Dollar Liquidity Fund - Iida Group Holdings Co. Ltd., Reg. S 0% JPM US Dollar Liquidity X (dist.)† USD 14,914,849 14,914,849 3.80 18/06/2020 JPY 180,000,000 1,661,114 0.42 Kandenko Co. Ltd., Reg. S 0% 14,914,849 3.80 31/03/2021 JPY 160,000,000 1,666,170 0.43 Shimizu Corp., Reg. S 0% 16/10/2020 JPY 360,000,000 3,506,818 0.89 Total Collective Investment Schemes - UCITS 14,914,849 3.80

8,394,794 2.14 Total Units of authorised UCITS or other collective investment 14,914,849 3.80 undertakings Jersey Ensco Jersey Finance Ltd. 3% Total Investments 389,112,831 99.18 31/01/2024 USD 3,486,000 3,247,990 0.83 Cash 50,033 0.01 3,247,990 0.83 Other Assets/(Liabilities) 3,176,067 0.81 Mexico Cemex SAB de CV 3.72% 15/03/2020 USD 2,651,000 2,661,153 0.68 Total Net Assets 392,338,931 100.00 2,661,153 0.68 † Related Party Fund. United States of America Ares Capital Corp. 3.75% 01/02/2022 USD 3,485,000 3,525,374 0.90 BioMarin Pharmaceutical, Inc. 0.599% 01/08/2024 USD 1,213,000 1,214,685 0.31 Colony NorthStar, Inc., REIT 3.875% 15/01/2021 USD 2,003,000 1,902,850 0.48 Exact Sciences Corp. 1% 15/01/2025 USD 3,196,000 3,384,158 0.86

56 JPMorgan Investment Funds - Global Convertibles Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

United States of America 28.13 Japan 17.03 Cayman Islands 9.94 France 8.47 Germany 5.83 Luxembourg 4.29 Netherlands 4.13 Virgin Islands, British 3.34 United Arab Emirates 2.58 Hong Kong 2.37 Singapore 2.33 Belgium 1.91 China 1.81 Jersey 1.29 Bermuda 1.11 Switzerland 0.94 Norway 0.89 Cyprus 0.86 Austria 0.69 Mexico 0.68 Malta 0.46 United Kingdom 0.10 Total Investments 99.18 Cash and Other Assets/(Liabilities) 0.82 Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United States of America 25.37 Japan 22.39 Cayman Islands 7.11 France 7.01 Germany 5.67 Netherlands 5.35 Luxembourg 3.86 United Kingdom 3.61 Hong Kong 3.11 United Arab Emirates 2.33 China 2.19 Singapore 2.11 Belgium 2.03 Jersey 1.83 Bermuda 1.52 Cyprus 1.13 Malta 0.98 Mexico 0.73 Virgin Islands, British 0.65 Austria 0.51 Total Investments 99.49 Cash and Other Assets/(Liabilities) 0.51 Total 100.00

57 JPMorgan Investment Funds - Global Convertibles Conservative Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

USD 1,956,027 EUR 1,675,672 18/07/2018 National Australia Bank 2,859 - USD 3,742,328 GBP 2,818,419 18/07/2018 State Street 31,048 0.01 USD 59,209,393 JPY 6,528,540,195 18/07/2018 HSBC 198,225 0.05 USD 3,240,916 JPY 357,052,500 18/07/2018 State Street 13,536 - USD 1,339 SGD 1,825 11/07/2018 Merrill Lynch - - USD 8,567,245 SGD 11,565,784 18/07/2018 State Street 82,806 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 328,474 0.08

EUR 862,228 USD 1,005,373 18/07/2018 HSBC (357) - SGD 152,829 USD 114,411 11/07/2018 Merrill Lynch (2,313) - USD 3,590,594 CHF 3,571,040 18/07/2018 HSBC (7,956) - USD 1,956,729 EUR 1,695,850 18/07/2018 Morgan Stanley (19,958) - USD 862,990 EUR 742,597 18/07/2018 National Australia Bank (2,584) - USD 3,056,004 EUR 2,641,423 18/07/2018 Societe Generale (22,846) (0.01) USD 65,848,904 EUR 56,618,342 18/07/2018 Standard Chartered (145,607) (0.04) USD 14,286,673 HKD 112,104,351 18/07/2018 ANZ (4,038) -

Total Unrealised Loss on Forward Currency Exchange Contracts (205,659) (0.05)

Net Unrealised Gain on Forward Currency Exchange Contracts 122,815 0.03

58 JPMorgan Investment Funds - Global Dividend Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Jersey listing Ferguson plc GBP 35,654 2,896,427 1.61

Equities 2,896,427 1.61 Australia Netherlands Goodman Group, REIT AUD 200,358 1,425,244 0.79 Airbus SE EUR 22,698 2,668,937 1.49 Akzo Nobel NV EUR 13,693 1,175,001 0.65 1,425,244 0.79 ASML Holding NV EUR 6,810 1,352,889 0.75 ING Groep NV EUR 125,044 1,803,875 1.00 Bermuda Koninklijke Ahold Delhaize NV EUR 51,500 1,235,527 0.69 Credicorp Ltd. USD 5,652 1,265,313 0.71 Unilever NV, CVA EUR 39,415 2,202,112 1.23 1,265,313 0.71 10,438,341 5.81 Canada Norway TransCanada Corp. CAD 65,464 2,805,075 1.56 Norsk Hydro ASA NOK 245,388 1,468,940 0.82 2,805,075 1.56 1,468,940 0.82 China Russia China Construction Bank Corp. ‘H’ HKD 1,292,000 1,193,020 0.66 Sberbank of Russia PJSC, ADR USD 61,584 887,271 0.49 1,193,020 0.66 887,271 0.49 Denmark Singapore Novo Nordisk A/S ‘B’ DKK 35,840 1,660,517 0.93 DBS Group Holdings Ltd. SGD 44,910 876,701 0.49 1,660,517 0.93 876,701 0.49 Finland South Africa Konecranes OYJ EUR 20,507 836,998 0.46 Bid Corp. Ltd. ZAR 40,286 793,820 0.44 Outokumpu OYJ EUR 120,516 750,006 0.42 793,820 0.44 1,587,004 0.88 South Korea France Samsung Electronics Co. Ltd. 2,234,106 Cie Generale des Etablissements Michelin KRW 53,283 1.24 SCA EUR 5,200 636,173 0.35 Sanofi EUR 18,001 1,448,995 0.81 2,234,106 1.24 Schneider Electric SE EUR 20,945 1,747,306 0.97 Spain Vinci SA EUR 27,557 2,656,010 1.48 Banco Santander SA EUR 291,387 1,566,738 0.87 Iberdrola SA EUR 262,127 2,032,325 1.13 6,488,484 3.61 Industria de Diseno Textil SA EUR 25,991 889,093 0.50 Germany Continental AG EUR 3,122 715,188 0.40 4,488,156 2.50 Volkswagen AG Preference EUR 11,860 1,977,149 1.10 Supranational Unibail-Rodamco-Westfield, REIT EUR 5,338 1,173,108 0.65 2,692,337 1.50 Hong Kong 1,173,108 0.65 AIA Group Ltd. HKD 225,200 1,969,688 1.10 Sweden Nordea Bank AB SEK 202,280 1,930,439 1.08 1,969,688 1.10 Svenska Handelsbanken AB ‘A’ SEK 69,037 761,278 0.42 India Housing Development Finance Corp. Ltd. INR 36,659 1,021,261 0.57 2,691,717 1.50 Switzerland 1,021,261 0.57 Novartis AG CHF 41,225 3,128,770 1.74 Indonesia Roche Holding AG CHF 7,735 1,713,033 0.95 Telekomunikasi Indonesia Persero Swiss Re AG CHF 16,932 1,465,858 0.82 Tbk. PT, ADR USD 34,561 898,759 0.50 6,307,661 3.51 898,759 0.50 United Kingdom Ireland 3i Group plc GBP 184,301 2,190,941 1.22 Accenture plc ‘A’ USD 10,463 1,711,694 0.95 Aviva plc GBP 216,733 1,443,392 0.80 Allegion plc USD 10,060 774,922 0.43 British American Tobacco plc GBP 37,231 1,887,427 1.05 CRH plc GBP 36,469 1,295,478 0.72 Direct Line Insurance Group plc GBP 21,653 98,116 0.05 Eaton Corp. plc USD 21,388 1,616,826 0.90 GlaxoSmithKline plc GBP 46,540 940,187 0.52 Ingersoll-Rand plc USD 25,797 2,313,217 1.29 Prudential plc GBP 64,721 1,484,237 0.83 Medtronic plc USD 20,501 1,766,776 0.99 Reckitt Benckiser Group plc GBP 11,233 924,879 0.52 Rio Tinto plc GBP 37,226 2,072,462 1.15 9,478,913 5.28 Royal Dutch Shell plc ‘A’ GBP 104,069 3,635,874 2.02 Taylor Wimpey plc GBP 592,294 1,399,997 0.78 Italy Vodafone Group plc GBP 577,013 1,394,742 0.78 Enel SpA EUR 353,206 1,960,404 1.09 17,472,254 9.72 1,960,404 1.09 United States of America Japan Alphabet, Inc. ‘A’ USD 2,067 2,354,313 1.31 Bandai Namco Holdings, Inc. JPY 37,100 1,531,805 0.85 American International Group, Inc. USD 27,220 1,452,731 0.81 Japan Airlines Co. Ltd. JPY 26,600 943,592 0.53 Analog Devices, Inc. USD 21,776 2,105,957 1.17 Marui Group Co. Ltd. JPY 42,700 899,729 0.50 Apple, Inc. USD 10,414 1,942,211 1.08 Nippon Telegraph & Telephone Corp. JPY 18,600 846,653 0.47 AvalonBay Communities, Inc., REIT USD 7,491 1,285,231 0.72 Sumitomo Mitsui Financial Group, Inc. JPY 26,300 1,022,006 0.57 Bank of New York Mellon Corp. (The) USD 37,698 2,054,730 1.14 Tokio Marine Holdings, Inc. JPY 21,100 988,934 0.55 Broadcom, Inc. USD 11,630 2,848,187 1.58 Toyota Motor Corp. JPY 30,500 1,976,049 1.10 Capital One Financial Corp. USD 26,082 2,421,714 1.35 Chevron Corp. USD 14,722 1,876,024 1.04 8,208,768 4.57 Citigroup, Inc. USD 46,954 3,188,411 1.77 Coca-Cola Co. (The) USD 46,029 2,012,158 1.12

59 JPMorgan Investment Funds - Global Dividend Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Comcast Corp. ‘A’ USD 80,178 2,633,446 1.47 DowDuPont, Inc. USD 31,394 2,099,631 1.17 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Home Depot, Inc. (The) USD 17,647 3,501,959 1.95 United States of America 43.59 International Business Machines Corp. USD 11,767 1,656,794 0.92 United Kingdom 9.72 Johnson & Johnson USD 9,343 1,142,742 0.64 Netherlands 5.81 Marathon Petroleum Corp. USD 16,957 1,200,810 0.67 Ireland 5.28 Merck & Co., Inc. USD 23,304 1,420,146 0.79 Japan 4.57 Microsoft Corp. USD 72,701 7,232,659 4.02 France 3.61 Morgan Stanley USD 54,007 2,608,268 1.45 Switzerland 3.51 NextEra Energy, Inc. USD 15,200 2,525,708 1.41 Luxembourg 3.00 Occidental Petroleum Corp. USD 38,077 3,219,982 1.79 Spain 2.50 PepsiCo, Inc. USD 13,775 1,491,901 0.83 Jersey 1.61 Pfizer, Inc. USD 94,753 3,448,535 1.92 Canada 1.56 Philip Morris International, Inc. USD 16,144 1,311,700 0.73 Germany 1.50 Principal Financial Group, Inc. USD 27,814 1,491,109 0.83 Sweden 1.50 Stanley Black & Decker, Inc. USD 10,515 1,418,368 0.79 South Korea 1.24 Texas Instruments, Inc. USD 24,096 2,667,427 1.48 Hong Kong 1.10 Union Pacific Corp. USD 22,213 3,158,689 1.76 Italy 1.09 UnitedHealth Group, Inc. USD 16,964 4,160,930 2.32 Denmark 0.93 Verizon Communications, Inc. USD 17,479 879,805 0.49 Finland 0.88 Visa, Inc. ‘A’ USD 17,516 2,337,423 1.30 Norway 0.82 Walt Disney Co. (The) USD 30,282 3,180,064 1.77 Australia 0.79 Bermuda 0.71 78,329,763 43.59 China 0.66 Supranational 0.65 Total Equities 172,713,052 96.12 India 0.57 Indonesia 0.50 Total Transferable securities and money market instruments 172,713,052 96.12 Russia 0.49 admitted to an official exchange listing Singapore 0.49 South Africa 0.44 Units of authorised UCITS or other collective investment undertakings Total Investments 99.12 Collective Investment Schemes - UCITS Cash and Other Assets/(Liabilities) 0.88 Luxembourg Total 100.00 JPMorgan US Dollar Liquidity Fund - JPM US Dollar Liquidity X (dist.)† USD 5,397,581 5,397,581 3.00

5,397,581 3.00 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Total Collective Investment Schemes - UCITS 5,397,581 3.00 United States of America 45.74 Total Units of authorised UCITS or other collective investment 5,397,581 3.00 United Kingdom 8.47 undertakings Switzerland 6.31 Total Investments 178,110,633 99.12 Netherlands 4.68 Ireland 4.38 Cash 875,947 0.49 Japan 3.30 Germany 3.14 Other Assets/(Liabilities) 700,175 0.39 France 2.97 Finland 2.84 Total Net Assets 179,686,755 100.00 South Korea 1.89 Luxembourg 1.85 Norway † Related Party Fund. 1.66 Singapore 1.43 Spain 1.43 India 1.31 Sweden 1.19 Jersey 1.13 Italy 1.10 Hong Kong 1.05 Liberia 0.97 Canada 0.82 Austria 0.72 Denmark 0.70 Total Investments 99.08 Cash and Other Assets/(Liabilities) 0.92 Total 100.00

60 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Andeavor Logistics LP 6.375% listing 01/05/2024 USD 7,180,000 7,656,680 0.13 Andeavor Logistics LP 5.25% Bonds 15/01/2025 USD 2,990,000 3,066,320 0.05 Anixter, Inc. 5.5% 01/03/2023 USD 4,035,000 4,127,684 0.07 Bermuda Antero Resources Corp. 5.625% Weatherford International Ltd. 9.875% 01/06/2023 USD 3,225,000 3,289,726 0.06 15/02/2024 USD 2,330,000 2,349,036 0.04 Antero Resources Corp. 5.125% 01/12/2022 USD 14,927,000 15,034,997 0.25 2,349,036 0.04 Arconic, Inc. 5.87% 23/02/2022 USD 1,810,000 1,888,735 0.03 Canada Arconic, Inc. 5.9% 01/02/2027 USD 10,750,000 10,855,565 0.18 Precision Drilling Corp. 6.5% Ashland LLC 4.75% 15/08/2022 USD 22,520,000 22,582,380 0.38 15/12/2021 USD 1,216,715 1,239,602 0.02 Ashtead Capital, Inc., 144A 5.625% 01/10/2024 USD 5,626,000 5,794,780 0.10 1,239,602 0.02 Boyd Gaming Corp. 6.875% 15/05/2023 USD 6,375,000 6,704,683 0.11 CenturyLink, Inc. 7.5% 01/04/2024 USD 6,615,000 6,812,425 0.12 France CenturyLink, Inc. 5.8% 15/03/2022 USD 296,000 292,922 0.00 Altice France SA, 144A 6% 15/05/2022 USD 26,070,000 26,313,103 0.45 CenturyLink, Inc. 6.75% 01/12/2023 USD 28,005,000 28,214,757 0.48 Altice France SA, 144A 6.25% Chemours Co. (The) 6.625% 15/05/2023 USD 16,601,000 17,433,872 0.30 15/05/2024 USD 4,385,000 4,294,866 0.07 Cinemark USA, Inc. 4.875% 01/06/2023 USD 12,390,000 12,156,820 0.21 Altice France SA, 144A 7.375% Clean Harbors, Inc. 5.125% 01/06/2021 6,006,279 01/05/2026 USD 12,515,000 12,282,659 0.21 USD 5,975,000 0.10 Continental Resources, Inc. 5% 15/09/2022 USD 780,000 791,563 0.01 42,890,628 0.73 CoreCivic, Inc., REIT 5% 15/10/2022 USD 4,700,000 4,723,500 0.08 Italy CoreCivic, Inc., REIT 4.625% Wind Tre SpA, 144A 5% 20/01/2026 USD 14,580,000 11,572,438 0.20 01/05/2023 USD 13,307,000 13,117,575 0.22 Crestwood Midstream Partners LP 11,572,438 0.20 6.25% 01/04/2023 USD 14,570,000 14,902,560 0.25 Dana, Inc. 6% 15/09/2023 USD 19,382,000 20,126,560 0.34 Luxembourg Dana, Inc. 5.5% 15/12/2024 USD 2,975,000 2,962,565 0.05 Altice Financing SA, 144A 6.625% DaVita, Inc. 5% 01/05/2025 USD 21,565,000 20,332,129 0.34 15/02/2023 USD 7,980,000 7,881,966 0.13 Encompass Health Corp. 5.75% Altice Financing SA, 144A 7.5% 01/11/2024 USD 7,940,000 8,022,695 0.14 15/05/2026 USD 13,840,000 13,393,452 0.23 Encompass Health Corp. 5.75% Altice Luxembourg SA, 144A 7.75% 15/09/2025 USD 12,952,000 13,138,897 0.22 15/05/2022 USD 33,710,000 32,742,692 0.55 Freeport-McMoRan, Inc. 3.875% Intelsat Jackson Holdings SA 7.25% 15/03/2023 USD 21,520,000 20,418,284 0.35 15/10/2020 USD 64,288,000 64,127,280 1.09 GEO Group, Inc. (The), REIT 5.875% Intelsat Jackson Holdings SA 7.5% 15/01/2022 USD 14,745,000 15,003,038 0.25 01/04/2021 USD 11,659,000 11,600,705 0.20 GEO Group, Inc. (The), REIT 5.125% Intelsat Jackson Holdings SA 5.5% 01/04/2023 USD 9,295,000 9,142,376 0.15 01/08/2023 USD 18,081,000 16,216,397 0.27 GEO Group, Inc. (The), REIT 5.875% 15/10/2024 USD 5,558,000 5,431,222 0.09 145,962,492 2.47 GEO Group, Inc. (The), REIT 6% Netherlands 15/04/2026 USD 5,280,000 5,138,443 0.09 Constellium NV, 144A 5.75% HCA, Inc. 7.5% 15/02/2022 USD 56,683,000 61,859,858 1.05 15/05/2024 USD 3,600,000 3,528,000 0.06 HCA, Inc. 5.375% 01/02/2025 USD 79,484,000 78,644,252 1.33 Fiat Chrysler Automobiles NV 5.25% HCA, Inc. 5.875% 15/02/2026 USD 76,235,000 76,955,802 1.30 15/04/2023 USD 7,775,000 7,856,015 0.13 HCA, Inc. 5.25% 15/06/2026 USD 13,618,000 13,580,006 0.23 Schaeffler Finance BV, 144A 4.75% Hertz Corp. (The) 6.25% 15/10/2022 USD 9,992,000 8,913,713 0.15 15/05/2023 USD 2,930,000 2,921,562 0.05 Hilton Domestic Operating Co., Inc. 4.25% 01/09/2024 USD 1,360,000 1,295,400 0.02 14,305,577 0.24 Hilton Grand Vacations Borrower LLC 6.125% 01/12/2024 USD 2,905,000 2,988,519 0.05 United Kingdom Hilton Worldwide Finance LLC 4.625% International Game Technology plc, 01/04/2025 USD 5,500,000 5,366,708 0.09 144A 6.25% 15/02/2022 USD 10,905,000 11,210,667 0.19 Hilton Worldwide Finance LLC 4.875% Virgin Media Secured Finance plc, 144A 01/04/2027 USD 2,745,000 2,648,925 0.04 5.5% 15/01/2025 USD 3,640,000 3,557,609 0.06 HRG Group, Inc. 7.75% 15/01/2022 USD 9,987,000 10,286,610 0.17 Huntsman International LLC 5.125% 14,768,276 0.25 15/11/2022 USD 15,472,000 15,927,882 0.27 United States of America Iron Mountain, Inc., REIT 6% 15/08/2023 11,667,272 AECOM 5.875% 15/10/2024 USD 3,895,000 4,041,004 0.07 USD 11,340,000 0.20 JC Penney Corp., Inc. 6.375% AECOM 5.125% 15/03/2027 USD 3,145,000 2,959,366 0.05 15/10/2036 USD 12,012,000 6,846,840 0.12 AES Corp. 5.5% 15/04/2025 USD 3,759,000 3,806,307 0.06 L Brands, Inc. 6.75% 01/07/2036 USD 11,190,000 9,903,150 0.17 AES Corp. 6% 15/05/2026 1,688,924 USD 1,630,000 0.03 Laredo Petroleum, Inc. 5.625% Ally Financial, Inc. 4.25% 15/04/2021 USD 9,600,000 9,637,296 0.16 15/01/2022 USD 7,059,000 7,004,152 0.12 Ally Financial, Inc. 4.125% 13/02/2022 USD 9,708,000 9,573,156 0.16 Level 3 Financing, Inc. 5.625% Ally Financial, Inc. 4.625% 19/05/2022 USD 9,145,000 9,174,630 0.16 01/02/2023 USD 95,000 95,202 0.00 Ally Financial, Inc. 4.625% 30/03/2025 USD 8,925,000 8,793,892 0.15 Level 3 Financing, Inc. 5.125% Ally Financial, Inc. 5.75% 20/11/2025 USD 9,370,000 9,575,765 0.16 01/05/2023 USD 1,955,000 1,921,374 0.03 AMC Entertainment Holdings, Inc. Level 3 Financing, Inc. 5.375% 5.75% 15/06/2025 USD 10,525,000 10,361,284 0.18 15/01/2024 USD 6,500,000 6,371,885 0.11 AMC Entertainment Holdings, Inc. Level 3 Financing, Inc. 5.375% 5.875% 15/11/2026 USD 2,290,000 2,214,407 0.04 01/05/2025 USD 15,765,000 15,292,050 0.26 AMC Entertainment Holdings, Inc. Level 3 Parent LLC 5.75% 01/12/2022 USD 11,245,000 11,254,558 0.19 5.875% 15/02/2022 USD 640,000 651,181 0.01 MagnaChip Semiconductor Corp. American Axle & Manufacturing, Inc. 6.625% 15/07/2021 USD 19,435,000 18,835,333 0.32 6.625% 15/10/2022 USD 7,008,000 7,208,779 0.12 MGM Growth Properties Operating American Axle & Manufacturing, Inc. Partnership LP, REIT 5.625% 6.25% 15/03/2026 USD 9,465,000 9,307,739 0.16 01/05/2024 USD 5,070,000 5,139,180 0.09 AmeriGas Partners LP 5.5% MGM Growth Properties Operating 20/05/2025 USD 9,480,000 9,240,914 0.16 Partnership LP, REIT 4.5% 01/09/2026 USD 3,005,000 2,812,049 0.05 AmeriGas Partners LP 5.875% MGM Resorts International 5.25% 20/08/2026 USD 4,360,000 4,266,892 0.07 31/03/2020 USD 4,834,000 4,934,088 0.08 Amkor Technology, Inc. 6.625% MGM Resorts International 6.75% 01/06/2021 USD 11,321,000 11,352,982 0.19 01/10/2020 USD 5,000,000 5,250,025 0.09 Andeavor Logistics LP 6.25% MGM Resorts International 7.75% 15/10/2022 USD 4,037,000 4,194,362 0.07 15/03/2022 USD 43,993,000 48,011,981 0.81

61 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

MGM Resorts International 6% US Treasury Bill 0% 12/07/2018 USD 56,000,000 55,966,951 0.95 15/03/2023 USD 21,931,000 22,546,713 0.38 Vista Outdoor, Inc. 5.875% 01/10/2023 USD 28,061,000 26,929,580 0.46 MGM Resorts International 4.625% Vistra Energy Corp. 7.375% 01/11/2022 USD 10,460,000 10,936,505 0.19 01/09/2026 USD 2,940,000 2,731,172 0.05 Vistra Energy Corp. 7.625% 01/11/2024 USD 4,455,000 4,768,097 0.08 MPLX LP 5.5% 15/02/2023 USD 22,516,000 22,969,697 0.39 Welbilt, Inc. 9.5% 15/02/2024 USD 9,650,000 10,663,250 0.18 MPLX LP 4.875% 01/06/2025 USD 6,525,000 6,720,000 0.11 Whiting Petroleum Corp. 5.75% Newfield Exploration Co. 5.75% 15/03/2021 USD 3,450,000 3,523,123 0.06 30/01/2022 USD 3,891,000 4,063,663 0.07 Whiting Petroleum Corp. 6.25% Newfield Exploration Co. 5.375% 01/04/2023 USD 12,740,000 13,209,787 0.22 01/01/2026 USD 6,535,000 6,686,514 0.11 WildHorse Resource Development Corp. NRG Energy, Inc. 6.625% 15/01/2027 USD 6,855,000 7,063,049 0.12 6.875% 01/02/2025 USD 13,590,000 13,946,737 0.24 NRG Energy, Inc. 6.25% 15/07/2022 USD 9,120,000 9,408,602 0.16 WPX Energy, Inc. 6% 15/01/2022 USD 1,982,000 2,061,686 0.03 Oasis Petroleum, Inc. 6.875% WPX Energy, Inc. 8.25% 01/08/2023 USD 13,565,000 15,430,934 0.26 15/01/2023 USD 17,470,000 17,876,789 0.30 WPX Energy, Inc. 5.25% 15/09/2024 USD 1,945,000 1,932,669 0.03 Oasis Petroleum, Inc. 6.875% Zayo Group LLC 6% 01/04/2023 USD 13,449,000 13,684,357 0.23 15/03/2022 7,289,248 USD 7,133,000 0.12 Zayo Group LLC 6.375% 15/05/2025 USD 12,836,000 13,141,882 0.22 Oshkosh Corp. 5.375% 01/03/2025 USD 655,000 676,477 0.01 Qwest Capital Funding, Inc. 7.75% 1,838,145,521 31.07 15/02/2031 USD 7,325,000 6,665,750 0.11 Range Resources Corp. 5% 15/08/2022 USD 2,550,000 2,538,869 0.04 Total Bonds 2,071,233,570 35.02 Range Resources Corp. 5% 15/03/2023 USD 7,060,000 6,884,524 0.12 Range Resources Corp. 4.875% Equities 15/05/2025 USD 8,320,000 7,842,973 0.13 Reynolds Group Issuer, Inc. 5.75% United States of America 15/10/2020 USD 30,337,917 30,484,904 0.52 Caesars Entertainment Corp. USD 1,065,586 11,588,248 0.19 RHP Hotel Properties LP, REIT 5% Halcon Resources Corp. USD 1,326,990 5,739,232 0.10 15/04/2021 USD 7,132,000 7,179,143 0.12 VICI Properties, Inc., REIT USD 3,334,494 68,123,712 1.15 RHP Hotel Properties LP, REIT 5% 15/04/2023 USD 6,865,000 6,865,000 0.12 85,451,192 1.44 RSP Permian, Inc. 6.625% 01/10/2022 USD 9,205,000 9,694,706 0.16 RSP Permian, Inc. 5.25% 15/01/2025 USD 3,420,000 3,672,225 0.06 Total Equities 85,451,192 1.44 Sanchez Energy Corp. 6.125% 15/01/2023 USD 8,135,000 5,531,800 0.09 Total Transferable securities and money market instruments 2,156,684,762 36.46 Scotts Miracle-Gro Co. (The) 6% admitted to an official exchange listing 15/10/2023 USD 17,762,000 18,453,652 0.31 Scotts Miracle-Gro Co. (The) 5.25% Transferable securities and money market instruments dealt in on another regulated 15/12/2026 USD 2,485,000 2,376,468 0.04 market Service Corp. International 7.5% 01/04/2027 USD 23,516,000 26,484,895 0.45 Bonds SM Energy Co. 6.5% 15/11/2021 USD 1,500,000 1,535,438 0.03 SM Energy Co. 6.125% 15/11/2022 USD 3,505,000 3,610,150 0.06 Australia SM Energy Co. 6.5% 01/01/2023 USD 8,605,000 8,734,075 0.15 FMG Resources August 2006 Pty. Ltd., 144A 9.75% 01/03/2022 1,692,687 SM Energy Co. 5.625% 01/06/2025 USD 5,720,000 5,519,800 0.09 USD 1,542,312 0.03 Southwestern Energy Co. 4.1% 15/03/2022 USD 8,012,000 7,713,873 0.13 1,692,687 0.03 Southwestern Energy Co. 6.7% Canada 23/01/2025 USD 18,910,000 18,636,940 0.32 Bombardier, Inc., 144A 7.5% Southwestern Energy Co. 7.5% 15/03/2025 USD 16,420,000 17,100,116 0.29 01/04/2026 USD 5,415,000 5,610,265 0.09 MEG Energy Corp., 144A 6.375% Southwestern Energy Co. 7.75% 30/01/2023 USD 8,450,000 7,879,625 0.13 01/10/2027 USD 5,415,000 5,643,351 0.10 MEG Energy Corp., 144A 7% Spectrum Brands, Inc. 6.625% 31/03/2024 USD 23,935,000 22,199,712 0.38 15/11/2022 USD 5,695,000 5,878,892 0.10 MEG Energy Corp., 144A 6.5% Spectrum Brands, Inc. 5.75% 15/01/2025 USD 16,466,000 16,424,835 0.28 15/07/2025 USD 6,080,000 6,018,653 0.10 NOVA Chemicals Corp., 144A 4.875% Sprint Capital Corp. 8.75% 15/03/2032 USD 60,355,000 64,355,933 1.09 01/06/2024 USD 12,290,000 11,724,599 0.20 Sprint Corp. 7.625% 15/02/2025 USD 68,937,000 70,806,571 1.20 NOVA Chemicals Corp., 144A 5.25% Sprint Corp. 7.875% 15/09/2023 USD 73,355,000 76,471,487 1.29 01/06/2027 USD 6,385,000 5,994,334 0.10 Summit Midstream Holdings LLC 5.75% Precision Drilling Corp., 144A 7.125% 15/04/2025 USD 6,710,000 6,376,345 0.11 15/01/2026 USD 6,590,000 6,804,175 0.12 Targa Resources Partners LP 6.75% Precision Drilling Corp. 7.75% 15/03/2024 USD 28,472,000 29,824,420 0.50 15/12/2023 USD 8,050,000 8,482,889 0.14 TEGNA, Inc. 6.375% 15/10/2023 USD 8,529,000 8,780,989 0.15 Quebecor Media, Inc. 5.75% 15/01/2023 USD 26,088,000 26,742,026 0.45 Tempur Sealy International, Inc. 5.625% Valeant Pharmaceuticals International, 15/10/2023 USD 12,990,000 13,029,814 0.22 Inc., 144A 7.5% 15/07/2021 USD 17,724,000 18,065,719 0.31 Tempur Sealy International, Inc. 5.5% Valeant Pharmaceuticals International, 15/06/2026 USD 12,584,000 12,201,824 0.21 Inc., 144A 6.5% 15/03/2022 USD 7,245,000 7,508,573 0.13 Tenet Healthcare Corp. 4.5% Valeant Pharmaceuticals International, 01/04/2021 USD 11,985,000 11,922,918 0.20 Inc., 144A 5.875% 15/05/2023 USD 40,795,000 38,194,319 0.65 Tenet Healthcare Corp. 8.125% Valeant Pharmaceuticals International, 01/04/2022 USD 54,307,000 56,933,287 0.96 Inc., 144A 7% 15/03/2024 USD 14,315,000 15,020,228 0.25 Tenet Healthcare Corp. 6.75% Valeant Pharmaceuticals International, 15/06/2023 USD 27,821,000 27,697,057 0.47 Inc., 144A 6.125% 15/04/2025 USD 60,850,000 56,128,040 0.95 Tenneco, Inc. 5.375% 15/12/2024 USD 1,092,000 1,048,320 0.02 Valeant Pharmaceuticals International, Tenneco, Inc. 5% 15/07/2026 USD 6,515,000 5,865,780 0.10 Inc., 144A 5.5% 01/11/2025 USD 7,560,000 7,463,043 0.13 TransDigm, Inc. 6.5% 15/05/2025 USD 9,485,000 9,623,481 0.16 Valeant Pharmaceuticals International, TransDigm, Inc. 6.5% 15/07/2024 USD 2,450,000 2,495,754 0.04 Inc., 144A 9% 15/12/2025 USD 14,670,000 15,255,920 0.26 Triumph Group, Inc. 4.875% Videotron Ltd., 144A 5.375% 01/04/2021 USD 15,599,000 15,177,749 0.26 15/06/2024 USD 6,692,000 6,859,300 0.12 Triumph Group, Inc. 7.75% 15/08/2025 USD 9,000,000 8,971,650 0.15 Videotron Ltd., 144A 5.125% United Rentals North America, Inc. 15/04/2027 USD 6,460,000 6,250,244 0.11 5.75% 15/11/2024 USD 6,405,000 6,538,576 0.11 United Rentals North America, Inc. 294,097,697 5.00 5.875% 15/09/2026 7,282,273 USD 7,220,000 0.12 Cayman Islands United Rentals North America, Inc. Transocean Guardian Ltd., 144A 5.875% 5.5% 15/05/2027 15,033,622 USD 15,445,000 0.25 15/01/2024 USD 4,346,000 4,336,395 0.07 United Rentals North America, Inc. Transocean, Inc., 144A 7.5% 4.875% 15/01/2028 15,764,687 USD 16,950,000 0.27 15/01/2026 USD 9,385,000 9,590,344 0.16 United States Cellular Corp. 6.7% 15/12/2033 USD 16,336,000 17,113,430 0.29

62 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

UPCB Finance IV Ltd., 144A 5.375% ADT Corp. (The) 3.5% 15/07/2022 USD 15,612,000 14,678,871 0.25 15/01/2025 USD 24,223,000 23,172,448 0.39 ADT Corp. (The) 4.125% 15/06/2023 USD 1,965,000 1,848,073 0.03 Air Medical Group Holdings, Inc., 144A 37,099,187 0.62 6.375% 15/05/2023 USD 18,095,000 16,918,825 0.29 Albertsons Cos. LLC 5.75% 15/03/2025 USD 9,280,000 8,208,299 0.14 Germany Albertsons Cos., Inc., FRN, 144A 6.09% IHO Verwaltungs GmbH, 144A 4.5% 15/01/2024 USD 5,447,000 5,459,664 0.09 15/09/2023 USD 7,035,000 6,762,394 0.11 Allison Transmission, Inc., 144A 5% 01/10/2024 USD 4,090,000 4,011,063 0.07 6,762,394 0.11 Alta Mesa Holdings LP 7.875% Ireland 15/12/2024 USD 91,000 97,142 0.00 Ardagh Packaging Finance plc, 144A AMC Networks, Inc. 5% 01/04/2024 USD 17,720,000 17,492,652 0.30 7.25% 15/05/2024 USD 17,925,000 18,654,637 0.32 American Axle & Manufacturing, Inc. Ardagh Packaging Finance plc, 144A 6.25% 01/04/2025 USD 17,795,000 17,750,424 0.30 6% 15/02/2025 USD 23,645,000 23,124,810 0.39 American Axle & Manufacturing, Inc. James Hardie International Finance 6.5% 01/04/2027 USD 9,110,000 9,038,896 0.15 DAC, 144A 4.75% 15/01/2025 USD 4,670,000 4,576,600 0.08 American Woodmark Corp., 144A 4.875% 15/03/2026 USD 7,575,000 7,215,187 0.12 46,356,047 0.79 Amkor Technology, Inc. 6.375% 01/10/2022 USD 18,838,000 19,309,892 0.33 Jersey Antero Midstream Partners LP 5.375% Adient Global Holdings Ltd., 144A 15/09/2024 USD 12,115,000 12,200,229 0.21 4.875% 15/08/2026 USD 10,465,000 9,444,662 0.16 Aramark Services, Inc., 144A 5% Delphi Technologies plc, 144A 5% 01/02/2028 USD 7,025,000 6,722,714 0.11 01/10/2025 USD 16,170,000 15,472,669 0.26 Ascend Learning LLC, 144A 6.875% 01/08/2025 USD 5,510,000 5,585,983 0.09 24,917,331 0.42 Ashtead Capital, Inc., 144A 4.375% 15/08/2027 USD 3,224,000 2,998,320 0.05 Luxembourg Avantor, Inc., 144A 6% 01/10/2024 USD 11,080,000 10,988,202 0.19 Dana Financing Luxembourg Sarl, 144A Avis Budget Car Rental LLC, 144A 6.5% 01/06/2026 USD 6,520,000 6,625,950 0.11 6.375% 01/04/2024 USD 29,093,000 28,601,037 0.48 INEOS Group Holdings SA, 144A 5.625% Avis Budget Car Rental LLC 5.5% 01/08/2024 USD 34,055,000 33,631,867 0.57 01/04/2023 USD 8,708,000 8,496,004 0.14 Intelsat Jackson Holdings SA, 144A 8% Axalta Coating Systems LLC, 144A 15/02/2024 USD 3,000,000 3,157,500 0.05 4.875% 15/08/2024 USD 7,352,000 7,306,050 0.12 Intelsat Jackson Holdings SA, 144A Blue Racer Midstream LLC, 144A 9.75% 15/07/2025 USD 22,050,000 23,201,010 0.39 6.125% 15/11/2022 USD 22,125,000 22,401,120 0.38 Mallinckrodt International Finance SA, Blue Racer Midstream LLC, 144A 144A 5.75% 01/08/2022 USD 4,120,000 3,718,465 0.06 6.625% 15/07/2026 USD 4,980,000 4,986,225 0.08 Mallinckrodt International Finance SA, Boyd Gaming Corp., 144A 6% 144A 5.625% 15/10/2023 USD 9,790,000 8,174,650 0.14 15/08/2026 USD 7,320,000 7,252,363 0.12 Mallinckrodt International Finance SA, Boyne USA, Inc., 144A 7.25% 144A 5.5% 15/04/2025 USD 7,280,000 5,860,400 0.10 01/05/2025 USD 2,845,000 2,980,137 0.05 Nielsen Co. Luxembourg SARL (The), BWAY Holding Co., 144A 5.5% 144A 5.5% 01/10/2021 USD 3,893,000 3,914,840 0.07 15/04/2024 USD 7,275,000 7,110,658 0.12 Trinseo Materials Operating SCA, 144A BWX Technologies, Inc., 144A 5.375% 5.375% 01/09/2025 USD 9,875,000 9,800,938 0.17 15/07/2026 USD 4,050,000 4,108,320 0.07 Calpine Corp., 144A 5.25% 01/06/2026 USD 6,845,000 6,467,361 0.11 98,085,620 1.66 Carrizo Oil & Gas, Inc. 7.5% 15/09/2020 USD 262,000 263,637 0.00 Netherlands Carrizo Oil & Gas, Inc. 6.25% Alcoa Nederland Holding BV, 144A 15/04/2023 USD 9,195,000 9,338,994 0.16 6.75% 30/09/2024 USD 7,073,000 7,447,713 0.13 Carrizo Oil & Gas, Inc. 8.25% Alcoa Nederland Holding BV, 144A 7% 15/07/2025 USD 4,745,000 5,073,307 0.09 30/09/2026 USD 2,590,000 2,764,825 0.05 CBS Radio, Inc., 144A 7.25% 01/11/2024 USD 9,146,000 8,688,700 0.15 Alcoa Nederland Holding BV, 144A CCO Holdings LLC, 144A 5.875% 6.125% 15/05/2028 USD 2,570,000 2,589,275 0.04 01/04/2024 USD 59,098,000 59,451,997 1.01 Constellium NV, 144A 6.625% CCO Holdings LLC, 144A 5.375% 01/03/2025 USD 380,000 383,990 0.01 01/05/2025 USD 8,205,000 7,938,337 0.13 Constellium NV, 144A 5.875% CCO Holdings LLC, 144A 5.75% 15/02/2026 USD 1,960,000 1,882,364 0.03 15/02/2026 USD 52,436,000 51,545,637 0.87 NXP BV, 144A 4.625% 15/06/2022 USD 1,150,000 1,168,688 0.02 CCO Holdings LLC, 144A 5.5% NXP BV, 144A 4.625% 01/06/2023 USD 18,305,000 18,495,372 0.31 01/05/2026 USD 15,380,000 14,935,287 0.25 Sensata Technologies BV, 144A 4.875% CCO Holdings LLC, 144A 5.125% 15/10/2023 USD 5,850,000 5,871,938 0.10 01/05/2027 USD 16,355,000 15,326,352 0.26 CCO Holdings LLC, 144A 5% 40,604,165 0.69 01/02/2028 USD 19,495,000 17,891,829 0.30 CDK Global, Inc. 4.875% 01/06/2027 USD 3,060,000 2,929,950 0.05 Supranational CDW LLC 5% 01/09/2025 USD 1,415,000 1,396,329 0.02 Endo Dac, 144A 6% 15/07/2023 USD 16,920,000 13,908,240 0.24 Central Garden & Pet Co. 6.125% Endo Dac, 144A 5.875% 15/10/2024 USD 4,330,000 4,239,936 0.07 15/11/2023 USD 10,965,000 11,377,777 0.19 Venator Finance Sarl, 144A 5.75% Central Garden & Pet Co. 5.125% 15/07/2025 USD 7,495,000 7,326,213 0.12 01/02/2028 USD 7,965,000 7,406,494 0.13 Cheniere Corpus Christi Holdings LLC 25,474,389 0.43 5.875% 31/03/2025 USD 9,150,000 9,567,880 0.16 Cheniere Corpus Christi Holdings LLC United Kingdom 5.125% 30/06/2027 USD 7,640,000 7,603,290 0.13 International Game Technology plc, Chesapeake Energy Corp., 144A 8% 144A 6.5% 15/02/2025 20,411,157 USD 19,694,000 0.35 15/12/2022 USD 13,169,000 13,876,834 0.23 Merlin Entertainments plc, 144A 5.75% Chesapeake Energy Corp. 8% 15/06/2026 8,495,550 USD 8,370,000 0.14 15/01/2025 USD 24,800,000 25,359,240 0.43 Sensata Technologies UK Financing Co. Chesapeake Energy Corp. 8% plc, 144A 6.25% 15/02/2026 24,969,360 USD 24,009,000 0.42 15/06/2027 USD 6,705,000 6,850,532 0.12 Virgin Media Secured Finance plc, 144A Citigroup, Inc., FRN 5.8% Perpetual USD 8,820,000 9,028,946 0.15 5.5% 15/08/2026 USD 5,220,000 4,925,957 0.08 Citigroup, Inc., FRN 5.95% Perpetual USD 1,120,000 1,130,002 0.02 Citigroup, Inc., FRN 5.875% Perpetual 7,735,541 58,802,024 0.99 USD 7,550,000 0.13 Claire’s Stores, Inc., 144A 9% United States of America 15/03/2019§ USD 21,790,000 13,836,650 0.23 ACCO Brands Corp., 144A 5.25% Clear Channel Worldwide Holdings, Inc. 15/12/2024 USD 6,415,000 6,415,000 0.11 6.5% 15/11/2022 USD 9,275,000 9,425,719 0.16 ACI Worldwide, Inc., 144A 6.375% Clear Channel Worldwide Holdings, Inc. 15/08/2020 USD 5,596,000 5,616,985 0.10 6.5% 15/11/2022 USD 83,285,000 84,829,937 1.44 63 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Clear Channel Worldwide Holdings, Inc. HD Supply, Inc., STEP, 144A 5.75% 7.625% 15/03/2020 USD 1,845,000 1,838,081 0.03 15/04/2024 USD 5,505,000 5,782,837 0.10 Clear Channel Worldwide Holdings, Inc. Herc Rentals, Inc. ‘A’, 144A 7.75% 7.625% 15/03/2020 USD 49,235,000 49,148,839 0.83 01/06/2024 USD 18,716,000 20,295,818 0.34 Cogent Communications Finance, Inc., Herc Rentals, Inc., 144A 7.5% 144A 5.625% 15/04/2021 USD 17,225,000 17,375,719 0.29 01/06/2022 USD 5,791,000 6,152,938 0.10 Cogent Communications Group, Inc., Hertz Corp. (The), 144A 7.625% 144A 5.375% 01/03/2022 USD 15,935,000 16,373,212 0.28 01/06/2022 USD 19,150,000 18,391,852 0.31 CommScope Technologies LLC, 144A Hertz Corp. (The), 144A 5.5% 6% 15/06/2025 USD 36,794,000 37,621,865 0.64 15/10/2024 USD 33,530,000 26,572,525 0.45 Community Health Systems, Inc., 144A Hess Infrastructure Partners LP, 144A 8.625% 15/01/2024 USD 7,580,000 7,608,425 0.13 5.625% 15/02/2026 USD 6,070,000 6,055,857 0.10 Constellation Merger Sub, Inc., 144A Hexion, Inc. 6.625% 15/04/2020 USD 21,627,000 20,383,448 0.34 8.5% 15/09/2025 USD 12,620,000 12,036,325 0.20 High Ridge Brands Co., 144A 8.875% Cooper-Standard Automotive, Inc., 15/03/2025 USD 10,685,000 4,968,525 0.08 144A 5.625% 15/11/2026 USD 13,443,000 13,308,570 0.23 Hillman Group, Inc. (The), 144A 6.375% Core & Main LP, 144A 6.125% 15/07/2022 USD 20,702,000 19,977,430 0.34 15/08/2025 USD 6,155,000 5,860,791 0.10 Hill-Rom Holdings, Inc., 144A 5.75% Coty, Inc., 144A 6.5% 15/04/2026 USD 15,500,000 14,983,308 0.25 01/09/2023 USD 13,927,000 14,240,358 0.24 Covey Park Energy LLC, 144A 7.5% Hill-Rom Holdings, Inc., 144A 5% 15/05/2025 USD 10,635,000 10,767,938 0.18 15/02/2025 USD 2,245,000 2,188,875 0.04 CSC Holdings LLC, 144A 10.125% Hilton Domestic Operating Co., Inc., 15/01/2023 USD 8,495,000 9,384,979 0.16 144A 5.125% 01/05/2026 USD 14,805,000 14,496,464 0.25 CSC Holdings LLC, 144A 6.625% Hologic, Inc., 144A 4.375% 15/10/2025 USD 8,445,000 8,065,904 0.14 15/10/2025 USD 8,555,000 8,773,922 0.15 Hughes Satellite Systems Corp. 5.25% CSC Holdings LLC, 144A 10.875% 01/08/2026 USD 4,965,000 4,670,700 0.08 15/10/2025 USD 11,981,000 13,889,513 0.24 Hughes Satellite Systems Corp. 6.625% Dell International LLC, 144A 5.875% 01/08/2026 USD 2,535,000 2,363,824 0.04 15/06/2021 USD 4,395,000 4,480,856 0.08 iHeartCommunications, Inc. 9% Dell International LLC, 144A 5.45% 01/03/2021§ USD 28,470,000 21,921,900 0.37 15/06/2023 USD 11,190,000 11,726,281 0.20 iHeartCommunications, Inc. 10.625% Dell International LLC, 144A 6.02% 15/03/2023§ USD 7,810,000 5,994,175 0.10 15/06/2026 USD 16,945,000 17,878,415 0.30 Infinity Acquisition LLC, 144A 7.25% Denbury Resources, Inc., 144A 9.25% 01/08/2022 USD 12,815,000 13,097,571 0.22 31/03/2022 USD 11,635,000 12,324,199 0.21 Infor Software Parent LLC, 144A 7.125% Diamondback Energy, Inc., 144A 01/05/2021 USD 21,895,000 21,977,106 0.37 5.375% 31/05/2025 USD 2,861,000 2,871,571 0.05 Infor US, Inc. 6.5% 15/05/2022 USD 54,956,000 55,170,878 0.93 DISH DBS Corp. 5.875% 15/07/2022 USD 26,850,000 25,262,897 0.43 Informatica LLC, 144A 7.125% DISH DBS Corp. 5% 15/03/2023 USD 48,228,000 41,865,280 0.71 15/07/2023 USD 19,141,000 19,475,968 0.33 DISH DBS Corp. 7.75% 01/07/2026 USD 14,255,000 12,533,994 0.21 Interval Acquisition Corp. 5.625% DISH DBS Corp. 5.875% 15/11/2024 USD 68,509,000 57,965,807 0.98 15/04/2023 USD 13,240,000 13,405,500 0.23 DJO Finance LLC, 144A 8.125% inVentiv Group Holdings, Inc., 144A 15/06/2021 USD 30,355,000 30,877,106 0.52 7.5% 01/10/2024 USD 11,201,000 11,845,058 0.20 Energizer Gamma Acquisition, Inc., IQVIA, Inc., 144A 5% 15/10/2026 USD 13,320,000 12,895,891 0.22 144A 6.375% 15/07/2026 USD 5,020,000 5,078,132 0.09 Jack Ohio Finance LLC, 144A 6.75% Energizer Holdings, Inc., 144A 5.5% 15/11/2021 USD 19,772,000 20,414,590 0.35 15/06/2025 USD 17,215,000 16,978,294 0.29 Jagged Peak Energy LLC, 144A 5.875% Entegris, Inc., 144A 4.625% 10/02/2026 USD 13,100,000 12,468,449 0.21 01/05/2026 USD 4,595,000 4,581,399 0.08 EP Energy LLC, 144A 9.375% Jeld-Wen, Inc., 144A 4.625% 15/12/2025 USD 4,260,000 4,068,300 0.07 01/05/2024 USD 26,622,000 21,963,150 0.37 Jeld-Wen, Inc., 144A 4.875% 15/12/2027 USD 3,260,000 3,009,143 0.05 EP Energy LLC, 144A 8% 29/11/2024 USD 6,435,000 6,479,948 0.11 Kindred Healthcare, Inc. 8.75% EP Energy LLC, 144A 8% 15/02/2025 USD 4,510,000 3,472,700 0.06 15/01/2023 USD 22,635,000 24,107,180 0.41 EP Energy LLC, 144A 7.75% 15/05/2026 USD 30,805,000 31,498,112 0.53 Kinetic Concepts, Inc., 144A 7.875% Equinix, Inc., REIT 5.375% 01/01/2022 USD 3,895,000 4,018,218 0.07 15/02/2021 USD 17,297,000 17,828,883 0.30 Equinix, Inc., REIT 5.375% 01/04/2023 USD 975,000 996,918 0.02 KLX, Inc., 144A 5.875% 01/12/2022 USD 17,505,000 18,248,962 0.31 Equinix, Inc., REIT 5.75% 01/01/2025 USD 3,495,000 3,549,330 0.06 Kratos Defense & Security Solutions, Inc., 144A 6.5% 30/11/2025 5,749,481 Equinix, Inc., REIT 5.875% 15/01/2026 USD 6,945,000 7,024,381 0.12 USD 5,535,000 0.10 ESH Hospitality, Inc., REIT, 144A 5.25% Kronos Acquisition Holdings, Inc., 144A 9% 15/08/2023 10,757,655 01/05/2025 USD 5,470,000 5,283,309 0.09 USD 11,757,000 0.18 Fair Isaac Corp., 144A 5.25% Live Nation Entertainment, Inc., 144A 4.875% 01/11/2024 1,998,200 15/05/2026 USD 4,560,000 4,588,500 0.08 USD 2,060,000 0.03 FGI Operating Co. LLC 7.875% LSB Industries, Inc., 144A 9.625% 01/05/2023 605,739 01/05/2020 USD 24,499,000 5,420,404 0.09 USD 599,000 0.01 First Data Corp., 144A 5.375% LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 17,670,116 15/08/2023 USD 42,901,000 43,480,164 0.74 USD 16,889,000 0.30 First Data Corp., 144A 5.75% Mattel, Inc., 144A 6.75% 31/12/2025 USD 25,898,000 25,252,492 0.43 15/01/2024 USD 81,900,000 82,234,562 1.39 Meredith Corp., 144A 6.875% Frontier Communications Corp., 144A 01/02/2026 USD 9,050,000 8,915,608 0.15 8.5% 01/04/2026 USD 9,485,000 9,193,621 0.16 MGM Growth Properties Operating Frontier Communications Corp. 6.875% Partnership LP, REIT 4.5% 15/01/2028 USD 2,565,000 2,336,202 0.04 15/01/2025 USD 11,385,000 7,386,019 0.12 MGM Resorts International 5.75% Frontier Communications Corp. 11% 15/06/2025 USD 10,620,000 10,612,141 0.18 15/09/2025 USD 35,810,000 28,680,050 0.49 Michaels Stores, Inc., 144A 5.875% 15/12/2020 5,062,915 Gartner, Inc., 144A 5.125% 01/04/2025 USD 6,165,000 6,118,763 0.10 USD 5,044,000 0.09 MSCI, Inc., 144A 5.375% 15/05/2027 7,264,075 Gates Global LLC, 144A 6% 15/07/2022 USD 9,688,000 9,809,100 0.17 USD 7,210,000 0.12 Mueller Water Products, Inc., 144A GCI, Inc. 6.75% 01/06/2021 USD 15,472,000 15,646,060 0.26 5.5% 15/06/2026 USD 4,715,000 4,738,575 0.08 GCI, Inc. 6.875% 15/04/2025 7,638,800 USD 7,345,000 0.13 Nabors Industries, Inc., 144A 5.75% GCP Applied Technologies, Inc., 144A 01/02/2025 USD 10,560,000 9,997,891 0.17 5.5% 15/04/2026 10,779,713 USD 10,930,000 0.18 Neiman Marcus Group Ltd. LLC, 144A GLP Capital LP 5.25% 01/06/2025 USD 9,680,000 9,705,991 0.16 8% 15/10/2021 USD 11,535,000 7,670,775 0.13 GLP Capital LP 5.75% 01/06/2028 USD 9,680,000 9,803,372 0.17 Neiman Marcus Group Ltd. LLC, 144A Goodyear Tire & Rubber Co. (The) 8.75% 15/10/2021 USD 16,163,681 10,748,848 0.18 5.125% 15/11/2023 USD 7,055,000 7,015,774 0.12 Netflix, Inc., 144A 4.875% 15/04/2028 USD 15,000,000 14,298,675 0.24 Goodyear Tire & Rubber Co. (The) 5% Netflix, Inc., 144A 5.875% 15/11/2028 USD 11,659,000 11,828,697 0.20 31/05/2026 3,526,227 USD 3,755,000 0.06 Nexstar Broadcasting, Inc., 144A Gulfport Energy Corp. 6% 15/10/2024 USD 3,070,000 2,953,140 0.05 6.125% 15/02/2022 USD 3,867,000 3,968,509 0.07 Halcon Resources Corp. 6.75% NGPL PipeCo LLC, 144A 4.375% 15/02/2025 USD 14,310,000 13,409,615 0.23 15/08/2022 USD 10,020,000 9,982,425 0.17 Hanesbrands, Inc., 144A 4.625% NGPL PipeCo LLC, 144A 4.875% 15/05/2024 USD 3,550,000 3,470,196 0.06 15/08/2027 USD 2,515,000 2,492,830 0.04

64 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Nielsen Finance LLC, 144A 5% Targa Resources Partners LP 5.125% 15/04/2022 USD 22,715,000 22,456,617 0.38 01/02/2025 USD 140,000 139,033 0.00 Novelis Corp., 144A 6.25% 15/08/2024 USD 7,545,000 7,549,225 0.13 TEGNA, Inc., 144A 4.875% 15/09/2021 USD 3,180,000 3,187,950 0.05 Novelis Corp., 144A 5.875% TEGNA, Inc., 144A 5.5% 15/09/2024 USD 2,580,000 2,589,675 0.04 30/09/2026 USD 5,550,000 5,329,526 0.09 Tenet Healthcare Corp., 144A 7.5% Oasis Petroleum, Inc., 144A 6.25% 01/01/2022 USD 5,625,000 5,890,978 0.10 01/05/2026 USD 7,305,000 7,389,373 0.13 Terex Corp., 144A 5.625% 01/02/2025 USD 11,020,000 10,972,063 0.19 Parsley Energy LLC, 144A 5.375% TI Group Automotive Systems LLC, 144A 15/01/2025 USD 1,920,000 1,896,941 0.03 8.75% 15/07/2023 USD 14,647,000 15,317,100 0.26 Parsley Energy LLC, 144A 5.25% T-Mobile USA, Inc. 6.5% 15/01/2024 USD 21,746,000 22,676,729 0.38 15/08/2025 USD 7,385,000 7,311,741 0.12 T-Mobile USA, Inc. 6.375% 01/03/2025 USD 11,381,000 11,829,525 0.20 Parsley Energy LLC, 144A 5.625% T-Mobile USA, Inc. 6.5% 15/01/2026 USD 16,110,000 16,731,041 0.28 15/10/2027 5,392,900 USD 5,420,000 0.09 T-Mobile USA, Inc. 4.75% 01/02/2028 USD 6,050,000 5,607,049 0.09 PetSmart, Inc., 144A 7.125% TreeHouse Foods, Inc., 144A 6% 15/03/2023 18,921,622 USD 28,347,000 0.32 15/02/2024 USD 17,774,000 18,196,133 0.31 PetSmart, Inc., 144A 5.875% TriMas Corp., 144A 4.875% 15/10/2025 USD 7,925,000 7,563,422 0.13 01/06/2025 USD 16,130,000 12,436,230 0.21 Uniti Group LP, REIT, 144A 6% PetSmart, Inc., 144A 8.875% 15/04/2023 USD 5,935,000 5,727,275 0.10 01/06/2025 USD 11,160,000 7,214,605 0.12 Uniti Group LP, REIT, 144A 7.125% Plantronics, Inc., 144A 5.5% 15/12/2024 USD 6,585,000 6,008,812 0.10 31/05/2023 USD 11,865,000 11,909,482 0.20 Uniti Group LP, REIT 8.25% 15/10/2023 23,588,500 Post Holdings, Inc., 144A 5.5% USD 24,830,000 0.40 01/03/2025 USD 11,590,000 11,318,446 0.19 US Treasury Bill 0% 05/07/2018 USD 38,000,000 37,990,921 0.64 Post Holdings, Inc., 144A 5.75% US Treasury Bill 0% 19/07/2018 USD 6,000,000 5,994,238 0.10 01/03/2027 USD 2,159,000 2,101,711 0.04 Valeant Pharmaceuticals International, Post Holdings, Inc., 144A 5.625% Inc., 144A 6.75% 15/08/2021 USD 18,454,000 18,661,607 0.32 15/01/2028 USD 6,310,000 5,942,348 0.10 Valeant Pharmaceuticals International, Prestige Brands, Inc., 144A 6.375% Inc., 144A 7.25% 15/07/2022 USD 16,985,000 17,395,358 0.29 01/03/2024 USD 5,780,000 5,756,764 0.10 Valeant Pharmaceuticals International, Rackspace Hosting, Inc., 144A 8.625% Inc., 144A 8.5% 31/01/2027 USD 8,244,000 8,356,737 0.14 15/11/2024 USD 13,185,000 13,243,344 0.22 VICI Properties 1 LLC, REIT 8% Rain CII Carbon LLC, 144A 7.25% 15/10/2023 USD 19,843,229 22,125,200 0.37 01/04/2025 USD 14,150,000 14,433,000 0.24 Vistra Energy Corp., 144A 8% RBS Global, Inc., 144A 4.875% 15/01/2025 USD 3,795,000 4,114,956 0.07 15/12/2025 USD 4,750,000 4,512,500 0.08 Wabash National Corp., 144A 5.5% Reynolds Group Issuer, Inc., FRN, 144A 01/10/2025 USD 7,845,000 7,547,518 0.13 5.848% 15/07/2021 USD 800,000 810,000 0.01 Whiting Petroleum Corp., 144A 6.625% Reynolds Group Issuer, Inc. 6.875% 15/01/2026 USD 3,225,000 3,342,938 0.06 15/02/2021 USD 887,136 899,369 0.02 WildHorse Resource Development Rite Aid Corp., 144A 6.375% Corp., 144A 6.875% 01/02/2025 USD 1,415,000 1,452,144 0.02 01/04/2023 USD 18,407,000 18,706,114 0.32 Windstream Services LLC, 144A 8.75% Riverbed Technology, Inc., 144A 15/12/2024 USD 65,976,000 41,894,760 0.71 8.875% 01/03/2023 USD 2,550,000 2,441,625 0.04 Windstream Services LLC 7.75% Sabine Pass Liquefaction LLC 5.875% 15/10/2020 USD 3,375,000 3,121,875 0.05 30/06/2026 USD 3,085,000 3,327,666 0.06 Windstream Services LLC 6.375% Sabra Health Care LP, REIT 5.125% 01/08/2023 USD 684,000 427,500 0.01 15/08/2026 USD 7,750,000 7,450,152 0.13 WMG Acquisition Corp., 144A 5.625% Sabre GLBL, Inc., 144A 5.375% 15/04/2022 USD 5,076,000 5,215,590 0.09 15/04/2023 USD 8,670,000 8,780,976 0.15 WMG Acquisition Corp., 144A 4.875% Sabre GLBL, Inc., 144A 5.25% 01/11/2024 USD 2,565,000 2,513,700 0.04 15/11/2023 USD 15,599,000 15,774,177 0.27 WPX Energy, Inc. 5.75% 01/06/2026 USD 4,778,000 4,793,959 0.08 SBA Communications Corp., REIT Wynn Las Vegas LLC, 144A 5.5% 4.875% 01/09/2024 USD 10,960,000 10,541,931 0.18 01/03/2025 USD 28,095,000 27,522,986 0.47 Sinclair Television Group, Inc., 144A XPO Logistics, Inc., 144A 6.5% 5.625% 01/08/2024 USD 5,091,000 5,052,818 0.09 15/06/2022 USD 17,225,000 17,664,065 0.30 Sinclair Television Group, Inc., 144A XPO Logistics, Inc., 144A 6.125% 5.125% 15/02/2027 USD 2,095,000 1,955,326 0.03 01/09/2023 USD 5,656,000 5,808,033 0.10 Sinclair Television Group, Inc. 6.125% ZF North America Capital, Inc., 144A 01/10/2022 USD 17,230,000 17,568,225 0.30 4.75% 29/04/2025 USD 2,029,000 2,047,464 0.03 Sirius XM Radio, Inc., 144A 6% 15/07/2024 USD 32,034,000 32,773,024 0.55 2,949,911,245 49.92 Sirius XM Radio, Inc., 144A 5.375% 15/04/2025 USD 26,062,000 25,605,915 0.43 Total Bonds 3,583,802,786 60.66 Sirius XM Radio, Inc., 144A 5.375% 15/07/2026 USD 8,395,000 8,140,841 0.14 Convertible Bonds Sirius XM Radio, Inc., 144A 5% United States of America 01/08/2027 USD 2,485,000 2,327,389 0.04 Chesapeake Energy Corp. 5.5% Six Flags Entertainment Corp., 144A 15/09/2026 USD 3,990,000 4,054,000 0.07 4.875% 31/07/2024 USD 4,820,000 4,693,041 0.08 DISH Network Corp. 3.375% Sprint Communications, Inc., 144A 9% 15/08/2026 USD 11,375,000 11,016,744 0.19 15/11/2018 USD 3,599,000 3,676,558 0.06 Sprint Corp. 7.625% 01/03/2026 USD 3,460,000 3,540,203 0.06 15,070,744 0.26 SPX FLOW, Inc., 144A 5.625% 15/08/2024 USD 6,142,000 6,126,645 0.10 SPX FLOW, Inc., 144A 5.875% Total Convertible Bonds 15,070,744 0.26 15/08/2026 USD 6,665,000 6,661,867 0.11 Equities Standard Industries, Inc., 144A 4.75% 15/01/2028 USD 10,635,000 9,769,417 0.17 United States of America Staples, Inc., 144A 8.5% 15/09/2025 USD 30,360,000 28,492,708 0.48 VICI Properties, Inc., REIT USD 917,950 18,753,718 0.32 Sunoco LP, 144A 4.875% 15/01/2023 USD 3,135,000 3,014,882 0.05 Sunoco LP, 144A 5.5% 15/02/2026 USD 4,370,000 4,178,813 0.07 18,753,718 0.32 Tallgrass Energy Partners LP, 144A 5.5% 15/01/2028 USD 15,365,000 15,134,525 0.26 Total Equities 18,753,718 0.32 Targa Resources Partners LP, 144A 5.875% 15/04/2026 USD 8,400,000 8,398,236 0.14 Total Transferable securities and money market instruments 3,617,627,248 61.24 Targa Resources Partners LP, 144A 5% dealt in on another regulated market 15/01/2028 USD 8,205,000 7,630,486 0.13 Targa Resources Partners LP 4.25% 15/11/2023 USD 1,250,000 1,199,600 0.02

65 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Other transferable securities and money market instruments Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Bonds United States of America 83.61 United States of America Canada 21st Century Oncology, Inc., FRN 10% 5.02 30/04/2023* USD 6,903,914 6,213,523 0.11 Luxembourg 4.90 Noranda Aluminum Acquisition Corp. United Kingdom 1.24 11% 01/06/2019§* USD 4,530,000 0 0.00 Netherlands 0.93 Reichhold Industries, Inc., 144A 9.075% Ireland 0.79 08/05/2017§* USD 4,799,657 5 0.00 France 0.73 Cayman Islands 0.62 6,213,528 0.11 Supranational 0.43 Jersey 0.42 Total Bonds 6,213,528 0.11 Italy 0.20 Germany 0.11 Equities Bermuda 0.04 United States of America Australia 0.03 21st Century Oncology Holdings, Inc.* USD 23,970 958,800 0.02 Total Investments 99.07 ATSX Partners, Inc.* USD 37,168 10,221,200 0.17 Cash and Other Assets/(Liabilities) 0.93 Computershare, Inc.* USD 524,507 10,096,760 0.17 Reichhold , Inc.* USD 7,978 7,706,748 0.13 Total 100.00

28,983,508 0.49

Total Equities 28,983,508 0.49 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Warrants United States of America United States of America 83.20 Jack Cooper Enterprises, Inc. Canada 4.90 26/04/2027* USD 32,001 0 0.00 Luxembourg 4.78 Jack Cooper Enterprises, Inc. Netherlands 1.36 30/07/2027* USD 17,531 0 0.00 United Kingdom 0.97 Ireland 0.70 0 0.00 France 0.67 Cayman Islands 0.49 Total Warrants 0 0.00 Jersey 0.32 Bermuda 0.26 Total Other transferable securities and money market 35,197,036 0.60 Australia 0.26 instruments Italy 0.25 Supranational 0.25 Units of authorised UCITS or other collective investment undertakings Germany 0.10 Total Investments Collective Investment Schemes - UCITS 98.51 Cash and Other Assets/(Liabilities) 1.49 Luxembourg JPMorgan Europe High Yield Bond Fund Total 100.00 - JPM Europe High Yield Bond X (acc) - EUR X† EUR 317,819 45,440,521 0.77

45,440,521 0.77

Total Collective Investment Schemes - UCITS 45,440,521 0.77

Total Units of authorised UCITS or other collective investment 45,440,521 0.77 undertakings Total Investments 5,854,949,567 99.07

Cash (12,281,753) (0.21)

Other Assets/(Liabilities) 67,163,966 1.14

Total Net Assets 5,909,831,780 100.00

§ Security is currently in default. * Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund.

66 JPMorgan Investment Funds - Global High Yield Bond Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

AUD 170,597 USD 125,914 03/08/2018 ANZ 114 - AUD 67,487 USD 49,741 03/08/2018 Barclays 115 - AUD 414,757 USD 304,867 03/08/2018 Merrill Lynch 1,535 - AUD 375,267 USD 276,917 03/08/2018 Standard Chartered 311 - CAD 2,718 USD 2,050 03/08/2018 ANZ 13 - CAD 11,634,073 USD 8,758,730 03/08/2018 National Australia Bank 69,243 - EUR 17,880 USD 20,730 02/07/2018 Societe Generale 88 - EUR 13,321,495 USD 15,415,387 03/07/2018 State Street 95,095 - EUR 143,372 USD 166,522 03/08/2018 BNP Paribas 797 - EUR 44,609 USD 51,635 03/08/2018 National Australia Bank 426 - EUR 1,550,425 USD 1,803,508 03/08/2018 State Street 5,888 - EUR 278,077 USD 323,855 03/08/2018 Toronto-Dominion Bank 669 - HUF 2,991,953 USD 10,551 03/08/2018 Deutsche Bank 34 - USD 326,836 AUD 441,823 03/08/2018 BNP Paribas 440 - USD 103,449 AUD 139,178 03/08/2018 Merrill Lynch 631 - USD 68,815 AUD 92,945 03/08/2018 National Australia Bank 152 - USD 3,368 CHF 3,317 03/08/2018 Barclays 20 - USD 5,748 CHF 5,687 03/08/2018 Merrill Lynch 9 - USD 4,139 CNH 26,885 11/07/2018 Societe Generale 84 - USD 1,488 CZK 33,106 03/08/2018 Barclays 4 - USD 44,464,181 EUR 38,044,085 31/07/2018 Barclays 75,832 - USD 4,452,151 EUR 3,811,053 03/08/2018 Barclays 4,530 - USD 1,072,619 EUR 918,374 03/08/2018 Societe Generale 846 - USD 5,394,787 EUR 4,617,451 03/08/2018 State Street 6,073 - USD 97,324 GBP 73,398 03/08/2018 Deutsche Bank 600 - USD 108,671 GBP 82,248 03/08/2018 Goldman Sachs 285 - USD 9,306 HUF 2,624,751 03/08/2018 Deutsche Bank 20 - USD 20,557 HUF 5,701,856 03/08/2018 Goldman Sachs 384 - USD 14,958 HUF 4,184,605 03/08/2018 HSBC 153 - USD 7,466 HUF 2,081,083 03/08/2018 National Australia Bank 103 - USD 4,960 NZD 7,333 03/08/2018 Goldman Sachs - - USD 3,103 NZD 4,555 03/08/2018 HSBC 23 - USD 13,500 PLN 50,232 03/08/2018 Barclays 121 - USD 6,477 PLN 24,004 03/08/2018 Citibank 84 - USD 30,610 PLN 114,549 03/08/2018 Merrill Lynch 103 - USD 156,026 PLN 582,943 03/08/2018 Societe Generale 774 -

Total Unrealised Gain on Forward Currency Exchange Contracts 265,599 -

AUD 417,575,580 USD 309,628,952 03/08/2018 HSBC (1,145,324) (0.02) CHF 985,556 USD 999,412 03/08/2018 ANZ (4,861) - CNH 2,341,444 USD 365,393 11/07/2018 ANZ (12,244) - CNH 15,740 USD 2,460 11/07/2018 Citibank (86) - CZK 5,191,031 USD 235,030 03/08/2018 Citibank (2,327) - EUR 1,279,699,881 USD 1,495,696,712 03/08/2018 HSBC (2,245,987) (0.04) EUR 48,657 USD 56,811 03/08/2018 National Australia Bank (26) - EUR 795,800 USD 931,598 03/08/2018 State Street (2,873) - GBP 39,095,707 USD 52,035,683 03/08/2018 RBC (515,457) (0.01) GBP 5,059 USD 6,680 03/08/2018 State Street (14) - GBP 1,201 USD 1,594 03/08/2018 UBS (12) - HUF 710,454,186 USD 2,554,574 03/08/2018 State Street (41,012) - NZD 1,961 USD 1,354 03/08/2018 ANZ (28) - NZD 1,942,438 USD 1,339,886 03/08/2018 BNP Paribas (26,171) - NZD 3,461 USD 2,389 03/08/2018 HSBC (48) - PLN 350,000 USD 93,338 02/07/2018 Societe Generale (167) - PLN 31,361,737 USD 8,467,524 03/08/2018 HSBC (115,090) - USD 49,737 AUD 67,487 02/07/2018 Barclays (114) - USD 304,840 AUD 414,757 03/07/2018 Merrill Lynch (1,533) - USD 2,569,984 AUD 3,484,167 03/08/2018 BNP Paribas (3,942) - USD 49,880 AUD 67,630 03/08/2018 Citibank (81) - USD 162,641 AUD 220,645 03/08/2018 National Australia Bank (360) - USD 25,601 CAD 34,092 03/08/2018 Merrill Lynch (268) - USD 32,186 CAD 42,562 03/08/2018 RBC (110) - USD 3,109,122 EUR 2,667,051 03/08/2018 Goldman Sachs (3,411) - USD 20,779 EUR 17,880 03/08/2018 Societe Generale (87) - USD 16,082,093 EUR 13,864,876 03/08/2018 State Street (98,661) - USD 192,251 GBP 145,996 03/08/2018 Barclays (143) - USD 10,531 HUF 2,991,953 03/07/2018 Deutsche Bank (34) -

Total Unrealised Loss on Forward Currency Exchange Contracts (4,220,471) (0.07)

Net Unrealised Loss on Forward Currency Exchange Contracts (3,954,872) (0.07)

67 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange Votorantim Cimentos SA, Reg. S 7.25% listing 05/04/2041 USD 200,000 171,510 0.02

Bonds 460,102 0.05 Angola Canada Angola Government Bond, Reg. S 9.5% Precision Drilling Corp. 5.25% 15/11/2024 USD 16,000 13,124 0.00 12/11/2025 USD 322,000 302,298 0.03 Teck Resources Ltd. 4.75% 15/01/2022 USD 40,000 34,471 0.01 Teck Resources Ltd. 3.75% 01/02/2023 USD 5,000 4,082 0.00 302,298 0.03 Teck Resources Ltd. 6.125% 01/10/2035 USD 315,000 274,824 0.03 Argentina Teck Resources Ltd. 6% 15/08/2040 USD 25,000 21,004 0.00 Argentina Government Bond 8.28% Teck Resources Ltd. 5.4% 01/02/2043 USD 90,000 69,655 0.01 31/12/2033 USD 252,497 209,397 0.02 Argentina Government Bond 6.875% 417,160 0.05 11/01/2048 USD 79,000 52,184 0.01 Cayman Islands Argentina Government Bond 7.125% ABQ Finance Ltd., Reg. S 3.5% 28/06/2117 USD 191,000 128,310 0.02 22/02/2022 USD 200,000 165,161 0.02 Argentina Government Bond 6.875% Noble Holding International Ltd. 7.75% 22/04/2021 USD 817,000 700,248 0.08 15/01/2024 USD 71,000 57,963 0.01 Pampa Energia SA, Reg. S 7.375% Noble Holding International Ltd. 7.95% 21/07/2023 USD 129,000 106,304 0.01 01/04/2025 USD 68,000 54,303 0.01 Provincia de Buenos Aires, Reg. S 9.95% Noble Holding International Ltd. 6.2% 09/06/2021 USD 181,264 161,977 0.02 01/08/2040 USD 28,000 17,564 0.00 YPF SA, Reg. S 8.5% 23/03/2021 USD 99,000 86,724 0.01 Noble Holding International Ltd. 5.25% YPF SA, Reg. S 8.75% 04/04/2024 USD 329,000 281,100 0.03 15/03/2042 USD 22,000 12,988 0.00 Noble Holding International Ltd. 8.95% 1,726,244 0.20 01/04/2045 USD 25,000 19,593 0.00 Armenia Transocean, Inc. 5.8% 15/10/2022 USD 24,000 20,528 0.00 Armenia Government Bond, Reg. S 7.15% Transocean, Inc. 7.5% 15/04/2031 USD 88,000 70,390 0.01 26/03/2025 USD 338,000 304,774 0.03 Transocean, Inc. 6.8% 15/03/2038 USD 150,000 107,762 0.01 Transocean, Inc. 9.35% 15/12/2041 USD 166,000 143,081 0.02 304,774 0.03 669,333 0.08 Australia Australia & New Zealand Banking Group Chile Ltd., FRN, 144A 6.75% Perpetual USD 1,500,000 1,313,247 0.15 Chile Government Bond 3.24% Australia Government Bond, Reg. S 3% 06/02/2028 USD 200,000 164,826 0.02 21/03/2047 AUD 13,233,000 8,242,297 0.94 164,826 0.02 9,555,544 1.09 Colombia Azerbaijan Colombia Government Bond 4% Southern Gas Corridor CJSC, Reg. S 26/02/2024 USD 210,000 180,538 0.02 6.875% 24/03/2026 USD 200,000 185,771 0.02 Colombia Government Bond 7.375% State Oil Co. of the Azerbaijan Republic, 18/09/2037 USD 146,000 157,465 0.02 Reg. S 4.75% 13/03/2023 USD 400,000 339,587 0.04 Colombia Government Bond 5% State Oil Co. of the Azerbaijan Republic, 15/06/2045 USD 412,000 348,246 0.04 Reg. S 6.95% 18/03/2030 USD 345,000 317,590 0.04 Ecopetrol SA 5.875% 18/09/2023 USD 115,000 104,878 0.01 Ecopetrol SA 5.375% 26/06/2026 USD 251,000 221,283 0.02 842,948 0.10 1,012,410 0.11 Bahrain Bahrain Government Bond, Reg. S Costa Rica 6.125% 05/07/2022 USD 200,000 168,017 0.02 Costa Rica Government Bond, Reg. S 4.25% 26/01/2023 USD 200,000 164,208 0.02 168,017 0.02 Costa Rica Government Bond, Reg. S 4.375% 30/04/2025 USD 200,000 159,695 0.02 Belarus Costa Rica Government Bond, Reg. S 7% Belarus Government Bond, Reg. S 04/04/2044 USD 200,000 168,389 0.02 6.875% 28/02/2023 USD 204,000 181,890 0.02 Costa Rica Government Bond, Reg. S Belarus Government Bond, Reg. S 7.625% 7.158% 12/03/2045 USD 200,000 171,357 0.02 29/06/2027 USD 220,000 198,021 0.02 Belarus Government Bond, Reg. S 6.2% 663,649 0.08 28/02/2030 USD 201,000 163,602 0.02 Croatia 543,513 0.06 Croatia Government Bond, Reg. S 6.75% 05/11/2019 USD 100,000 89,613 0.01 Bermuda Croatia Government Bond, Reg. S 6.625% Aircastle Ltd. 5% 01/04/2023 USD 30,000 26,042 0.00 14/07/2020 USD 255,000 230,781 0.02 Weatherford International Ltd. 8.25% Croatia Government Bond, Reg. S 6% 15/06/2023 USD 88,000 74,636 0.01 26/01/2024 USD 259,000 239,471 0.03 Weatherford International Ltd. 9.875% 15/02/2024 USD 87,000 75,332 0.01 559,865 0.06 Weatherford International Ltd. 6.5% 01/08/2036 USD 62,000 42,098 0.01 Dominican Republic Weatherford International Ltd. 7% Dominican Republic Government Bond, 15/03/2038 USD 38,000 25,932 0.00 Reg. S 5.5% 27/01/2025 USD 250,000 213,279 0.02 Weatherford International Ltd. 6.75% Dominican Republic Government Bond, 15/09/2040 USD 11,000 7,534 0.00 Reg. S 6.875% 29/01/2026 USD 246,000 224,005 0.03 Weatherford International Ltd. 5.95% Dominican Republic Government Bond, 15/04/2042 USD 151,000 96,896 0.01 Reg. S 5.95% 25/01/2027 USD 100,000 86,219 0.01 Dominican Republic Government Bond, 348,470 0.04 Reg. S 7.45% 30/04/2044 USD 170,000 154,316 0.02

Brazil 677,819 0.08 Banco Daycoval SA, Reg. S 5.75% 19/03/2019 USD 150,000 129,835 0.01 Ecuador Brazil Government Bond 8.25% Ecuador Government Bond, Reg. S 8.75% 20/01/2034 USD 160,000 158,757 0.02 02/06/2023 USD 245,000 197,687 0.02

68 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Ecuador Government Bond, Reg. S 7.95% Pertamina Persero PT, Reg. S 6.45% 20/06/2024 USD 306,000 234,562 0.03 30/05/2044 USD 351,000 317,140 0.04

432,249 0.05 886,540 0.10 Egypt Iraq Egypt Government Bond, Reg. S 4.75% Iraq Government Bond, Reg. S 6.752% 16/04/2026 EUR 100,000 92,313 0.01 09/03/2023 USD 329,000 272,246 0.03 Egypt Government Bond, Reg. S 8.5% 31/01/2047 USD 200,000 168,404 0.02 272,246 0.03

260,717 0.03 Ireland Ardagh Packaging Finance plc, 144A El Salvador 4.625% 15/05/2023 USD 200,000 170,718 0.02 El Salvador Government Bond, Reg. S 7.375% 01/12/2019 USD 119,000 105,187 0.01 170,718 0.02 El Salvador Government Bond, Reg. S 7.75% 24/01/2023 USD 210,000 189,753 0.02 Italy El Salvador Government Bond, Reg. S Italy Buoni Poliennali Del Tesoro 2% 5.875% 30/01/2025 USD 30,000 24,278 0.00 01/02/2028 EUR 4,300,000 4,052,883 0.46 El Salvador Government Bond, Reg. S Wind Tre SpA, 144A 5% 20/01/2026 USD 200,000 136,341 0.02 6.375% 18/01/2027 USD 73,000 59,332 0.01 El Salvador Government Bond, Reg. S 4,189,224 0.48 8.25% 10/04/2032 USD 165,000 146,849 0.02 Ivory Coast El Salvador Government Bond, Reg. S Ivory Coast Government Bond, Reg. S 7.65% 15/06/2035 USD 466,000 392,947 0.04 5.125% 15/06/2025 EUR 100,000 100,764 0.01 Ivory Coast Government Bond, Reg. S 918,346 0.10 6.375% 03/03/2028 USD 200,000 162,544 0.02 Ethiopia Ivory Coast Government Bond, STEP, Ethiopia Government Bond, Reg. S Reg. S 5.75% 31/12/2032 USD 131,355 104,983 0.01 6.625% 11/12/2024 USD 271,000 228,157 0.03 368,291 0.04 228,157 0.03 Jamaica Finland Jamaica Government Bond 8% Nokia OYJ 6.625% 15/05/2039 USD 90,000 81,854 0.01 15/03/2039 USD 293,000 284,132 0.03

81,854 0.01 284,132 0.03 France Jordan Altice France SA, 144A 6% 15/05/2022 USD 445,000 385,761 0.04 Jordan Government Bond, Reg. S 6.125% Altice France SA, 144A 6.25% 29/01/2026 USD 200,000 166,621 0.02 15/05/2024 USD 600,000 504,730 0.06 Altice France SA, 144A 7.375% 166,621 0.02 01/05/2026 USD 400,000 337,170 0.04 Kazakhstan Credit Agricole SA, FRN, 144A 6.625% Kazakhstan Government Bond, Reg. S Perpetual USD 200,000 172,283 0.02 4.875% 14/10/2044 USD 212,000 176,615 0.02 Credit Agricole SA, FRN, 144A 8.125% Kazakhstan Temir Zholy National Co. JSC, Perpetual USD 1,100,000 1,002,270 0.12 Reg. S 4.85% 17/11/2027 USD 268,000 223,118 0.03 Societe Generale SA, FRN, 144A 6.75% KazMunayGas National Co. JSC, Reg. S Perpetual USD 695,000 549,248 0.06 9.125% 02/07/2018 USD 101,000 86,909 0.01 Societe Generale SA, FRN, 144A 7.375% KazMunayGas National Co. JSC, Reg. S Perpetual USD 1,100,000 964,564 0.11 5.375% 24/04/2030 USD 240,000 206,581 0.02 Societe Generale SA, FRN, 144A 8% Perpetual 895,476 USD 1,000,000 0.10 693,223 0.08 4,811,502 0.55 Kenya Kenya Government Bond, Reg. S 6.875% Gabon 24/06/2024 USD 404,000 343,486 0.04 Gabon Government Bond, Reg. S 6.375% 12/12/2024 154,610 USD 200,000 0.02 343,486 0.04 154,610 0.02 Lebanon Lebanon Government Bond 6.375% Ghana 09/03/2020 USD 712,000 587,911 0.07 Ghana Government Bond, Reg. S 8.125% Lebanon Government Bond, Reg. S 5.15% 18/01/2026 USD 258,603 227,927 0.03 12/11/2018 USD 110,000 94,304 0.01 Lebanon Government Bond, Reg. S 8.25% 227,927 0.03 12/04/2021 USD 779,000 643,130 0.07 Honduras Lebanon Government Bond, Reg. S 6.6% Honduras Government Bond, Reg. S 27/11/2026 USD 120,000 80,960 0.01 8.75% 16/12/2020 USD 249,000 232,153 0.03 Lebanon Government Bond, Reg. S 6.65% 26/02/2030 USD 150,000 97,074 0.01 232,153 0.03 1,503,379 0.17 Hungary Hungary Government Bond 5.375% Luxembourg 21/02/2023 USD 312,000 284,072 0.03 Altice Financing SA, 144A 6.625% Hungary Government Bond 5.75% 15/02/2023 USD 525,000 445,368 0.05 22/11/2023 USD 312,000 288,861 0.04 Altice Financing SA, 144A 7.5% Hungary Government Bond 5.375% 15/05/2026 USD 400,000 332,464 0.04 25/03/2024 USD 314,000 286,982 0.03 Altice Luxembourg SA, 144A 7.75% 15/05/2022 USD 720,000 600,642 0.07 859,915 0.10 ArcelorMittal 5.5% 05/08/2020 USD 20,000 17,739 0.00 ArcelorMittal 5.75% 01/03/2021 USD 130,000 116,391 0.01 Indonesia ArcelorMittal 6.5% 25/02/2022 USD 379,000 347,943 0.04 Indonesia Government Bond, Reg. S ArcelorMittal 6.125% 01/06/2025 USD 70,000 65,063 0.01 4.35% 08/01/2027 USD 252,000 213,529 0.02 ArcelorMittal 7.25% 15/10/2039 USD 34,000 33,623 0.00 Indonesia Government Bond, Reg. S ArcelorMittal 7% 01/03/2041 USD 67,000 65,155 0.01 6.625% 17/02/2037 USD 360,000 355,871 0.04 Intelsat Jackson Holdings SA 7.25% 15/10/2020 USD 555,000 475,481 0.05

69 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Intelsat Jackson Holdings SA 7.5% Panama 01/04/2021 USD 380,000 324,739 0.04 Panama Government Bond 8.875% Intelsat Jackson Holdings SA 5.5% 30/09/2027 USD 124,000 143,514 0.02 01/08/2023 USD 372,000 286,551 0.03 Panama Government Bond 3.875% Intelsat Luxembourg SA 7.75% 17/03/2028 USD 200,000 169,575 0.02 01/06/2021 USD 22,000 17,525 0.00 Panama Government Bond 6.7% Intelsat Luxembourg SA 8.125% 26/01/2036 USD 127,000 134,183 0.01 01/06/2023 USD 93,000 64,366 0.01 Panama Government Bond 4.3% Telecom Italia Capital SA 6.375% 29/04/2053 USD 200,000 162,301 0.02 15/11/2033 USD 139,000 117,966 0.01 Telecom Italia Capital SA 6% 30/09/2034 USD 52,000 42,786 0.01 609,573 0.07 Telecom Italia Capital SA 7.2% 18/07/2036 USD 100,000 88,514 0.01 Paraguay Telecom Italia Capital SA 7.721% Paraguay Government Bond, Reg. S 4.7% 27/03/2027 169,197 04/06/2038 USD 99,000 92,095 0.01 USD 200,000 0.02 Paraguay Government Bond, Reg. S 6.1% 11/08/2044 USD 213,000 190,257 0.02 3,534,411 0.40 Mexico 359,454 0.04 Cemex SAB de CV, 144A 7.75% 16/04/2026 USD 1,285,000 1,191,052 0.13 Peru Mexico Government Bond 5.55% Peru Government Bond 6.35% 12/08/2028 86,708 21/01/2045 USD 279,000 253,769 0.03 PEN 316,000 0.01 Petroleos Mexicanos, FRN 5.977% Peru Government Bond 5.625% 18/11/2050 170,512 11/03/2022 USD 126,000 116,080 0.01 USD 170,000 0.02 Petroleos Mexicanos 5.375% 13/03/2022 USD 609,000 536,495 0.06 257,220 0.03 Petroleos Mexicanos 6.75% 21/09/2047 USD 874,000 715,342 0.08 Petroleos Mexicanos, Reg. S 5.35% Philippines 12/02/2028 USD 300,000 244,487 0.03 Philippine Government Bond 7.75% Petroleos Mexicanos, Reg. S 6.35% 14/01/2031 USD 100,000 113,196 0.01 12/02/2048 USD 77,000 60,419 0.01 113,196 0.01 3,117,644 0.35 Qatar Mongolia Qatar Government Bond, Reg. S 3.875% Mongolia Government Bond, Reg. S 23/04/2023 USD 200,000 171,914 0.02 5.125% 05/12/2022 USD 400,000 322,583 0.03 Qatar Government Bond, Reg. S 5.103% Mongolia Government Bond, Reg. S 23/04/2048 USD 200,000 171,558 0.02 5.625% 01/05/2023 USD 200,000 163,011 0.02 343,472 0.04 485,594 0.05 Russia Morocco Russian Foreign Bond - Eurobond, Reg. S OCP SA, Reg. S 5.625% 25/04/2024 USD 400,000 352,211 0.04 5.875% 16/09/2043 USD 600,000 554,971 0.06 OCP SA, Reg. S 6.875% 25/04/2044 USD 200,000 180,835 0.02 554,971 0.06 533,046 0.06 Senegal Netherlands Senegal Government Bond, Reg. S 6.75% Constellium NV, 144A 5.75% 15/05/2024 USD 250,000 210,423 0.03 13/03/2048 USD 228,000 168,237 0.02 Fiat Chrysler Automobiles NV 5.25% 15/04/2023 USD 625,000 542,387 0.06 168,237 0.02 ING Groep NV, Reg. S, FRN 6.875% Perpetual USD 600,000 526,585 0.06 Serbia Kazakhstan Temir Zholy Finance BV, Serbia Government Bond, Reg. S 5.875% Reg. S 6.95% 10/07/2042 USD 400,000 372,901 0.04 03/12/2018 USD 200,000 173,623 0.02 Minejesa Capital BV, Reg. S 4.625% Serbia Government Bond, Reg. S 4.875% 10/08/2030 USD 204,000 160,081 0.02 25/02/2020 USD 219,000 191,316 0.02 Petrobras Global Finance BV 6.25% Serbia Government Bond, Reg. S 7.25% 17/03/2024 USD 110,000 93,895 0.01 28/09/2021 USD 348,000 326,742 0.04 Petrobras Global Finance BV 8.75% 23/05/2026 USD 301,000 281,217 0.03 691,681 0.08 Petrobras Global Finance BV 6.85% South Africa 05/06/2115 USD 158,000 114,510 0.01 South Africa Government Bond 5.5% 09/03/2020 USD 187,000 165,074 0.02 2,301,999 0.26 South Africa Government Bond 5.875% Nigeria 30/05/2022 USD 100,000 90,100 0.01 Nigeria Government Bond, Reg. S 6.5% South Africa Government Bond 5.875% 28/11/2027 USD 294,000 235,715 0.03 16/09/2025 USD 200,000 176,502 0.02 Nigeria Government Bond, Reg. S 7.696% South Africa Government Bond 4.875% 23/02/2038 USD 304,000 247,491 0.03 14/04/2026 USD 450,000 372,481 0.04 Nigeria Government Bond, Reg. S 7.625% South Africa Government Bond 6.25% 28/11/2047 USD 245,000 192,700 0.02 08/03/2041 USD 200,000 170,213 0.02

675,906 0.08 974,370 0.11 Oman Spain Oman Government Bond, Reg. S 4.125% Banco Bilbao Vizcaya Argentaria SA, FRN 17/01/2023 USD 200,000 163,362 0.02 6.125% Perpetual USD 600,000 455,401 0.05 Oman Government Bond, Reg. S 4.75% 15/06/2026 USD 216,000 170,448 0.02 455,401 0.05 Oman Government Bond, Reg. S 6.5% Sri Lanka 08/03/2047 USD 542,000 418,664 0.05 Sri Lanka Government Bond, Reg. S 6.25% 04/10/2020 USD 266,000 231,875 0.03 752,474 0.09 Sri Lanka Government Bond, Reg. S Pakistan 6.25% 27/07/2021 USD 200,000 173,277 0.02 Pakistan Government Bond, Reg. S 7.25% Sri Lanka Government Bond, Reg. S 15/04/2019 USD 479,000 407,616 0.05 5.75% 18/04/2023 USD 260,000 214,354 0.02

407,616 0.05 619,506 0.07

70 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Supranational Ally Financial, Inc. 4.125% 13/02/2022 USD 826,000 699,573 0.08 JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 123,000 107,097 0.01 Ally Financial, Inc. 4.625% 19/05/2022 USD 594,000 511,822 0.06 Ally Financial, Inc. 5.125% 30/09/2024 USD 671,000 586,943 0.07 107,097 0.01 Ally Financial, Inc. 4.625% 30/03/2025 USD 63,000 53,314 0.01 Switzerland Ally Financial, Inc. 8% 01/11/2031 USD 207,000 212,400 0.02 Credit Suisse Group AG, FRN, 144A 6.25% AMC Entertainment Holdings, Inc. 5.75% Perpetual USD 400,000 336,762 0.04 15/06/2025 USD 334,000 282,401 0.03 Credit Suisse Group AG, FRN, 144A 7.5% AMC Entertainment Holdings, Inc. 5.875% Perpetual USD 900,000 799,717 0.09 15/11/2026 USD 38,000 31,560 0.00 UBS Group Funding Switzerland AG, AMC Entertainment Holdings, Inc. 6.125% Reg. S, FRN 6.875% Perpetual USD 400,000 353,030 0.04 15/05/2027 USD 140,000 116,051 0.01 UBS Group Funding Switzerland AG, AMC Entertainment Holdings, Inc. 5.875% Reg. S, FRN 7% Perpetual USD 400,000 349,184 0.04 15/02/2022 USD 166,000 145,063 0.02 American Axle & Manufacturing, Inc. 6.625% 15/10/2022 15,019 1,838,693 0.21 USD 17,000 0.00 American Axle & Manufacturing, Inc. Trinidad and Tobago 6.25% 15/03/2026 USD 482,000 407,097 0.05 Petroleum Co. of Trinidad & Tobago Ltd., AmeriGas Partners LP 5.625% Reg. S 9.75% 14/08/2019 USD 119,000 105,149 0.01 20/05/2024 USD 75,000 63,653 0.01 AmeriGas Partners LP 5.5% 20/05/2025 USD 263,000 220,186 0.03 105,149 0.01 AmeriGas Partners LP 5.875% 20/08/2026 USD 293,000 246,275 0.03 Turkey AmeriGas Partners LP 5.75% 20/05/2027 USD 43,000 35,017 0.00 Turkey Government Bond 7.375% Amkor Technology, Inc. 6.625% 05/02/2025 USD 290,000 258,226 0.03 01/06/2021 USD 337,000 290,257 0.03 Turkey Government Bond 6% Andeavor Logistics LP 6.25% 15/10/2022 USD 219,000 195,424 0.02 25/03/2027 161,770 USD 200,000 0.02 Andeavor Logistics LP 6.375% Turkey Government Bond 6% 14/01/2041 USD 260,000 189,898 0.02 01/05/2024 USD 95,000 87,010 0.01 Turkey Government Bond 6.625% Anixter, Inc. 5.125% 01/10/2021 USD 80,000 70,130 0.01 17/02/2045 USD 452,000 345,526 0.04 Anixter, Inc. 5.5% 01/03/2023 USD 100,000 87,860 0.01 Turkiye Is Bankasi A/S, Reg. S 6% Antero Resources Corp. 5.625% 24/10/2022 USD 200,000 152,626 0.02 01/06/2023 USD 398,000 348,691 0.04 Turkiye Vakiflar Bankasi TAO, Reg. S 6% Antero Resources Corp. 5.375% 01/11/2022 USD 200,000 149,071 0.01 01/11/2021 USD 16,000 13,910 0.00 Antero Resources Corp. 5.125% 1,257,117 0.14 01/12/2022 USD 728,000 629,781 0.07 Ukraine Arconic, Inc. 5.4% 15/04/2021 USD 20,000 17,659 0.00 Ukraine Government Bond, Reg. S 7.75% Arconic, Inc. 5.125% 01/10/2024 USD 445,000 379,268 0.04 01/09/2020 USD 270,000 231,176 0.03 Arconic, Inc. 5.9% 01/02/2027 USD 360,000 312,230 0.04 Ukraine Government Bond, Reg. S 7.75% Arconic, Inc. 5.95% 01/02/2037 USD 40,000 33,227 0.00 01/09/2021 USD 343,000 291,279 0.03 Ashland LLC 4.75% 15/08/2022 USD 591,000 508,998 0.06 Ukraine Government Bond, Reg. S 7.75% Ashland LLC 6.875% 15/05/2043 USD 100,000 86,688 0.01 01/09/2022 USD 170,000 143,073 0.02 Ashtead Capital, Inc., 144A 5.625% 01/10/2024 USD 200,000 176,927 0.02 665,528 0.08 B&G Foods, Inc. 5.25% 01/04/2025 USD 193,000 157,095 0.02 United Kingdom Ball Corp. 4% 15/11/2023 USD 166,000 139,406 0.02 Barclays plc 4.375% 11/09/2024 USD 205,000 171,152 0.02 Ball Corp. 5.25% 01/07/2025 USD 35,000 30,746 0.00 Barclays plc 5.2% 12/05/2026 USD 270,000 228,037 0.03 Bank of America Corp., FRN 6.25% Perpetual 2,768,917 Barclays plc, Reg. S, FRN 7.875% USD 3,090,000 0.32 Perpetual USD 600,000 533,712 0.06 Bank of America Corp., FRN 6.3% Perpetual USD 395,000 358,849 0.04 Ensco plc 4.5% 01/10/2024 USD 10,000 7,123 0.00 Berry Global, Inc. 5.5% 15/05/2022 USD 100,000 87,645 0.01 Ensco plc 5.2% 15/03/2025 USD 68,000 48,761 0.01 Berry Global, Inc. 6% 15/10/2022 USD 115,000 101,891 0.01 Ensco plc 7.75% 01/02/2026 USD 47,000 38,428 0.00 Berry Global, Inc. 5.125% 15/07/2023 USD 20,000 17,084 0.00 HSBC Holdings plc, FRN 6.25% Perpetual USD 390,000 328,967 0.04 Blue Cube Spinco LLC 10% 15/10/2025 114,983 HSBC Holdings plc, FRN 6.375% USD 115,000 0.01 Perpetual USD 200,000 168,444 0.02 Boyd Gaming Corp. 6.875% 15/05/2023 USD 215,000 194,207 0.02 HSBC Holdings plc, FRN 6.5% Perpetual USD 1,115,000 918,990 0.10 Boyd Gaming Corp. 6.375% 01/04/2026 USD 445,000 387,915 0.04 HSBC Holdings plc, FRN 6.875% Bristow Group, Inc. 6.25% 15/10/2022 USD 62,000 41,491 0.01 Perpetual USD 400,000 356,263 0.04 Caleres, Inc. 6.25% 15/08/2023 USD 10,000 8,849 0.00 International Game Technology plc, 144A Callon Petroleum Co. 6.125% 01/10/2024 USD 224,000 193,123 0.02 6.25% 15/02/2022 USD 200,000 176,589 0.02 Cedar Fair LP 5.375% 01/06/2024 USD 57,000 49,448 0.01 Jaguar Land Rover Automotive plc, 144A Centene Corp. 4.75% 15/05/2022 USD 7,000 6,080 0.00 4.5% 01/10/2027 USD 400,000 309,145 0.03 Centene Corp. 6.125% 15/02/2024 USD 155,000 140,089 0.02 Lloyds Banking Group plc, FRN 7.5% Centene Corp. 4.75% 15/01/2025 USD 169,000 144,549 0.02 Perpetual USD 600,000 524,925 0.06 CenturyLink, Inc. 6.45% 15/06/2021 USD 200,000 176,927 0.02 Royal Bank of Scotland Group plc 6.125% CenturyLink, Inc. 7.5% 01/04/2024 USD 195,000 172,478 0.02 15/12/2022 USD 1,033,000 933,605 0.11 CenturyLink, Inc. 5.625% 01/04/2025 USD 280,000 228,404 0.03 Royal Bank of Scotland Group plc 6.1% CenturyLink, Inc. 5.8% 15/03/2022 USD 478,000 406,270 0.05 10/06/2023 135,860 USD 150,000 0.01 CenturyLink, Inc. 5.625% 01/04/2020 USD 70,000 61,001 0.01 Royal Bank of Scotland Group plc 5.125% CenturyLink, Inc. 6.75% 01/12/2023 USD 440,000 380,733 0.04 28/05/2024 USD 100,000 86,712 0.01 CF Industries, Inc. 3.45% 01/06/2023 32,594 Virgin Media Secured Finance plc, 144A USD 40,000 0.00 5.5% 15/01/2025 USD 200,000 167,886 0.02 CF Industries, Inc. 5.15% 15/03/2034 USD 122,000 97,190 0.01 CF Industries, Inc. 5.375% 15/03/2044 USD 5,000 3,823 0.00 5,134,599 0.58 Chemours Co. (The) 7% 15/05/2025 USD 156,000 143,894 0.02 Chemours Co. (The) 6.625% 15/05/2023 USD 310,000 279,608 0.03 United States of America Chesapeake Energy Corp., FRN 5.598% AECOM 5.875% 15/10/2024 USD 327,000 291,378 0.03 15/04/2019 USD 224,000 192,387 0.02 AECOM 5.125% 15/03/2027 USD 178,000 143,855 0.02 Chesapeake Energy Corp. 5.75% AerCap Global Aviation Trust, FRN, 144A 15/03/2023 USD 19,000 15,554 0.00 6.5% 15/06/2045 USD 1,410,000 1,253,393 0.14 Cinemark USA, Inc. 4.875% 01/06/2023 USD 185,000 155,901 0.02 AES Corp. 4.875% 15/05/2023 USD 35,000 30,156 0.00 CIT Group, Inc. 5% 01/08/2023 USD 541,000 471,437 0.05 AES Corp. 5.5% 15/04/2025 USD 237,000 206,114 0.02 Clean Harbors, Inc. 5.125% 01/06/2021 USD 280,000 241,743 0.03 AES Corp. 6% 15/05/2026 USD 45,000 40,046 0.00 Clearwater Paper Corp. 4.5% 01/02/2023 USD 149,000 120,293 0.01 AK Steel Corp. 7.5% 15/07/2023 USD 16,000 14,412 0.00 CNO Financial Group, Inc. 5.25% AK Steel Corp. 6.375% 15/10/2025 USD 169,000 135,848 0.02 30/05/2025 USD 236,000 202,401 0.02 AK Steel Corp. 7% 15/03/2027 USD 64,000 52,717 0.01 Coeur Mining, Inc. 5.875% 01/06/2024 USD 7,000 5,825 0.00 Ally Financial, Inc. 3.5% 27/01/2019 USD 140,000 120,458 0.01 Commercial Metals Co. 4.875% Ally Financial, Inc. 4.25% 15/04/2021 USD 5,000 4,311 0.00 15/05/2023 USD 90,000 75,643 0.01

71 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Commercial Metals Co. 5.375% Hilton Grand Vacations Borrower LLC 15/07/2027 USD 49,000 40,139 0.00 6.125% 01/12/2024 USD 52,000 45,945 0.01 Community Health Systems, Inc. 6.25% Hilton Worldwide Finance LLC 4.625% 31/03/2023 USD 392,000 308,726 0.04 01/04/2025 USD 264,000 221,247 0.03 Community Health Systems, Inc. 5.125% Hilton Worldwide Finance LLC 4.875% 01/08/2021 USD 90,000 72,081 0.01 01/04/2027 USD 178,000 147,528 0.02 Community Health Systems, Inc. 6.875% HRG Group, Inc. 7.75% 15/01/2022 USD 354,000 313,161 0.04 01/02/2022 USD 91,000 40,642 0.00 Huntsman International LLC 5.125% Continental Resources, Inc. 4.5% 15/11/2022 USD 587,000 519,012 0.06 15/04/2023 USD 125,000 109,117 0.01 Iron Mountain, Inc., REIT 6% 15/08/2023 USD 20,000 17,673 0.00 CoreCivic, Inc., REIT 4.625% 01/05/2023 USD 510,000 431,789 0.05 Iron Mountain, Inc., REIT 5.75% Covanta Holding Corp. 5.875% 15/08/2024 USD 212,000 179,371 0.02 01/03/2024 USD 408,000 346,477 0.04 L Brands, Inc. 5.25% 01/02/2028 USD 101,000 77,223 0.01 Covanta Holding Corp. 5.875% L Brands, Inc. 6.875% 01/11/2035 USD 10,000 7,596 0.00 01/07/2025 USD 12,000 9,957 0.00 L Brands, Inc. 6.75% 01/07/2036 USD 325,000 247,033 0.03 Crestwood Midstream Partners LP 6.25% Laredo Petroleum, Inc. 5.625% 01/04/2023 USD 280,000 245,973 0.03 15/01/2022 USD 5,000 4,261 0.00 Crestwood Midstream Partners LP 5.75% Lennar Corp. 4.75% 15/11/2022 USD 30,000 25,840 0.00 01/04/2025 82,761 USD 96,000 0.01 Lennar Corp. 4.875% 15/12/2023 USD 250,000 214,480 0.02 Crown Americas LLC 4.5% 15/01/2023 224,211 USD 266,000 0.03 Lennar Corp. 4.5% 30/04/2024 USD 120,000 99,870 0.01 Crown Americas LLC 4.25% 30/09/2026 7,840 USD 10,000 0.00 Lennar Corp. 4.75% 30/05/2025 USD 110,000 91,791 0.01 Dana, Inc. 5.5% 15/12/2024 USD 10,000 8,553 0.00 Level 3 Financing, Inc. 5.625% DaVita, Inc. 5.75% 15/08/2022 USD 25,000 21,912 0.00 01/02/2023 USD 165,000 142,015 0.02 DaVita, Inc. 5.125% 15/07/2024 USD 291,000 241,809 0.03 Level 3 Financing, Inc. 5.125% DaVita, Inc. 5% 01/05/2025 USD 770,000 623,522 0.07 01/05/2023 USD 75,000 63,307 0.01 DCP Midstream Operating LP 3.875% Level 3 Financing, Inc. 5.375% 15/03/2023 USD 180,000 149,453 0.02 15/01/2024 USD 485,000 408,342 0.05 DCP Midstream Operating LP 5.6% Level 3 Financing, Inc. 5.375% 01/04/2044 USD 55,000 44,817 0.01 01/05/2025 USD 501,000 417,385 0.05 Denbury Resources, Inc. 5.5% Level 3 Financing, Inc. 5.375% 01/05/2022 USD 51,000 40,707 0.00 15/08/2022 USD 115,000 99,022 0.01 Diamond Offshore Drilling, Inc. 7.875% Level 3 Parent LLC 5.75% 01/12/2022 USD 210,000 180,516 0.02 15/08/2025 USD 122,000 108,649 0.01 MagnaChip Semiconductor Corp. 6.625% Diebold Nixdorf, Inc. 8.5% 15/04/2024 USD 315,000 260,453 0.03 15/07/2021 USD 70,000 58,266 0.01 Embarq Corp. 7.995% 01/06/2036 USD 1,198,000 974,178 0.11 MasTec, Inc. 4.875% 15/03/2023 USD 310,000 259,064 0.03 EMC Corp. 3.375% 01/06/2023 USD 251,000 201,803 0.02 MetLife, Inc. 6.4% 15/12/2066 USD 725,000 663,308 0.08 Encompass Health Corp. 5.75% MGM Growth Properties Operating 01/11/2024 USD 450,000 390,517 0.04 Partnership LP, REIT 5.625% 01/05/2024 USD 120,000 104,471 0.01 Energy Transfer Equity LP 5.875% MGM Growth Properties Operating 15/01/2024 USD 229,000 202,396 0.02 Partnership LP, REIT 4.5% 01/09/2026 USD 50,000 40,186 0.00 Energy Transfer Equity LP 5.5% MGM Resorts International 6% 01/06/2027 USD 85,000 73,270 0.01 15/03/2023 USD 990,000 874,153 0.10 Envision Healthcare Corp. 5.625% MGM Resorts International 4.625% 15/07/2022 USD 101,000 88,915 0.01 01/09/2026 USD 1,500,000 1,196,797 0.14 EP Energy LLC 9.375% 01/05/2020 USD 109,000 92,714 0.01 MPLX LP 5.5% 15/02/2023 USD 155,000 135,807 0.02 Freeport-McMoRan, Inc. 3.1% Nabors Industries, Inc. 4.625% 15/03/2020 USD 20,000 16,928 0.00 15/09/2021 USD 52,000 43,864 0.01 Freeport-McMoRan, Inc. 4% 14/11/2021 USD 15,000 12,675 0.00 Nabors Industries, Inc. 5.5% 15/01/2023 USD 75,000 62,627 0.01 Freeport-McMoRan, Inc. 3.55% Nabors Industries, Inc. 5.1% 15/09/2023 USD 2,000 1,632 0.00 01/03/2022 USD 380,000 310,775 0.04 Nationstar Mortgage LLC 7.875% Freeport-McMoRan, Inc. 3.875% 01/10/2020 USD 15,000 12,996 0.00 15/03/2023 USD 738,000 601,397 0.07 Nationstar Mortgage LLC 6.5% Freeport-McMoRan, Inc. 4.55% 01/06/2022 USD 183,000 157,602 0.02 14/11/2024 USD 370,000 304,524 0.03 New Albertsons LP 7.75% 15/06/2026 USD 155,000 115,254 0.01 Freeport-McMoRan, Inc. 5.4% New Albertsons LP 7.45% 01/08/2029 USD 163,000 112,347 0.01 14/11/2034 35,343 USD 45,000 0.00 New Albertsons LP 8.7% 01/05/2030 USD 193,000 145,456 0.02 Freeport-McMoRan, Inc. 5.45% New Albertsons LP 8% 01/05/2031 USD 235,000 167,197 0.02 15/03/2043 USD 70,000 52,841 0.01 New Albertsons LP 6.625% 01/06/2028 USD 40,000 26,625 0.00 Genesis Energy LP 6.75% 01/08/2022 USD 30,000 26,281 0.00 New Home Co., Inc. (The) 7.25% Genesis Energy LP 6% 15/05/2023 110,094 USD 130,000 0.01 01/04/2022 USD 180,000 159,788 0.02 Genesis Energy LP 5.625% 15/06/2024 USD 20,000 16,151 0.00 Newfield Exploration Co. 5.625% Genesis Energy LP 6.5% 01/10/2025 USD 65,000 54,039 0.01 01/07/2024 USD 25,000 22,653 0.00 Genesis Energy LP 6.25% 15/05/2026 USD 30,000 24,265 0.00 Newfield Exploration Co. 5.375% GEO Group, Inc. (The), REIT 5.875% 01/01/2026 USD 130,000 114,242 0.01 15/01/2022 USD 10,000 8,739 0.00 NRG Energy, Inc. 7.25% 15/05/2026 USD 340,000 312,149 0.04 GEO Group, Inc. (The), REIT 5.125% NRG Energy, Inc. 6.625% 15/01/2027 USD 130,000 115,042 0.01 01/04/2023 12,672 USD 15,000 0.00 NRG Energy, Inc. 6.25% 15/07/2022 USD 60,000 53,163 0.01 GEO Group, Inc. (The), REIT 5.875% NRG Yield Operating LLC 5.375% 15/10/2024 579,103 USD 690,000 0.07 15/08/2024 USD 413,000 355,455 0.04 Global Partners LP 7% 15/06/2023 147,356 USD 172,000 0.02 NuStar Logistics LP 5.625% 28/04/2027 USD 150,000 124,024 0.01 Global Partners LP 6.25% 15/07/2022 58,618 USD 70,000 0.01 Oasis Petroleum, Inc. 6.875% 15/01/2023 USD 355,000 311,999 0.04 Graphic Packaging International LLC Oasis Petroleum, Inc. 6.875% 15/03/2022 USD 106,000 93,035 0.01 4.75% 15/04/2021 USD 5,000 4,346 0.00 Outfront Media Capital LLC 5.625% Graphic Packaging International LLC 15/02/2024 USD 120,000 104,026 0.01 4.125% 15/08/2024 USD 199,000 167,357 0.02 Outfront Media Capital LLC 5.875% HCA Healthcare, Inc. 6.25% 15/02/2021 28,606 USD 32,000 0.00 15/03/2025 USD 180,000 156,483 0.02 HCA, Inc. 6.5% 15/02/2020 17,877 USD 20,000 0.00 PBF Logistics LP 6.875% 15/05/2023 USD 85,000 74,008 0.01 HCA, Inc. 7.5% 15/02/2022 USD 11,000 10,310 0.00 Penske Automotive Group, Inc. 5.5% HCA, Inc. 5.875% 01/05/2023 USD 1,154,000 1,028,279 0.12 15/05/2026 USD 311,000 262,727 0.03 HCA, Inc. 5% 15/03/2024 USD 27,000 23,270 0.00 QEP Resources, Inc. 5.375% 01/10/2022 USD 116,000 102,252 0.01 HCA, Inc. 5.375% 01/02/2025 USD 2,400,000 2,039,512 0.23 QEP Resources, Inc. 5.25% 01/05/2023 USD 55,000 46,511 0.01 HCA, Inc. 5.875% 15/02/2026 USD 2,758,000 2,391,161 0.27 QEP Resources, Inc. 5.625% 01/03/2026 USD 12,000 9,833 0.00 HCA, Inc. 5.25% 15/06/2026 USD 110,000 94,212 0.01 Radian Group, Inc. 7% 15/03/2021 USD 70,000 63,803 0.01 HCA, Inc. 5.5% 15/06/2047 USD 106,000 83,914 0.01 Radian Group, Inc. 4.5% 01/10/2024 USD 320,000 264,031 0.03 Hecla Mining Co. 6.875% 01/05/2021 USD 215,000 187,190 0.02 Range Resources Corp. 5% 15/08/2022 USD 9,000 7,696 0.00 Hertz Corp. (The) 7.375% 15/01/2021 USD 65,000 54,812 0.01 Range Resources Corp. 5% 15/03/2023 USD 170,000 142,379 0.02 Hertz Corp. (The) 6.25% 15/10/2022 USD 115,000 88,111 0.01 Range Resources Corp. 4.875% Hilton Domestic Operating Co., Inc. 15/05/2025 USD 10,000 8,096 0.00 4.25% 01/09/2024 USD 30,000 24,542 0.00

72 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Revlon Consumer Products Corp. 6.25% Unit Corp. 6.625% 15/05/2021 USD 146,000 125,504 0.01 01/08/2024 USD 188,000 89,020 0.01 United Continental Holdings, Inc. 5% Reynolds Group Issuer, Inc. 5.75% 01/02/2024 USD 282,000 235,161 0.03 15/10/2020 USD 965,231 833,025 0.10 United Rentals North America, Inc. 5.75% RHP Hotel Properties LP, REIT 5% 15/11/2024 USD 200,000 175,356 0.02 15/04/2021 USD 420,000 363,110 0.04 United Rentals North America, Inc. 5.5% RHP Hotel Properties LP, REIT 5% 15/07/2025 USD 115,000 99,619 0.01 15/04/2023 USD 190,000 163,185 0.02 United Rentals North America, Inc. Rowan Cos., Inc. 4.75% 15/01/2024 USD 2,000 1,489 0.00 4.625% 15/10/2025 USD 340,000 280,153 0.03 Rowan Cos., Inc. 7.375% 15/06/2025 USD 122,000 101,945 0.01 United Rentals North America, Inc. RSP Permian, Inc. 6.625% 01/10/2022 USD 311,000 281,319 0.03 5.875% 15/09/2026 USD 435,000 376,831 0.04 Sally Holdings LLC 5.5% 01/11/2023 USD 25,000 21,130 0.00 United Rentals North America, Inc. 5.5% Sanchez Energy Corp. 7.75% 15/06/2021 USD 217,000 159,816 0.02 15/05/2027 USD 935,000 781,655 0.09 Sanchez Energy Corp. 6.125% 15/01/2023 USD 44,000 25,697 0.00 United Rentals North America, Inc. Scotts Miracle-Gro Co. (The) 6% 4.875% 15/01/2028 USD 176,000 140,590 0.02 15/10/2023 USD 225,000 200,771 0.02 United States Cellular Corp. 6.7% Scotts Miracle-Gro Co. (The) 5.25% 15/12/2033 USD 260,000 233,933 0.03 15/12/2026 USD 335,000 275,155 0.03 United States Steel Corp. 6.875% 15/08/2025 51,433 SemGroup Corp. 5.625% 15/11/2023 USD 131,000 106,183 0.01 USD 59,000 0.01 US Treasury 0.75% 30/09/2018 13,359 SemGroup Corp. 5.625% 15/07/2022 USD 55,000 46,057 0.01 USD 15,600 0.00 Service Corp. International 8% US Treasury 1.125% 31/01/2019 USD 2,005,000 1,711,306 0.19 15/11/2021 USD 40,000 38,349 0.00 US Treasury 6.125% 15/08/2029 USD 3,515,000 3,954,326 0.45 Service Corp. International 5.375% US Treasury 6.25% 15/05/2030 USD 6,890,000 7,924,984 0.90 15/01/2022 USD 145,000 125,824 0.01 US Treasury 5.375% 15/02/2031 USD 7,400,000 8,036,410 0.91 Service Corp. International 7.5% US Treasury 4.5% 15/02/2036 USD 7,735,000 8,136,562 0.93 01/04/2027 USD 331,000 320,177 0.04 US Treasury 4.25% 15/05/2039 USD 7,805,000 8,101,789 0.92 Service Corp. International 5.375% US Treasury 3.625% 15/08/2043 USD 8,595,000 8,242,455 0.94 15/05/2024 USD 460,000 405,451 0.05 US Treasury 2.5% 15/05/2046 USD 10,560,000 8,260,487 0.94 SESI LLC 7.125% 15/12/2021 USD 2,000 1,752 0.00 US Treasury 2.25% 15/08/2046 USD 11,250,000 8,344,295 0.95 SM Energy Co. 6.5% 01/01/2023 USD 30,000 26,153 0.00 US Treasury 3% 15/02/2048 USD 9,620,000 8,311,391 0.95 SM Energy Co. 5.625% 01/06/2025 USD 120,000 99,457 0.01 Vista Outdoor, Inc. 5.875% 01/10/2023 USD 485,000 399,757 0.05 SM Energy Co. 5% 15/01/2024 USD 385,000 311,652 0.04 Vistra Energy Corp. 7.375% 01/11/2022 USD 250,000 224,499 0.03 Southern Copper Corp. 5.875% Vistra Energy Corp. 5.875% 01/06/2023 USD 640,000 566,005 0.06 23/04/2045 USD 200,000 183,669 0.02 Vistra Energy Corp. 7.625% 01/11/2024 USD 80,000 73,539 0.01 Southwestern Energy Co. 6.7% Weatherford International LLC 6.8% 23/01/2025 USD 344,000 291,185 0.03 15/06/2037 USD 2,000 1,371 0.00 Southwestern Energy Co. 7.5% Welbilt, Inc. 9.5% 15/02/2024 USD 95,000 90,160 0.01 01/04/2026 USD 10,000 8,898 0.00 WellCare Health Plans, Inc. 5.25% Southwestern Energy Co. 7.75% 01/04/2025 USD 350,000 299,907 0.03 01/10/2027 USD 10,000 8,951 0.00 WESCO Distribution, Inc. 5.375% Spectrum Brands, Inc. 5.75% 15/07/2025 USD 518,000 440,406 0.05 15/06/2024 USD 112,000 95,427 0.01 Sprint Capital Corp. 6.9% 01/05/2019 USD 15,000 13,202 0.00 Western Digital Corp. 4.75% 15/02/2026 USD 494,000 413,768 0.05 Sprint Capital Corp. 8.75% 15/03/2032 USD 820,000 750,960 0.09 Whiting Petroleum Corp. 5.75% Sprint Communications, Inc. 7% 15/03/2021 USD 226,000 198,219 0.02 15/08/2020 USD 100,000 89,165 0.01 Whiting Petroleum Corp. 6.25% Sprint Communications, Inc. 6% 01/04/2023 USD 225,000 200,372 0.02 15/11/2022 USD 262,000 223,426 0.03 WildHorse Resource Development Corp. Sprint Corp. 7.625% 15/02/2025 USD 3,590,000 3,166,965 0.36 6.875% 01/02/2025 USD 30,000 26,442 0.00 Sprint Corp. 7.25% 15/09/2021 USD 136,000 121,461 0.01 Williams Cos., Inc. (The) 3.7% 15/01/2023 USD 125,000 104,169 0.01 Sprint Corp. 7.875% 15/09/2023 USD 1,110,000 993,849 0.11 Williams Cos., Inc. (The) 4.55% Sprint Corp. 7.125% 15/06/2024 USD 754,000 651,671 0.07 24/06/2024 USD 69,000 59,291 0.01 Steel Dynamics, Inc. 5% 15/12/2026 USD 45,000 38,858 0.00 Williams Cos., Inc. (The) 7.5% 15/01/2031 USD 10,000 10,260 0.00 Summit Materials LLC 6.125% Williams Cos., Inc. (The) 5.75% 15/07/2023 USD 30,000 26,087 0.00 24/06/2044 USD 125,000 111,662 0.01 Summit Midstream Holdings LLC 5.5% WPX Energy, Inc. 6% 15/01/2022 USD 16,000 14,294 0.00 15/08/2022 USD 40,000 33,885 0.00 WPX Energy, Inc. 8.25% 01/08/2023 USD 280,000 273,563 0.03 Summit Midstream Holdings LLC 5.75% WPX Energy, Inc. 5.25% 15/09/2024 USD 80,000 68,274 0.01 15/04/2025 USD 283,000 230,974 0.03 Wyndham Worldwide Corp. 5.1% SUPERVALU, Inc. 7.75% 15/11/2022 USD 495,000 437,895 0.05 01/10/2025 USD 19,000 16,685 0.00 Targa Resources Partners LP 6.75% Zayo Group LLC 6% 01/04/2023 USD 215,000 187,889 0.02 15/03/2024 USD 580,000 521,807 0.06 Zayo Group LLC 6.375% 15/05/2025 USD 715,000 628,726 0.07 TEGNA, Inc. 6.375% 15/10/2023 USD 490,000 433,280 0.05 Teleflex, Inc. 4.875% 01/06/2026 USD 103,000 87,137 0.01 136,333,560 15.50 Teleflex, Inc. 5.25% 15/06/2024 USD 25,000 22,009 0.00 Tempur Sealy International, Inc. 5.625% Uruguay 15/10/2023 USD 659,000 567,730 0.06 Uruguay Government Bond 4.375% Tempur Sealy International, Inc. 5.5% 27/10/2027 USD 250,000 218,234 0.02 15/06/2026 USD 363,000 302,302 0.03 Uruguay Government Bond 7.625% Tenet Healthcare Corp. 4.5% 01/04/2021 USD 497,000 424,647 0.05 21/03/2036 USD 178,366 199,105 0.02 Tenet Healthcare Corp. 4.375% Uruguay Government Bond 5.1% 01/10/2021 USD 74,000 62,745 0.01 18/06/2050 USD 465,581 397,894 0.05 Tenet Healthcare Corp. 8.125% 01/04/2022 USD 444,000 399,780 0.05 815,233 0.09 Tenet Healthcare Corp. 6.75% Virgin Islands, British 15/06/2023 519,012 USD 607,000 0.06 GTL Trade Finance, Inc., Reg. S 5.893% Tenneco, Inc. 5% 15/07/2026 USD 280,000 216,520 0.02 29/04/2024 USD 151,000 131,245 0.01 Toll Brothers Finance Corp. 4.875% 15/11/2025 104,029 USD 125,000 0.01 131,245 0.01 TransDigm, Inc. 5.5% 15/10/2020 USD 265,000 227,843 0.03 TransDigm, Inc. 6.5% 15/05/2025 USD 202,000 176,025 0.02 Zambia TransDigm, Inc. 6.375% 15/06/2026 USD 129,000 110,298 0.01 Zambia Government Bond, Reg. S 5.375% TransDigm, Inc. 6% 15/07/2022 USD 83,000 72,056 0.01 20/09/2022 USD 232,000 166,812 0.02 TransDigm, Inc. 6.5% 15/07/2024 USD 90,000 78,742 0.01 TransMontaigne Partners LP 6.125% 166,812 0.02 15/02/2026 USD 52,000 45,331 0.01 Triumph Group, Inc. 4.875% 01/04/2021 USD 55,000 45,962 0.01 Total Bonds 199,013,066 22.63 Triumph Group, Inc. 5.25% 01/06/2022 USD 25,000 20,673 0.00 Triumph Group, Inc. 7.75% 15/08/2025 USD 420,000 359,589 0.04

73 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Convertible Bonds Virgin Islands, British PB Issuer No. 4 Ltd., Reg. S 3.25% Austria 03/07/2021 USD 200,000 173,443 0.02 ams AG, Reg. S 0% 05/03/2025 EUR 200,000 177,779 0.02 173,443 0.02 177,779 0.02 Bermuda Total Convertible Bonds 9,959,552 1.13 BW Group Ltd., Reg. S 1.75% 10/09/2019 164,785 USD 200,000 0.02 Equities 164,785 0.02 Australia Goodman Group, REIT AUD 130,094 794,818 0.09 Cayman Islands Mirvac Group, REIT AUD 265,437 366,273 0.04 China Overseas Finance Investment Scentre Group, REIT 485,519 Cayman V Ltd., Reg. S 0% 05/01/2023 USD 1,400,000 1,256,912 0.14 AUD 174,126 0.06 Future Land Development Holdings Ltd., Reg. S 2.25% 10/02/2019 HKD 3,710,000 398,451 0.05 1,646,610 0.19 Powerlong Real Estate Holdings Ltd., Austria Reg. S 0% 11/02/2019 HKD 4,000,000 429,711 0.05 OMV AG EUR 3,795 186,278 0.02

2,085,074 0.24 186,278 0.02 Cyprus Belgium Volcan Holdings plc, Reg. S 4.125% Ageas EUR 3,805 165,118 0.02 11/04/2020 GBP 100,000 144,701 0.02 Anheuser-Busch InBev SA EUR 3,053 263,795 0.03 KBC Group NV EUR 2,858 188,742 0.02 144,701 0.02 Warehouses De Pauw, REIT, CVA EUR 2,972 323,056 0.04 Germany Rocket Internet SE, Reg. S 3% 940,711 0.11 22/07/2022 EUR 100,000 107,181 0.01 Bermuda Nabors Industries Ltd. Preference 6% 194,557 107,181 0.01 USD 4,900 0.02 Italy 194,557 0.02 Prysmian SpA, Reg. S 0% 17/01/2022 EUR 300,000 297,335 0.03 Brazil Ambev SA 756,749 297,335 0.03 BRL 187,513 0.08 BB Seguridade Participacoes SA BRL 108,941 594,763 0.07 Jersey Cielo SA BRL 71,800 263,988 0.03 British Land White 2015 Ltd., Reg. S 0% Engie Brasil Energia SA BRL 65,957 501,651 0.06 09/06/2020 GBP 400,000 435,181 0.05 Itau Unibanco Holding SA Preference BRL 89,176 797,782 0.09 Intu Jersey 2 Ltd., REIT, Reg. S 2.875% Petrobras Distribuidora SA BRL 48,606 195,296 0.02 01/11/2022 GBP 600,000 623,002 0.07 Remgro Jersey GBP Ltd., Reg. S 2.625% 3,110,229 0.35 22/03/2021 GBP 500,000 549,596 0.06 Canada 1,607,779 0.18 Allied Properties Real Estate Investment Trust CAD 16,882 462,558 0.05 Malta TransCanada Corp. CAD 25,041 921,555 0.11 Brait SE, Reg. S 2.75% 18/09/2020 GBP 100,000 103,821 0.01 1,384,113 0.16 103,821 0.01 Cayman Islands Netherlands Sands China Ltd. HKD 139,200 638,832 0.07 America Movil BV, Reg. S 5.5% WH Group Ltd., Reg. S HKD 420,500 293,671 0.04 17/09/2018 EUR 1,000,000 707,220 0.08 Wharf Real Estate Investment Co. Ltd. HKD 32,000 195,898 0.02 Bayer Capital Corp. BV, Reg. S 5.625% 22/11/2019 EUR 700,000 750,438 0.09 1,128,401 0.13 1,457,658 0.17 Chile Norway Banco Santander Chile, ADR USD 9,133 246,421 0.03 Telenor East Holding II A/S, Reg. S 0.25% 20/09/2019 USD 1,000,000 831,391 0.09 246,421 0.03 China 831,391 0.09 China Construction Bank Corp. ‘H’ HKD 900,000 713,765 0.08 Singapore China Life Insurance Co. Ltd. ‘H’ HKD 219,000 484,850 0.06 CapitaLand Ltd., Reg. S 1.85% China Pacific Insurance Group Co. Ltd. ‘H’ HKD 217,600 723,518 0.08 19/06/2020 SGD 1,250,000 769,196 0.09 CapitaLand Ltd., Reg. S 2.95% 1,922,133 0.22 20/06/2022 SGD 250,000 157,082 0.02 Czech Republic CapitaLand Ltd., Reg. S 2.8% 08/06/2025 SGD 1,000,000 608,649 0.07 Komercni banka A/S CZK 12,950 463,424 0.05 Moneta Money Bank A/S CZK 30,354 88,842 0.01 1,534,927 0.18 United Arab Emirates 552,266 0.06 Aabar Investments PJSC, Reg. S 0.5% 27/03/2020 EUR 600,000 559,920 0.06 Denmark Aabar Investments PJSC, Reg. S 1% Danske Bank A/S DKK 6,421 171,983 0.02 27/03/2022 EUR 700,000 600,978 0.07 Novo Nordisk A/S ‘B’ DKK 12,968 516,031 0.06 Pandora A/S DKK 2,940 175,742 0.02 1,160,898 0.13 Tryg A/S DKK 6,930 138,812 0.01 United Kingdom 1,002,568 0.11 Vodafone Group plc, Reg. S 2% 25/02/2019 GBP 100,000 112,780 0.01 Finland Elisa OYJ EUR 6,872 271,513 0.03 112,780 0.01 Fortum OYJ EUR 14,118 290,337 0.03 Konecranes OYJ EUR 5,796 203,179 0.03 Neste OYJ EUR 2,904 195,526 0.02

74 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Sampo OYJ ‘A’ EUR 6,062 253,604 0.03 Eaton Corp. plc USD 13,633 885,140 0.10 Stora Enso OYJ ‘R’ EUR 11,634 195,858 0.02 UPM-Kymmene OYJ EUR 20,642 634,741 0.07 1,278,060 0.15 Italy 2,044,758 0.23 Assicurazioni Generali SpA EUR 19,180 274,466 0.03 France Atlantia SpA EUR 5,927 149,479 0.02 Amundi SA, Reg. S EUR 2,795 165,939 0.02 Enel SpA EUR 216,584 1,032,456 0.12 AXA SA EUR 19,262 406,332 0.05 Eni SpA EUR 28,485 456,985 0.05 BNP Paribas SA EUR 8,809 470,929 0.05 Intesa Sanpaolo SpA EUR 147,974 369,639 0.04 Bouygues SA EUR 5,189 192,745 0.02 Mediobanca Banca di Credito Finanziario Capgemini SE EUR 2,036 236,125 0.03 SpA EUR 14,289 114,455 0.01 Cie de Saint-Gobain EUR 4,345 167,565 0.02 Poste Italiane SpA, Reg. S EUR 33,169 240,210 0.03 Cie Generale des Etablissements Michelin Telecom Italia SpA EUR 302,675 168,499 0.02 SCA EUR 6,244 656,088 0.07 Terna Rete Elettrica Nazionale SpA EUR 28,679 133,257 0.01 CNP Assurances EUR 10,821 211,605 0.02 Convivio, REIT EUR 4,628 411,313 0.05 2,939,446 0.33 Edenred EUR 5,875 159,066 0.02 Japan Engie SA EUR 25,638 338,037 0.04 Bandai Namco Holdings, Inc. JPY 6,300 223,407 0.03 Gecina SA, REIT EUR 1,109 158,920 0.02 Bridgestone Corp. JPY 8,400 282,079 0.03 ICADE, REIT EUR 2,157 173,153 0.02 Daiwa House REIT Investment Corp. JPY 100 204,122 0.02 LVMH Moet Hennessy Louis Vuitton SE EUR 1,720 494,500 0.06 Invesco Office J-Reit, Inc., REIT JPY 1,239 147,209 0.02 Natixis SA EUR 30,100 182,888 0.02 Japan Airlines Co. Ltd. JPY 9,200 280,297 0.03 Orange SA EUR 26,594 382,355 0.04 Japan Hotel REIT Investment Corp. JPY 619 397,488 0.04 Peugeot SA EUR 8,089 159,010 0.02 Kenedix Office Investment Corp., REIT JPY 28 149,183 0.02 Publicis Groupe SA EUR 3,172 187,465 0.02 Kenedix Retail REIT Corp. JPY 45 85,311 0.01 Renault SA EUR 2,888 211,055 0.02 Mitsubishi Estate Co. Ltd. JPY 10,800 162,219 0.02 Sanofi EUR 7,491 517,890 0.06 Nippon Prologis REIT, Inc. JPY 143 254,465 0.03 Schneider Electric SE EUR 13,161 942,986 0.11 Nippon Telegraph & Telephone Corp. JPY 10,800 422,225 0.05 TOTAL SA EUR 38,793 2,047,107 0.23 Sumitomo Mitsui Financial Group, Inc. JPY 8,500 283,690 0.03 Veolia Environnement SA EUR 10,535 193,633 0.02 Tokio Marine Holdings, Inc. JPY 15,800 636,018 0.07 Vinci SA EUR 15,151 1,254,200 0.14 3,527,713 0.40 10,320,906 1.17 Jersey Germany Ferguson plc GBP 8,854 617,762 0.07 Allianz SE EUR 8,541 1,518,248 0.17 Glencore plc GBP 88,343 364,681 0.04 BASF SE EUR 5,429 447,404 0.05 Bayerische Motoren Werke AG 231,923 EUR 2,969 0.03 982,443 0.11 Daimler AG EUR 14,762 817,667 0.09 Deutsche Telekom AG EUR 72,189 958,309 0.11 Luxembourg Deutsche Wohnen SE EUR 3,727 154,671 0.02 Aroundtown SA EUR 24,169 170,815 0.02 E.ON SE EUR 23,287 213,565 0.02 Millicom International Cellular SA, SDR SEK 3,148 158,671 0.02 Evonik Industries AG EUR 5,711 168,532 0.02 RTL Group SA EUR 2,096 123,035 0.01 Hannover Rueck SE EUR 2,374 254,137 0.03 Muenchener 452,521 0.05 Rueckversicherungs-Gesellschaft AG EUR 1,679 305,242 0.04 Mexico ProSiebenSat.1 Media SE EUR 7,363 159,814 0.02 Bolsa Mexicana de Valores SAB de CV MXN 38,566 56,636 0.01 RWE AG EUR 10,553 205,731 0.02 Fibra Uno Administracion SA de CV, REIT MXN 386,974 473,317 0.05 Schaeffler AG Preference EUR 7,513 84,146 0.01 Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 175,099 250,493 0.03 Telefonica Deutschland Holding AG EUR 45,904 154,467 0.02 Wal-Mart de Mexico SAB de CV MXN 334,082 763,391 0.09 TUI AG GBP 15,282 288,823 0.03 Volkswagen AG Preference EUR 2,096 300,105 0.03 1,543,837 0.18 Vonovia SE EUR 4,774 195,113 0.02 Netherlands 6,457,897 0.73 ABN AMRO Group NV, Reg. S, CVA EUR 10,013 222,989 0.02 Aegon NV EUR 51,473 265,395 0.03 Hong Kong Airbus SE EUR 2,594 261,968 0.03 China Mobile Ltd. HKD 96,000 732,188 0.08 Akzo Nobel NV EUR 5,414 399,012 0.05 China Resources Power Holdings Co. Ltd. HKD 544,000 821,774 0.09 Eurocommercial Properties NV, REIT, CNOOC Ltd. 703,503 HKD 475,000 0.08 CVA EUR 5,424 197,054 0.02 Guangdong Investment Ltd. 244,916 HKD 180,000 0.03 ING Groep NV EUR 75,068 930,092 0.11 Hang Seng Bank Ltd. 838,456 HKD 39,000 0.10 Koninklijke Ahold Delhaize NV EUR 44,345 913,729 0.10 New World Development Co. Ltd. 345,942 HKD 286,000 0.04 Koninklijke KPN NV EUR 63,208 146,990 0.02 NN Group NV EUR 7,095 248,325 0.03 3,686,779 0.42 Randstad NV EUR 3,541 179,281 0.02 Hungary Unilever NV, CVA EUR 27,746 1,331,392 0.15 OTP Bank Nyrt. HUF 26,823 825,295 0.09 Vastned Retail NV, REIT EUR 4,215 170,286 0.02

825,295 0.09 5,266,513 0.60 India Norway Coal India Ltd. INR 76,279 252,577 0.03 Aker BP ASA NOK 3,075 97,144 0.01 Infosys Ltd., ADR USD 43,156 717,401 0.08 DNB ASA NOK 19,579 327,868 0.04 ITC Ltd. INR 95,043 315,602 0.04 Equinor ASA NOK 16,382 373,143 0.04 Tata Consultancy Services Ltd. INR 41,235 953,367 0.11 Marine Harvest ASA NOK 11,152 190,146 0.02 Norsk Hydro ASA NOK 103,996 534,681 0.06 2,238,947 0.26 Telenor ASA NOK 37,719 665,499 0.08

Indonesia 2,188,481 0.25 Telekomunikasi Indonesia Persero Tbk. PT IDR 3,914,000 878,523 0.10 Portugal Galp Energia SGPS SA EUR 10,085 163,604 0.02 878,523 0.10 163,604 0.02 Ireland AIB Group plc EUR 33,447 156,867 0.02 Russia Bank of Ireland Group plc EUR 34,752 236,053 0.03 Alrosa PJSC USD 239,701 328,097 0.04 Moscow Exchange MICEX-RTS PJSC USD 465,330 700,304 0.08 75 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

PhosAgro PJSC, GDR USD 8,211 90,550 0.01 Taiwan Sberbank of Russia PJSC, ADR USD 147,468 1,824,795 0.21 Asustek Computer, Inc. TWD 68,000 533,352 0.06 Severstal PJSC, Reg. S, GDR USD 17,800 225,038 0.02 Chicony Electronics Co. Ltd. TWD 21,000 40,638 0.00 Delta Electronics, Inc. TWD 95,000 292,560 0.03 3,168,784 0.36 MediaTek, Inc. TWD 68,000 574,563 0.06 Mega Financial Holding Co. Ltd. TWD 439,000 332,569 0.04 Singapore Novatek Microelectronics Corp. TWD 32,000 123,803 0.01 Ascendas Real Estate Investment Trust 89,793 SGD 53,900 0.01 President Chain Store Corp. TWD 62,000 604,259 0.07 City Developments Ltd. 165,446 SGD 24,000 0.02 Quanta Computer, Inc. TWD 272,000 409,813 0.05 DBS Group Holdings Ltd. 387,300 SGD 23,100 0.04 Taiwan Mobile Co. Ltd. TWD 217,000 677,443 0.08 Taiwan Semiconductor Manufacturing Co. 642,539 0.07 Ltd., ADR USD 66,945 2,100,656 0.24 South Africa Vanguard International Semiconductor AVI Ltd. ZAR 27,700 186,795 0.02 Corp. TWD 119,000 234,306 0.03 Barclays Africa Group Ltd. ZAR 16,167 159,120 0.02 Bid Corp. Ltd. ZAR 5,584 94,502 0.01 5,923,962 0.67 FirstRand Ltd. ZAR 161,179 637,563 0.07 Thailand Old Mutual Ltd. GBP 67,645 116,719 0.02 Siam Cement PCL (The) THB 41,100 440,312 0.05 SPAR Group Ltd. (The) ZAR 25,162 288,229 0.03 Siam Commercial Bank PCL (The) THB 231,700 713,720 0.08 Vodacom Group Ltd. ZAR 54,479 413,720 0.05 Thai Oil PCL THB 132,100 265,995 0.03

1,896,648 0.22 1,420,027 0.16 South Korea Turkey ING Life Insurance Korea Ltd., Reg. S KRW 4,441 143,138 0.02 Ford Otomotiv Sanayi A/S TRY 3,763 42,910 0.00 KT&G Corp. KRW 9,523 784,332 0.09 Tofas Turk Otomobil Fabrikasi A/S TRY 15,280 68,666 0.01 Samsung Electronics Co. Ltd. KRW 21,835 786,314 0.09 Tupras Turkiye Petrol Rafinerileri A/S TRY 17,412 356,304 0.04 Samsung Fire & Marine Insurance Co. Ltd. KRW 2,183 445,069 0.05 467,880 0.05 SK Telecom Co. Ltd., ADR USD 10,807 216,406 0.02 United Arab Emirates 2,375,259 0.27 Emaar Development PJSC AED 101,554 120,277 0.02 First Abu Dhabi Bank PJSC AED 189,155 539,616 0.06 Spain ACS Actividades de Construccion y 659,893 0.08 Servicios SA EUR 4,387 152,448 0.02 ACS Actividades de Construccion y United Kingdom Servicios SA Rights 06/07/2018 EUR 4,387 3,903 0.00 3i Group plc GBP 14,426 147,291 0.02 Aena SME SA, Reg. S EUR 891 138,684 0.02 Admiral Group plc GBP 8,390 181,728 0.02 Banco Bilbao Vizcaya Argentaria SA EUR 45,136 274,743 0.03 Anglo American plc GBP 16,969 326,412 0.04 Banco de Sabadell SA EUR 101,273 145,732 0.02 Assura plc, REIT GBP 14,288 9,293 0.00 Banco Santander SA EUR 93,607 432,277 0.05 AstraZeneca plc GBP 14,367 857,335 0.10 Bankinter SA EUR 15,609 130,850 0.01 Aviva plc GBP 111,549 638,047 0.07 CaixaBank SA EUR 38,038 141,273 0.02 Babcock International Group plc GBP 13,596 125,556 0.01 Enagas SA EUR 11,200 280,056 0.03 BAE Systems plc GBP 28,943 211,771 0.02 Endesa SA EUR 10,014 190,641 0.02 Berkeley Group Holdings plc GBP 5,503 236,089 0.03 Gas Natural SDG SA EUR 9,381 213,512 0.02 BHP Billiton plc GBP 22,634 440,294 0.05 Iberdrola SA EUR 180,807 1,203,994 0.14 BP plc GBP 136,963 902,603 0.10 International Consolidated Airlines Group British American Tobacco plc GBP 11,296 491,833 0.06 SA EUR 20,316 153,325 0.02 British Land Co. plc (The), REIT GBP 65,016 494,890 0.06 Merlin Properties Socimi SA, REIT EUR 18,658 232,898 0.03 Diageo plc GBP 12,941 401,002 0.05 Red Electrica Corp. SA EUR 11,950 209,394 0.02 Direct Line Insurance Group plc GBP 60,701 236,236 0.03 Repsol SA EUR 20,775 352,292 0.04 easyJet plc GBP 7,501 141,723 0.02 Repsol SA Rights 06/07/2018 EUR 20,775 10,346 0.00 GlaxoSmithKline plc GBP 59,834 1,038,158 0.12 Hammerson plc, REIT GBP 19,576 115,357 0.01 4,266,368 0.49 HSBC Holdings plc HKD 31,600 254,502 0.03 Supranational HSBC Holdings plc GBP 129,013 1,039,836 0.12 HKT Trust & HKT Ltd. HKD 581,000 636,627 0.07 Investec plc GBP 28,803 175,004 0.02 Unibail-Rodamco-Westfield, REIT EUR 4,635 874,856 0.10 J Sainsbury plc GBP 51,482 187,964 0.02 Legal & General Group plc GBP 110,801 333,414 0.04 1,511,483 0.17 Lloyds Banking Group plc GBP 671,393 479,486 0.05 Mondi plc GBP 6,080 141,210 0.02 Sweden NewRiver REIT plc GBP 23,524 72,049 0.01 Boliden AB SEK 6,697 186,159 0.02 Next plc GBP 3,045 209,617 0.02 Lundin Petroleum AB SEK 6,803 187,594 0.02 Persimmon plc GBP 20,626 593,155 0.07 Nordea Bank AB SEK 35,187 288,412 0.03 Prudential plc GBP 17,041 335,645 0.04 Skandinaviska Enskilda Banken AB ‘A’ SEK 30,888 250,163 0.03 Quilter plc, Reg. S GBP 22,548 36,953 0.00 SKF AB ‘B’ SEK 8,086 128,666 0.02 Rio Tinto plc GBP 34,532 1,651,162 0.19 Svenska Handelsbanken AB ‘A’ SEK 56,157 531,855 0.06 Royal Dutch Shell plc ‘A’ EUR 26,549 797,134 0.09 Swedbank AB ‘A’ SEK 16,099 295,917 0.03 Royal Dutch Shell plc ‘B’ GBP 49,254 1,523,864 0.17 Swedish Match AB SEK 4,253 179,727 0.02 Royal Mail plc GBP 36,758 210,044 0.02 Tele2 AB ‘B’ SEK 24,175 241,507 0.03 RSA Insurance Group plc GBP 26,806 205,557 0.02 Telia Co. AB SEK 53,046 207,737 0.02 Safestore Holdings plc, REIT GBP 65,868 411,485 0.05 Volvo AB ‘B’ SEK 18,007 246,465 0.03 Schroders plc GBP 3,241 115,621 0.01 Segro plc, REIT GBP 63,617 480,646 0.05 2,744,202 0.31 St James’s Place plc GBP 9,765 126,890 0.01 Switzerland Taylor Wimpey plc GBP 237,012 481,158 0.06 Novartis AG CHF 33,900 2,209,736 0.25 Tritax Big Box REIT plc GBP 117,946 207,883 0.02 Roche Holding AG CHF 8,836 1,680,694 0.19 UNITE Group plc (The), REIT GBP 10,702 103,929 0.01 Swiss Re AG CHF 8,726 648,823 0.07 Vodafone Group plc GBP 276,845 574,742 0.07 UBS Group AG CHF 24,116 318,523 0.04 Zurich Insurance Group AG CHF 3,007 764,174 0.09 17,744,568 2.02 United States of America 5,621,950 0.64 Altria Group, Inc. USD 13,586 664,936 0.08 American Tower Corp., REIT USD 1,569 193,962 0.02 Analog Devices, Inc. USD 6,053 502,770 0.06 AvalonBay Communities, Inc., REIT USD 5,801 854,814 0.10 76 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Avaya Holdings Corp. USD 6,271 105,323 0.01 Transferable securities and money market instruments dealt in on another regulated Bank of America Corp. Preference 6% USD 17,000 379,183 0.04 market Bank of America Corp. Preference 7.25% USD 1,219 1,309,332 0.15 Becton Dickinson and Co. Preference Bonds 6.125% USD 18,211 970,986 0.11 Australia Belden, Inc. Preference 6.75% 389,862 USD 5,345 0.05 BHP Billiton Finance USA Ltd., FRN, 144A Brandywine Realty Trust, REIT USD 23,309 338,228 0.04 6.75% 19/10/2075 USD 400,000 373,536 0.04 Bristol-Myers Squibb Co. USD 5,413 257,767 0.03 FMG Resources August 2006 Pty. Ltd., Brixmor Property Group, Inc., REIT USD 16,891 255,254 0.03 144A 9.75% 01/03/2022 USD 17,336 16,341 0.00 Broadcom, Inc. USD 3,618 761,001 0.09 FMG Resources August 2006 Pty. Ltd., Camden Property Trust, REIT USD 7,982 627,861 0.07 144A 4.75% 15/05/2022 USD 124,000 102,911 0.01 Chevron Corp. USD 3,404 372,554 0.04 FMG Resources August 2006 Pty. Ltd., Cisco Systems, Inc. USD 9,795 364,477 0.04 144A 5.125% 15/05/2024 USD 85,000 70,841 0.01 Citigroup, Inc. USD 8,143 474,913 0.05 Nufarm Australia Ltd., 144A 5.75% Coca-Cola Co. (The) USD 46,229 1,735,692 0.20 30/04/2026 USD 111,000 92,594 0.01 Comcast Corp. ‘A’ USD 15,218 429,294 0.05 Crown Castle International Corp., REIT 656,223 0.07 Preference 6.875% 730,361 USD 806 0.08 Bermuda CVS Health Corp. 244,172 USD 4,358 0.03 IHS Markit Ltd., 144A 4.75% 15/02/2025 USD 8,000 6,832 0.00 Digital Realty Trust, Inc., REIT 901,639 USD 9,503 0.10 IHS Markit Ltd., 144A 4% 01/03/2026 USD 69,000 56,818 0.01 Dominion Energy, Inc. Preference 6.75% 598,237 USD 15,129 0.07 VOC Escrow Ltd., 144A 5% 15/02/2028 USD 114,000 92,980 0.01 Douglas Emmett, Inc., REIT USD 8,040 274,417 0.03 DowDuPont, Inc. 249,008 USD 4,335 0.03 156,630 0.02 DTE Energy Co. Preference 6.5% USD 11,541 510,579 0.06 Equinix, Inc., REIT USD 1,018 373,273 0.04 Canada Equity LifeStyle Properties, Inc., REIT USD 2,409 190,050 0.02 1011778 BC ULC, 144A 4.25% 15/05/2024 USD 205,000 168,149 0.02 Equity Residential, REIT USD 2,594 140,815 0.02 Athabasca Oil Corp., 144A 9.875% Goldman Sachs Group, Inc. (The) 24/02/2022 USD 309,000 274,680 0.03 Preference, FRN 5.5% USD 25,000 558,910 0.06 ATS Automation Tooling Systems, Inc., HCP, Inc., REIT USD 12,101 268,820 0.03 144A 6.5% 15/06/2023 USD 100,000 88,183 0.01 Healthcare Trust of America, Inc., REIT ‘A’ USD 9,766 225,169 0.03 Bombardier, Inc., 144A 8.75% 01/12/2021 USD 85,000 80,681 0.01 Hess Corp. Preference 8% USD 5,205 340,423 0.04 Bombardier, Inc., 144A 6% 15/10/2022 USD 587,000 504,459 0.06 Highwoods Properties, Inc., REIT USD 5,982 259,483 0.03 Bombardier, Inc., 144A 6.125% Home Depot, Inc. (The) USD 3,822 651,416 0.07 15/01/2023 USD 149,000 128,409 0.01 International Business Machines Corp. USD 9,655 1,167,569 0.13 Bombardier, Inc., 144A 7.5% 01/12/2024 USD 175,000 158,144 0.02 Iron Mountain, Inc., REIT USD 9,373 280,549 0.03 Bombardier, Inc., 144A 7.5% 15/03/2025 USD 447,000 399,817 0.05 Kilroy Realty Corp., REIT USD 4,434 286,665 0.03 Cascades, Inc., 144A 5.5% 15/07/2022 USD 3,000 2,570 0.00 Kinder Morgan, Inc. Preference 9.75% USD 20,167 593,412 0.07 Concordia International Corp., 144A 7% 15/04/2023 USD 16,000 859 0.00 Marathon Petroleum Corp. USD 5,829 354,525 0.04 Emera, Inc., FRN 6.75% 15/06/2076 USD 1,565,000 1,405,062 0.16 Merck & Co., Inc. USD 28,917 1,513,503 0.17 Enbridge, Inc., FRN 6% 15/01/2077 USD 215,000 174,528 0.02 Microsoft Corp. USD 2,659 227,198 0.03 Enbridge, Inc., FRN 5.5% 15/07/2077 977,448 Mid-America Apartment Communities, USD 1,250,000 0.11 Inc., REIT USD 6,177 531,638 0.06 Enbridge, Inc., FRN 6.25% 01/03/2078 USD 640,000 520,269 0.06 Morgan Stanley Preference, FRN 5.85% USD 25,000 551,073 0.06 Garda World Security Corp., 144A 8.75% 15/05/2025 USD 895,000 791,750 0.09 Morgan Stanley USD 9,636 399,693 0.05 Gateway Casinos & Entertainment Ltd., National Health Investors, Inc., REIT 261,611 USD 4,079 0.03 144A 8.25% 01/03/2024 USD 197,000 178,926 0.02 NextEra Energy, Inc. USD 9,547 1,362,492 0.16 Hudbay Minerals, Inc., 144A 7.25% NextEra Energy, Inc. Preference 6.123% USD 17,551 862,461 0.10 15/01/2023 USD 90,000 80,273 0.01 Occidental Petroleum Corp. USD 4,846 351,967 0.04 Jupiter Resources, Inc., 144A 8.5% Park Hotels & Resorts, Inc., REIT USD 9,893 254,649 0.03 01/10/2022 USD 48,000 17,315 0.00 PepsiCo, Inc. USD 9,764 908,247 0.10 Mattamy Group Corp., 144A 6.875% Pfizer, Inc. USD 61,598 1,925,467 0.22 15/12/2023 USD 80,000 69,740 0.01 Philip Morris International, Inc. USD 15,431 1,076,825 0.12 Mattamy Group Corp., 144A 6.5% Principal Financial Group, Inc. USD 9,466 435,853 0.05 01/10/2025 USD 13,000 10,970 0.00 Prologis, Inc., REIT USD 16,849 943,589 0.11 MEG Energy Corp., 144A 6.375% Public Storage, REIT USD 5,134 1,002,442 0.11 30/01/2023 USD 149,000 119,334 0.01 Regency Centers Corp., REIT USD 3,138 168,473 0.02 MEG Energy Corp., 144A 7% 31/03/2024 USD 350,000 278,811 0.03 Senior Housing Properties Trust, REIT USD 6,724 104,557 0.01 MEG Energy Corp., 144A 6.5% Stanley Black & Decker, Inc. Preference 15/01/2025 USD 776,000 664,817 0.08 5.375% USD 9,754 900,615 0.10 Northwest Acquisitions ULC, 144A 7.125% 01/11/2022 42,819 State Street Corp. Preference, FRN 5.9% USD 25,000 578,879 0.07 USD 50,000 0.00 NOVA Chemicals Corp., 144A 4.875% Stericycle, Inc. Preference 5.25% USD 375 15,737 0.00 01/06/2024 USD 382,000 312,995 0.04 STORE Capital Corp., REIT 56,815 USD 2,441 0.01 NOVA Chemicals Corp., 144A 5% Sunstone Hotel Investors, Inc., REIT USD 16,412 232,862 0.03 01/05/2025 USD 140,000 114,530 0.01 Texas Instruments, Inc. USD 6,727 639,583 0.07 NOVA Chemicals Corp., 144A 5.25% Union Pacific Corp. USD 5,345 652,792 0.07 01/06/2027 USD 109,000 87,889 0.01 UnitedHealth Group, Inc. USD 2,655 559,312 0.06 Open Text Corp., 144A 5.625% Verizon Communications, Inc. USD 38,277 1,654,762 0.19 15/01/2023 USD 10,000 8,868 0.00 Vornado Realty Trust, REIT USD 15,443 977,257 0.11 Open Text Corp., 144A 5.875% Wells Fargo & Co. Preference, FRN 5.85% USD 25,000 557,300 0.06 01/06/2026 USD 254,000 224,159 0.03 Wells Fargo & Co. Preference 7.5% USD 1,212 1,308,501 0.15 Precision Drilling Corp., 144A 7.125% Welltower, Inc., REIT Preference 6.5% USD 7,537 384,676 0.04 15/01/2026 USD 99,000 87,792 0.01 Xcel Energy, Inc. USD 17,792 695,210 0.08 Precision Drilling Corp. 7.75% 15/12/2023 USD 295,000 266,992 0.03 Quebecor Media, Inc. 5.75% 15/01/2023 USD 282,000 248,273 0.03 42,283,740 4.81 Seven Generations Energy Ltd., 144A 5.375% 30/09/2025 USD 125,000 103,006 0.01 Total Equities 147,837,313 16.81 Teck Resources Ltd., 144A 8.5% 01/06/2024 USD 35,000 33,220 0.00 Transcanada Trust, FRN 5.625% Total Transferable securities and money market instruments 356,809,931 40.57 admitted to an official exchange listing 20/05/2075 USD 1,540,000 1,293,760 0.15 Transcanada Trust, FRN 5.875% 15/08/2076 USD 25,000 21,328 0.00 Transcanada Trust, FRN 5.3% 15/03/2077 USD 435,000 352,214 0.04 Trinidad Drilling Ltd., 144A 6.625% 15/02/2025 USD 43,000 35,639 0.00 Valeant Pharmaceuticals International, Inc., 144A 6.5% 15/03/2022 USD 94,000 83,671 0.01

77 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Valeant Pharmaceuticals International, Camelot Finance SA, 144A 7.875% Inc., 144A 5.5% 01/03/2023 USD 80,000 63,900 0.01 15/10/2024 USD 256,000 222,619 0.03 Valeant Pharmaceuticals International, Dana Financing Luxembourg Sarl, 144A Inc., 144A 5.875% 15/05/2023 USD 1,773,000 1,425,700 0.16 6.5% 01/06/2026 USD 655,000 571,702 0.06 Valeant Pharmaceuticals International, INEOS Group Holdings SA, 144A 5.625% Inc., 144A 7% 15/03/2024 USD 699,000 629,927 0.07 01/08/2024 USD 400,000 339,280 0.04 Valeant Pharmaceuticals International, Intelsat Connect Finance SA, 144A 12.5% Inc., 144A 6.125% 15/04/2025 USD 1,280,000 1,014,044 0.12 01/04/2022 USD 132,000 112,804 0.01 Valeant Pharmaceuticals International, Intelsat Jackson Holdings SA, 144A 8% Inc., 144A 5.5% 01/11/2025 USD 645,000 546,867 0.06 15/02/2024 USD 1,235,000 1,116,392 0.13 Valeant Pharmaceuticals International, Intelsat Jackson Holdings SA, 144A 9.75% Inc., 144A 9% 15/12/2025 USD 690,000 616,290 0.07 15/07/2025 USD 330,000 298,222 0.03 Videotron Ltd., 144A 5.375% 15/06/2024 USD 400,000 352,137 0.04 JSL Europe SA, Reg. S 7.75% 26/07/2024 USD 200,000 155,577 0.02 Videotron Ltd., 144A 5.125% 15/04/2027 USD 533,000 442,914 0.05 Mallinckrodt International Finance SA, 144A 5.75% 01/08/2022 USD 5,000 3,876 0.00 15,504,128 1.76 Mallinckrodt International Finance SA, 144A 5.625% 15/10/2023 USD 414,000 296,903 0.03 Cayman Islands Mallinckrodt International Finance SA, Avolon Holdings Funding Ltd., 144A 5.5% 144A 5.5% 15/04/2025 USD 155,000 107,166 0.01 15/01/2023 USD 58,000 49,815 0.01 Nexa Resources SA, Reg. S 5.375% GPMT Ltd., FRN, Series 2018-FL1 ‘AS’, 04/05/2027 USD 200,000 166,995 0.02 144A 3.096% 21/11/2035 USD 2,000,000 1,722,417 0.20 Nielsen Co. Luxembourg SARL (The), LSTAR Securities Investment Ltd., FRN, 144A 5.5% 01/10/2021 USD 525,000 453,436 0.05 Series 2018-1 ‘A’, 144A 3.457% Nielsen Co. Luxembourg SARL (The), 01/02/2023 USD 1,386,730 1,186,455 0.13 144A 5% 01/02/2025 USD 180,000 147,568 0.02 Noble Holding International Ltd., 144A Trinseo Materials Operating SCA, 144A 7.875% 01/02/2026 USD 166,000 146,802 0.02 5.375% 01/09/2025 USD 416,000 354,610 0.04 Park Aerospace Holdings Ltd., 144A 5.25% 15/08/2022 USD 9,000 7,691 0.00 4,661,067 0.53 Park Aerospace Holdings Ltd., 144A 4.5% 15/03/2023 USD 157,000 129,280 0.01 Mexico Park Aerospace Holdings Ltd., 144A 5.5% Petroleos Mexicanos 5.5% 21/01/2021 USD 300,000 264,659 0.03 15/02/2024 USD 321,000 273,650 0.03 Petroleos Mexicanos 6.375% 04/02/2021 USD 209,000 188,259 0.02 Shelf Drilling Holdings Ltd., 144A 8.25% 15/02/2025 USD 334,000 293,159 0.03 452,918 0.05 TPG Real Estate Finance Issuer Ltd., FRN, Series 2018-FL1 ‘C’, 144A 3.839% Netherlands 15/02/2035 USD 2,000,000 1,720,956 0.20 Alcoa Nederland Holding BV, 144A 6.75% Transocean Guardian Ltd., 144A 5.875% 30/09/2024 USD 600,000 542,623 0.06 15/01/2024 USD 186,000 159,397 0.02 Angola Government Bond, Reg. S 7% Transocean Proteus Ltd., 144A 6.25% 17/08/2019 USD 78,125 67,588 0.01 01/12/2024 USD 253,300 222,473 0.03 NXP BV, 144A 4.125% 01/06/2021 USD 215,000 184,546 0.02 Transocean, Inc., 144A 9% 15/07/2023 USD 252,000 234,291 0.03 NXP BV, 144A 3.875% 01/09/2022 USD 200,000 169,627 0.02 Transocean, Inc., 144A 7.5% 15/01/2026 USD 839,000 736,359 0.08 NXP BV, 144A 4.625% 01/06/2023 USD 200,000 173,560 0.02 UPCB Finance IV Ltd., 144A 5.375% OI European Group BV, 144A 4% 15/01/2025 USD 800,000 657,297 0.07 15/03/2023 USD 38,000 30,516 0.01 Sensata Technologies BV, 144A 4.875% 7,540,042 0.86 15/10/2023 USD 430,000 370,699 0.04 Sensata Technologies BV, 144A 5.625% Egypt 01/11/2024 USD 115,000 101,930 0.01 Egypt Treasury Bill 0% 07/08/2018 EGP 5,625,000 266,873 0.03 Sensata Technologies BV, 144A 5% Egypt Treasury Bill 0% 11/09/2018 EGP 875,000 39,673 0.00 01/10/2025 USD 100,000 86,639 0.01 Egypt Treasury Bill 0% 18/09/2018 EGP 4,900,000 217,078 0.03 Ziggo Bond Finance BV, 144A 5.875% 15/01/2025 USD 200,000 161,363 0.02 523,624 0.06 1,889,091 0.22 Finland Nokia OYJ 4.375% 12/06/2027 USD 150,000 121,349 0.01 Supranational Endo Dac, 144A 5.875% 15/10/2024 USD 200,000 168,201 0.02 121,349 0.01 Hexion, Inc. 9% 15/11/2020 USD 70,000 50,963 0.01 JBS USA LUX SA, 144A 7.25% 01/06/2021 USD 535,000 465,239 0.05 Germany JBS USA LUX SA, 144A 5.875% IHO Verwaltungs GmbH, 144A 4.5% 15/07/2024 USD 121,000 99,645 0.01 15/09/2023 USD 450,000 371,515 0.04 JBS USA LUX SA, 144A 5.75% 15/06/2025 376,511 Unitymedia GmbH, 144A 6.125% USD 469,000 0.04 15/01/2025 USD 200,000 177,587 0.02 JBS USA LUX SA, 144A 6.75% 15/02/2028 USD 366,000 297,941 0.03 Unitymedia Hessen GmbH & Co. KG, 144A Venator Finance Sarl, 144A 5.75% 5% 15/01/2025 USD 200,000 174,779 0.02 15/07/2025 USD 361,000 303,070 0.04

723,881 0.08 1,761,570 0.20 Ireland United Kingdom Ardagh Packaging Finance plc, 144A HSBC Holdings plc, FRN 6.375% 7.25% 15/05/2024 USD 800,000 715,065 0.08 Perpetual USD 400,000 338,141 0.04 Ardagh Packaging Finance plc, 144A 6% Inmarsat Finance plc, 144A 6.5% 15/02/2025 USD 400,000 335,990 0.04 01/10/2024 USD 200,000 172,521 0.02 James Hardie International Finance DAC, International Game Technology plc, 144A 144A 4.75% 15/01/2025 USD 200,000 168,338 0.02 6.5% 15/02/2025 USD 600,000 534,088 0.06 Merlin Entertainments plc, 144A 5.75% 15/06/2026 174,350 1,219,393 0.14 USD 200,000 0.02 Sensata Technologies UK Financing Co. Jersey plc, 144A 6.25% 15/02/2026 USD 400,000 357,290 0.04 Adient Global Holdings Ltd., 144A 4.875% Travelport Corporate Finance plc, 144A 15/08/2026 USD 200,000 155,026 0.02 6% 15/03/2026 USD 120,000 104,095 0.01 Delphi Technologies plc, 144A 5% Tronox Finance plc, 144A 5.75% 01/10/2025 USD 370,000 304,078 0.03 01/10/2025 USD 90,000 74,593 0.01 Virgin Media Secured Finance plc, 144A 459,104 0.05 5.5% 15/08/2026 USD 200,000 162,098 0.02

Luxembourg 1,917,176 0.22 Altice Luxembourg SA, 144A 7.625% 15/02/2025 USD 400,000 313,917 0.04

78 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Antero Midstream Partners LP 5.375% United States of America 15/09/2024 USD 85,000 73,518 0.01 Aames Mortgage Investment Trust, FRN, Apergy Corp., 144A 6.375% 01/05/2026 USD 17,000 14,965 0.00 Series 2005-1 ‘M5’ 3.291% 25/06/2035 USD 400,000 333,657 0.04 Aramark Services, Inc., 144A 5% ABFC Trust, FRN, Series 2004-OPT5 ‘A1’ 01/02/2028 USD 400,000 328,765 0.04 2.791% 25/06/2034 USD 1,295,744 1,091,001 0.12 Argent Securities, Inc., FRN, Series ABFC Trust, FRN, Series 2002-OPT1 ‘M1’ 2004-W6 ‘M1’ 2.916% 25/05/2034 USD 82,788 71,092 0.01 3.186% 25/05/2032 USD 486,838 414,135 0.05 Argent Securities, Inc., FRN, Series ABFC Trust, FRN, Series 2002-WF1 ‘M1’ 2004-W6 ‘M4’ 4.941% 25/05/2034 USD 353,590 304,436 0.03 3.085% 25/12/2032 USD 1,174,432 1,016,530 0.12 Argent Securities, Inc., FRN, Series ABFC Trust, FRN, Series 2003-OPT1 ‘M1’ 2004-W7 ‘M6’ 4.491% 25/05/2034 USD 453,716 370,208 0.04 3.126% 25/02/2033 USD 1,290,077 1,116,745 0.13 Ashtead Capital, Inc., 144A 4.375% Acadia Healthcare Co., Inc. 5.625% 15/08/2027 USD 200,000 159,750 0.02 15/02/2023 USD 96,000 83,285 0.01 Asset-Backed Securities Corp. Home Acadia Healthcare Co., Inc. 6.5% Equity Loan Trust, FRN, Series 2003-HE6 01/03/2024 USD 185,000 163,062 0.02 ‘M2’ 4.566% 25/11/2033 USD 318,553 276,521 0.03 ACCO Brands Corp., 144A 5.25% Avantor, Inc., 144A 6% 01/10/2024 USD 200,000 170,351 0.02 15/12/2024 USD 295,000 253,367 0.03 Avis Budget Car Rental LLC, 144A 6.375% ACE Cash Express, Inc., 144A 12% 01/04/2024 USD 825,000 696,586 0.08 15/12/2022 USD 176,000 163,632 0.02 Avis Budget Car Rental LLC, 144A 5.25% ACE Securities Corp. Home Equity Loan 15/03/2025 USD 155,000 126,192 0.01 Trust, FRN, Series 2005-HE6 ‘M1’ 2.561% Avis Budget Car Rental LLC 5.5% 25/10/2035 USD 400,000 342,126 0.04 01/04/2023 USD 45,000 37,708 0.00 ADT Corp. (The) 3.5% 15/07/2022 USD 75,000 60,565 0.01 Axalta Coating Systems LLC, 144A ADT Corp. (The) 4.125% 15/06/2023 USD 730,000 589,667 0.07 4.875% 15/08/2024 USD 150,000 128,025 0.01 Advanced Micro Devices, Inc. 7% Ball Corp. 4.875% 15/03/2026 USD 37,000 31,668 0.00 01/07/2024 USD 5,000 4,541 0.00 Banc of America Alternative Loan Trust, AES Corp. 4% 15/03/2021 USD 115,000 98,500 0.01 Series 2006-4 ‘4CB1’ 6.5% 25/05/2046 USD 1,022,735 906,573 0.10 Ahern Rentals, Inc., 144A 7.375% Bank of America Corp., FRN 5.875% 15/05/2023 USD 250,000 210,423 0.02 Perpetual USD 1,040,000 877,134 0.10 Air Medical Group Holdings, Inc., 144A Bank of America Corp., FRN 6.1% 6.375% 15/05/2023 USD 110,000 88,335 0.01 Perpetual USD 1,130,000 1,007,433 0.11 Albertsons Cos. LLC 6.625% 15/06/2024 USD 785,000 639,933 0.07 Bank of America Corp., FRN 5.989% Albertsons Cos. LLC 5.75% 15/03/2025 USD 375,000 284,881 0.03 Perpetual USD 83,000 71,672 0.01 Albertsons Cos., Inc., FRN, 144A 6.085% Bank of America Corp., FRN 5.125% 15/01/2024 USD 488,000 420,103 0.05 Perpetual USD 205,000 177,635 0.02 Alliance Data Systems Corp., 144A Bank of America Corp., FRN 6.5% 5.875% 01/11/2021 USD 70,000 61,323 0.01 Perpetual USD 875,000 798,470 0.09 Alliance Data Systems Corp., 144A Bank of New York Mellon Corp. (The), 5.375% 01/08/2022 USD 286,000 247,553 0.03 FRN 4.625% Perpetual USD 200,000 163,702 0.02 Allison Transmission, Inc., 144A 5% Bank of New York Mellon Corp. (The), 01/10/2024 USD 185,000 155,824 0.02 FRN 4.5% Perpetual USD 1,395,000 1,136,648 0.13 Allison Transmission, Inc., 144A 4.75% Bank of New York Mellon Corp. (The), 01/10/2027 USD 193,000 154,987 0.02 FRN 4.95% Perpetual USD 125,000 109,600 0.01 Allstate Corp. (The), FRN 5.75% Bayview Financial Acquisition Trust, FRN, 15/08/2053 USD 1,210,000 1,071,662 0.12 Series 2004-C ‘M3’ 3.918% 28/05/2044 USD 670,273 583,950 0.07 Alta Mesa Holdings LP 7.875% Bayview Opportunity Master Fund IIIa 15/12/2024 USD 10,000 9,168 0.00 Trust, STEP, Series 2017-RN7 ‘A1’, 144A Alternative Loan Trust, FRN, Series 3.105% 28/09/2032 USD 157,626 135,530 0.02 2005-J2 ‘1A5’ 2.46% 25/04/2035 USD 1,626,197 1,241,148 0.14 Bear Stearns Asset-Backed Securities Alternative Loan Trust, Series 2007-2CB Trust, FRN, Series 2003-SD2 ‘3A’ 4.519% ‘1A6’ 5.75% 25/03/2037 USD 1,022,645 770,774 0.09 25/06/2043 USD 343,921 294,234 0.03 Alternative Loan Trust, Series 2006-41CB Bear Stearns Asset-Backed Securities ‘2A13’ 5.75% 25/01/2037 USD 2,042,251 1,500,960 0.17 Trust, FRN, Series 2004-2 ‘M1’ 3.16% Alternative Loan Trust, Series 2005-80CB 25/08/2034 USD 137,170 115,459 0.01 ‘5A1’ 6% 25/02/2036 USD 974,767 845,318 0.10 Berry Global, Inc., 144A 4.5% 15/02/2026 USD 105,000 84,672 0.01 Alternative Loan Trust, Series 2004-25CB Big River Steel LLC, 144A 7.25% ‘A1’ 6% 25/12/2034 USD 1,090,193 957,009 0.11 01/09/2025 USD 50,000 44,177 0.01 Alternative Loan Trust, Series 2005-J14 Blue Racer Midstream LLC, 144A 6.125% ‘A3’ 5.5% 25/12/2035 USD 1,752,120 1,328,402 0.15 15/11/2022 USD 525,000 456,534 0.05 Alternative Loan Trust, Series 2007-8CB Blue Racer Midstream LLC, 144A 6.625% ‘A9’ 6% 25/05/2037 USD 278,767 207,252 0.02 15/07/2026 USD 100,000 85,994 0.01 Altice US Finance I Corp., 144A 5.375% Booz Allen Hamilton, Inc., 144A 5.125% 15/07/2023 USD 200,000 171,278 0.02 01/05/2025 USD 170,000 143,088 0.02 Altice US Finance I Corp., 144A 5.5% Boyd Gaming Corp., 144A 6% 15/05/2026 USD 400,000 332,668 0.04 15/08/2026 USD 228,000 194,013 0.02 AMC Networks, Inc. 4.75% 15/12/2022 USD 15,000 12,961 0.00 Boyne USA, Inc., 144A 7.25% 01/05/2025 USD 235,000 211,422 0.02 AMC Networks, Inc. 5% 01/04/2024 USD 542,000 459,535 0.05 Brink’s Co. (The), 144A 4.625% AMC Networks, Inc. 4.75% 01/08/2025 USD 105,000 86,814 0.01 15/10/2027 USD 130,000 104,675 0.01 American Axle & Manufacturing, Inc. Bristow Group, Inc., 144A 8.75% 6.25% 01/04/2025 USD 634,000 543,160 0.06 01/03/2023 USD 69,000 58,484 0.01 American Axle & Manufacturing, Inc. Buckeye Partners LP, FRN 6.375% 6.5% 01/04/2027 USD 464,000 395,405 0.05 22/01/2078 USD 533,000 411,861 0.05 American Express Co., FRN 4.9% BWAY Holding Co., 144A 5.5% Perpetual USD 200,000 172,522 0.02 15/04/2024 USD 259,000 217,422 0.02 American Express Co., FRN 5.2% BWX Technologies, Inc., 144A 5.375% Perpetual USD 520,000 454,084 0.05 15/07/2026 USD 185,000 161,179 0.02 American Home Mortgage Investment BX Commercial Mortgage Trust, FRN, Trust, FRN, Series 2007-2 ‘12A1’ 2.361% Series 2018-BIOA ‘D’, 144A 3.24% 25/03/2037 USD 1,664,571 962,365 0.11 15/03/2037 USD 2,000,000 1,712,423 0.19 American International Group, Inc., FRN Cablevision Systems Corp. 8% 5.75% 01/04/2048 USD 2,105,000 1,776,718 0.20 15/04/2020 USD 35,000 31,577 0.00 American Woodmark Corp., 144A 4.875% Cablevision Systems Corp. 5.875% 15/03/2026 USD 285,000 233,151 0.03 15/09/2022 USD 196,000 167,224 0.02 Amkor Technology, Inc. 6.375% Calfrac Holdings LP, 144A 8.5% 01/10/2022 USD 430,000 378,566 0.04 15/06/2026 USD 54,000 46,437 0.01 AMN Healthcare, Inc., 144A 5.125% California Resources Corp., 144A 8% 01/10/2024 USD 60,000 50,115 0.01 15/12/2022 USD 99,000 77,588 0.01 Andeavor Logistics LP, FRN 6.875% Callon Petroleum Co., 144A 6.375% Perpetual USD 164,000 139,896 0.02 01/07/2026 USD 37,000 31,977 0.00 Calpine Corp., 144A 5.875% 15/01/2024 USD 300,000 256,457 0.03

79 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Calpine Corp., 144A 5.25% 01/06/2026 USD 280,000 227,216 0.03 Citigroup, Inc., FRN 5.35% Perpetual USD 100,000 84,772 0.01 Calpine Corp. 5.75% 15/01/2025 USD 265,000 208,957 0.02 Citigroup, Inc., FRN 6.3% Perpetual USD 2,480,000 2,179,521 0.25 Capital One Financial Corp., FRN 5.55% Clear Channel Worldwide Holdings, Inc. Perpetual USD 795,000 699,995 0.08 6.5% 15/11/2022 USD 2,680,000 2,344,471 0.27 Carrizo Oil & Gas, Inc. 6.25% 15/04/2023 USD 468,000 408,246 0.05 Clear Channel Worldwide Holdings, Inc. Carrizo Oil & Gas, Inc. 8.25% 15/07/2025 USD 20,000 18,366 0.00 7.625% 15/03/2020 USD 1,152,000 987,687 0.11 Catalent Pharma Solutions, Inc., 144A Clearwater Paper Corp., 144A 5.375% 4.875% 15/01/2026 USD 61,000 50,557 0.01 01/02/2025 USD 95,000 74,351 0.01 CB Escrow Corp., 144A 8% 15/10/2025 USD 110,000 88,807 0.01 Cleveland-Cliffs, Inc. 5.75% 01/03/2025 USD 47,000 38,486 0.00 CBS Radio, Inc., 144A 7.25% 01/11/2024 USD 216,000 176,240 0.02 CNG Holdings, Inc., 144A 9.375% CCM Merger, Inc., 144A 6% 15/03/2022 USD 58,000 50,826 0.01 15/05/2020 USD 200,000 170,915 0.02 CCO Holdings LLC, 144A 5.875% CNX Midstream Partners LP, 144A 6.5% 01/04/2024 USD 1,040,000 898,576 0.10 15/03/2026 USD 50,000 41,807 0.00 CCO Holdings LLC, 144A 5.375% Cogent Communications Finance, Inc., 01/05/2025 USD 75,000 62,322 0.01 144A 5.625% 15/04/2021 USD 45,000 38,987 0.00 CCO Holdings LLC, 144A 5.75% Cogent Communications Group, Inc., 15/02/2026 USD 780,000 658,544 0.07 144A 5.375% 01/03/2022 USD 565,000 498,606 0.06 CCO Holdings LLC, 144A 5.5% COLT Mortgage Loan Trust, FRN, Series 01/05/2026 USD 280,000 233,530 0.03 2018-2 ‘A1’, 144A 3.47% 27/07/2048 USD 1,730,795 1,490,285 0.17 CCO Holdings LLC, 144A 5.125% Commercial Mortgage Trust, FRN, Series 01/05/2027 USD 3,100,000 2,495,040 0.28 2014-CR15 ‘C’ 4.756% 10/02/2047 USD 1,000,000 891,914 0.10 CCO Holdings LLC, 144A 5% 01/02/2028 USD 271,000 213,613 0.02 CommScope Technologies LLC, 144A 6% 15/06/2025 1,044,174 CCO Holdings LLC 5.75% 01/09/2023 USD 290,000 250,940 0.03 USD 1,189,000 0.12 CommScope Technologies LLC, 144A 5% CCO Holdings LLC 5.75% 15/01/2024 USD 260,000 224,102 0.03 15/03/2027 USD 161,000 129,290 0.01 CDW LLC 5% 01/09/2023 USD 36,000 31,280 0.00 CommScope, Inc., 144A 5.5% 15/06/2024 USD 20,000 17,358 0.00 CDW LLC 5.5% 01/12/2024 104,624 USD 120,000 0.01 Community Health Systems, Inc., 144A CDW LLC 5% 01/09/2025 USD 325,000 275,450 0.03 8.625% 15/01/2024 USD 384,000 331,043 0.04 Centex Home Equity Loan Trust, FRN, Community Health Systems, Inc., 144A Series 2004-D ‘MV1’ 2.58% 25/09/2034 USD 517,983 444,501 0.05 8.125% 30/06/2024 USD 351,000 248,331 0.03 Central Garden & Pet Co. 6.125% Continental Resources, Inc. 4.375% 15/11/2023 USD 170,000 151,504 0.02 15/01/2028 USD 270,000 230,680 0.03 Central Garden & Pet Co. 5.125% Cooper-Standard Automotive, Inc., 144A 01/02/2028 USD 380,000 303,486 0.03 5.625% 15/11/2026 USD 290,000 246,582 0.03 Cequel Communications Holdings I LLC, Cornerstone Chemical Co., 144A 6.75% 144A 7.5% 01/04/2028 USD 200,000 174,440 0.02 15/08/2024 USD 65,000 54,850 0.01 CF Industries, Inc., 144A 4.5% Coty, Inc., 144A 6.5% 15/04/2026 USD 380,000 315,491 0.04 01/12/2026 66,753 USD 78,000 0.01 Countrywide, FRN, Series 2004-BC1 ‘M1’ Charles Schwab Corp. (The), FRN 5% 2.71% 25/02/2034 USD 719,372 614,893 0.07 Perpetual 572,329 USD 690,000 0.07 Covey Park Energy LLC, 144A 7.5% Chase Funding Loan Acquisition Trust, 15/05/2025 USD 180,000 156,529 0.02 FRN, Series 2004-AQ1 ‘A2’ 2.76% Crown Americas LLC, 144A 4.75% 25/05/2034 USD 410,397 355,748 0.04 01/02/2026 USD 58,000 47,370 0.01 Chase Funding Loan Acquisition Trust, FRN, Series 2004-OPT1 ‘M2’ 3.46% CSC Holdings LLC, 144A 6.625% 15/10/2025 352,340 25/06/2034 USD 164,680 140,642 0.02 USD 400,000 0.04 Cheniere Corpus Christi Holdings LLC CSC Holdings LLC, 144A 10.875% 15/10/2025 995,684 5.875% 31/03/2025 USD 620,000 556,819 0.06 USD 1,000,000 0.11 Cheniere Corpus Christi Holdings LLC CSC Holdings LLC, 144A 5.375% 01/02/2028 159,136 5.125% 30/06/2027 USD 160,000 136,759 0.02 USD 200,000 0.02 Cheniere Energy Partners LP, 144A CSC Holdings LLC 8.625% 15/02/2019 USD 10,000 8,847 0.00 5.25% 01/10/2025 USD 81,000 68,537 0.01 CSC Holdings LLC 6.75% 15/11/2021 USD 100,000 90,210 0.01 Chesapeake Energy Corp., 144A 8% CSC Holdings LLC 5.25% 01/06/2024 USD 195,000 158,694 0.02 15/12/2022 USD 505,000 457,043 0.05 CSFB Mortgage-Backed Pass-Through Chesapeake Energy Corp. 8% 15/01/2025 USD 214,000 187,943 0.02 Trust, FRN, Series 2005-4 ‘2A7’ 2.41% 25/06/2035 1,118,388 Chesapeake Energy Corp. 8% 15/06/2027 USD 392,000 343,985 0.04 USD 1,507,461 0.13 CHL Mortgage Pass-Through Trust, FRN, CSI Compressco LP, 144A 7.5% Series 2006-HYB2 ‘2A1B’ 3.422% 01/04/2025 USD 50,000 43,266 0.00 20/04/2036 USD 1,413,354 1,128,859 0.13 CSI Compressco LP 7.25% 15/08/2022 USD 42,000 33,367 0.00 CHL Mortgage Pass-Through Trust, FRN, Cumberland Farms, Inc., 144A 6.75% Series 2006-HYB1 ‘2A2C’ 3.289% 01/05/2025 USD 3,000 2,628 0.00 20/03/2036 USD 1,080,276 860,379 0.10 CURO Financial Technologies Corp., 144A CHL Mortgage Pass-Through Trust, FRN, 12% 01/03/2022 USD 7,000 6,433 0.00 Series 2005-31 ‘3A1’ 3.587% 25/01/2036 USD 1,229,162 1,040,285 0.12 CURO Financial Technologies Corp., 144A CHL Mortgage Pass-Through Trust, Series 12% 01/03/2022 USD 130,000 121,702 0.01 2007-2 ‘A16’ 6% 25/03/2037 USD 1,403,027 998,892 0.11 CVR Partners LP, 144A 9.25% CHL Mortgage Pass-Through Trust, Series 15/06/2023 USD 631,000 560,238 0.06 2005-21 ‘A2’ 5.5% 25/10/2035 USD 358,654 294,842 0.03 CWABS, Inc., FRN, Series 2003-BC1 ‘A1’ CHL Mortgage Pass-Through Trust, Series 2.76% 25/03/2033 USD 232,092 197,250 0.02 2005-30 ‘A8’ 5.5% 25/01/2036 USD 549,448 444,036 0.05 CyrusOne LP, REIT 5% 15/03/2024 USD 54,000 46,290 0.01 Cincinnati Bell, Inc., 144A 7% 15/07/2024 USD 270,000 213,923 0.02 CyrusOne LP, REIT 5.375% 15/03/2027 USD 164,000 140,458 0.02 CIT Group, Inc. 5.25% 07/03/2025 USD 75,000 65,281 0.01 DAE Funding LLC, 144A 4.5% 01/08/2022 USD 18,000 15,035 0.00 CIT Group, Inc. 6.125% 09/03/2028 USD 39,000 34,647 0.00 DAE Funding LLC, 144A 5% 01/08/2024 USD 223,000 183,485 0.02 CITGO Petroleum Corp., 144A 6.25% DCP Midstream LP, FRN 7.375% 15/08/2022 USD 124,000 106,500 0.01 Perpetual USD 125,000 103,255 0.01 Citigroup Mortgage Loan Trust, FRN, DCP Midstream Operating LP, 144A Series 2006-AR3 ‘1A1A’ 4.17% 4.75% 30/09/2021 USD 12,000 10,435 0.00 25/06/2036 USD 1,445,420 1,242,269 0.14 DCP Midstream Operating LP, 144A Citigroup Mortgage Loan Trust, FRN, 6.75% 15/09/2037 USD 145,000 132,475 0.02 Series 2006-AR5 ‘1A5A’ 2.876% Dean Foods Co., 144A 6.5% 15/03/2023 USD 119,000 98,446 0.01 25/07/2036 USD 1,257,435 1,037,965 0.12 Delek Logistics Partners LP 6.75% Citigroup Mortgage Loan Trust, FRN, 15/05/2025 USD 247,000 213,270 0.02 Series 2005-3 ‘2A2A’ 3.608% Dell International LLC, 144A 5.875% 25/08/2035 USD 204,555 177,007 0.02 15/06/2021 USD 565,000 494,741 0.06 Citigroup, Inc., FRN 5.8% Perpetual USD 110,000 96,714 0.01 Dell International LLC, 144A 5.45% Citigroup, Inc., FRN 5.875% Perpetual USD 1,470,000 1,293,566 0.15 15/06/2023 USD 25,000 22,501 0.00 Citigroup, Inc., FRN 5.9% Perpetual USD 790,000 691,956 0.08 Dell International LLC, 144A 7.125% Citigroup, Inc., FRN 5.95% Perpetual USD 115,000 100,526 0.01 15/06/2024 USD 300,000 273,684 0.03 Citigroup, Inc., FRN 5.95% Perpetual USD 625,000 541,588 0.06 Dell International LLC, 144A 6.02% Citigroup, Inc., FRN 6.125% Perpetual USD 15,000 13,382 0.00 15/06/2026 USD 220,000 199,360 0.02 Citigroup, Inc., FRN 6.25% Perpetual USD 405,000 360,568 0.04 Denbury Resources, Inc., 144A 9% 15/05/2021 USD 64,000 58,541 0.01 80 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Denbury Resources, Inc., 144A 9.25% FHLMC REMIC, IO, FRN, Series 4599 ‘SA’ 31/03/2022 USD 85,000 77,328 0.01 3.927% 15/07/2046 USD 2,333,251 347,218 0.04 Diamondback Energy, Inc., 144A 5.375% FHLMC REMIC, IO, FRN, Series 4654 ‘SK’ 31/05/2025 USD 190,000 163,788 0.02 3.927% 15/02/2047 USD 1,448,874 209,962 0.02 Discover Financial Services, FRN 5.5% FHLMC Structured Agency Credit Risk Perpetual USD 969,000 811,556 0.09 Debt Notes, FRN, Series 2017-HQA3 ‘M1’ DISH DBS Corp. 5.125% 01/05/2020 USD 50,000 42,598 0.00 2.51% 25/04/2030 USD 923,275 792,471 0.09 DISH DBS Corp. 6.75% 01/06/2021 USD 743,000 639,832 0.07 FHLMC Structured Agency Credit Risk DISH DBS Corp. 5.875% 15/07/2022 USD 120,000 96,972 0.01 Debt Notes, FRN, Series 2018-HQA1 ‘M1’ 2.66% 25/09/2030 841,239 DISH DBS Corp. 5% 15/03/2023 USD 694,000 517,418 0.06 USD 978,442 0.10 DISH DBS Corp. 7.75% 01/07/2026 1,583,610 FHLMC Structured Agency Credit Risk USD 2,097,000 0.18 Debt Notes, FRN, Series 2017-HRP1 ‘M2’ DISH DBS Corp. 5.875% 15/11/2024 USD 760,000 552,288 0.06 4.541% 25/12/2042 USD 950,000 841,859 0.10 DJO Finance LLC, 144A 8.125% FHLMC Structured Agency Credit Risk 15/06/2021 USD 305,000 266,461 0.03 Debt Notes, FRN, Series 2018-HQA1 ‘M2’ Dole Food Co., Inc., 144A 7.25% 4.26% 25/09/2030 USD 2,000,000 1,711,805 0.19 15/06/2025 USD 178,000 152,115 0.02 Fidelity & Guaranty Life Holdings, Inc., Dominion Energy, Inc., FRN 5.75% 144A 5.5% 01/05/2025 USD 120,000 101,003 0.01 01/10/2054 USD 1,640,000 1,468,221 0.17 Fifth Third Bancorp, FRN 5.1% Perpetual USD 100,000 84,564 0.01 Downstream Development Authority of First Data Corp., 144A 5.375% the Quapaw Tribe of Oklahoma, 144A 15/08/2023 USD 1,770,000 1,540,723 0.18 10.5% 15/02/2023 USD 266,000 234,171 0.03 First Data Corp., 144A 7% 01/12/2023 USD 259,000 232,740 0.03 Eldorado Resorts, Inc. 6% 01/04/2025 USD 302,000 259,985 0.03 First Data Corp., 144A 5% 15/01/2024 USD 36,000 30,833 0.00 EMI Music Publishing Group North America Holdings, Inc., 144A 7.625% First Data Corp., 144A 5.75% 15/01/2024 USD 1,198,000 1,033,130 0.12 15/06/2024 USD 75,000 69,868 0.01 First Franklin Mortgage Loan Trust, FRN, Endo Finance LLC, 144A 5.75% Series 2003-FF4 ‘M1’ 3.707% 25/10/2033 USD 2,228,370 1,936,882 0.22 15/01/2022 USD 576,000 439,055 0.05 FirstCash, Inc., 144A 5.375% 01/06/2024 USD 32,000 27,553 0.00 Endo Finance LLC, 144A 7.25% Flex Acquisition Co., Inc., 144A 6.875% 15/01/2022 USD 100,000 78,890 0.01 15/01/2025 USD 2,000 1,671 0.00 Energizer Gamma Acquisition, Inc., 144A FNMA, FRN, Series 2017-C05 ‘1M2’ 4.16% 6.375% 15/07/2026 USD 105,000 91,226 0.01 25/01/2030 USD 500,000 437,419 0.05 Energizer Holdings, Inc., 144A 5.5% FNMA, FRN, Series 2017-C07 ‘1M2’ 4.36% 15/06/2025 USD 425,000 360,001 0.04 25/05/2030 USD 1,500,000 1,314,242 0.15 Energy Transfer Equity LP 4.25% FNMA AB9236 3% 01/05/2043 USD 1,550,276 1,300,938 0.15 15/03/2023 USD 120,000 100,120 0.01 FNMA AL6182 3% 01/06/2043 USD 1,527,285 1,281,754 0.15 Energy Transfer Partners LP, FRN 6.25% FNMA AL8961 3% 01/03/2044 USD 1,571,164 1,318,279 0.15 Perpetual USD 920,000 726,983 0.08 FNMA AL9045 3% 01/09/2046 USD 1,633,038 1,364,803 0.16 Energy Transfer Partners LP, FRN FNMA AN3747 2.87% 01/02/2032 USD 1,240,000 989,962 0.11 6.625% Perpetual USD 414,000 324,604 0.04 FNMA AN6122 3.06% 01/08/2032 USD 2,190,000 1,770,435 0.20 EnLink Midstream Partners LP, FRN 6% FNMA AN7633 3.13% 01/12/2032 USD 610,000 499,958 0.06 Perpetual USD 739,000 541,873 0.06 FNMA AN7845 3.08% 01/12/2029 USD 2,370,000 1,952,341 0.22 Entegris, Inc., 144A 4.625% 10/02/2026 USD 438,000 358,049 0.04 FNMA AN8095 3.24% 01/01/2033 USD 1,820,000 1,504,985 0.17 Enterprise Products Operating LLC, FRN FNMA AN8281 3.19% 01/02/2030 USD 830,000 689,061 0.08 4.875% 16/08/2077 182,609 USD 225,000 0.02 FNMA AN8572 3.55% 01/04/2030 USD 830,000 710,060 0.08 Enterprise Products Operating LLC, FRN FNMA AR9198 3% 01/03/2043 USD 1,149,832 964,615 0.11 5.25% 16/08/2077 USD 1,235,000 986,185 0.11 FNMA AS0021 3% 01/07/2043 3,740,226 Enterprise Products Operating LLC, FRN USD 4,459,575 0.43 5.375% 15/02/2078 USD 85,000 67,110 0.01 FNMA AS4085 4% 01/12/2044 USD 5,109,136 4,513,783 0.51 Envision Healthcare Corp., 144A 5.125% FNMA AS8650 3% 01/01/2047 USD 1,824,195 1,519,352 0.17 01/07/2022 USD 457,000 396,429 0.05 FNMA AS9403 3.5% 01/04/2047 USD 5,830,927 5,012,248 0.57 Envision Healthcare Corp., 144A 6.25% FNMA AS9585 4% 01/05/2047 USD 3,664,301 3,230,201 0.37 01/12/2024 USD 100,000 91,643 0.01 FNMA AT5860 3.5% 01/06/2043 USD 4,308,662 3,704,279 0.42 EP Energy LLC, 144A 9.375% 01/05/2024 USD 338,000 239,496 0.03 FNMA BC0167 3.5% 01/01/2046 USD 2,686,396 2,301,711 0.26 EP Energy LLC, 144A 8% 29/11/2024 USD 525,000 454,057 0.05 FNMA BC1145 3.5% 01/06/2046 USD 1,394,340 1,195,046 0.14 EP Energy LLC, 144A 8% 15/02/2025 USD 8,000 5,291 0.00 FNMA BF0133 4% 01/08/2056 USD 2,839,862 2,502,480 0.28 EP Energy LLC, 144A 7.75% 15/05/2026 USD 1,390,000 1,220,691 0.14 FNMA BF0144 3.5% 01/10/2056 USD 1,254,192 1,069,595 0.12 Equinix, Inc., REIT 5.375% 01/04/2023 USD 125,000 109,772 0.01 FNMA BJ1069 4% 01/01/2048 USD 2,353,378 2,063,972 0.23 Equinix, Inc., REIT 5.75% 01/01/2025 USD 270,000 235,500 0.03 FNMA BM1153 3.5% 01/10/2046 USD 4,420,153 3,813,652 0.43 Equinix, Inc., REIT 5.875% 15/01/2026 USD 566,000 491,677 0.06 FNMA BM1548 4% 01/06/2037 USD 5,866,136 5,202,534 0.59 Equinix, Inc., REIT 5.375% 15/05/2027 USD 115,000 98,467 0.01 FNMA BM1577 3.5% 01/07/2047 USD 3,425,636 2,933,288 0.33 ESH Hospitality, Inc., REIT, 144A 5.25% FNMA BM1909 4% 01/02/2045 USD 6,877,128 6,086,913 0.69 01/05/2025 USD 534,000 442,984 0.05 FNMA BM1963 3.5% 01/02/2045 USD 5,486,848 4,723,338 0.54 EW Scripps Co. (The), 144A 5.125% FNMA BM3100 4% 01/11/2037 USD 1,050,547 933,046 0.11 15/05/2025 USD 3,000 2,431 0.00 FNMA BM3569 3.5% 01/02/2038 USD 8,846,760 7,672,130 0.87 Exela Intermediate LLC, 144A 10% FNMA BM3778 3.5% 01/12/2047 USD 14,058,949 12,105,420 1.38 15/07/2023 USD 342,000 301,811 0.03 FNMA BM3780 3.5% 01/01/2046 USD 3,198,991 2,760,254 0.31 Fair Isaac Corp., 144A 5.25% 15/05/2026 USD 80,000 69,139 0.01 FNMA BM3788 3.5% 01/03/2048 USD 16,763,644 14,435,281 1.64 FHLMC G07459 3.5% 01/08/2043 USD 1,765,003 1,519,748 0.17 FNMA BM4028 3.5% 01/10/2047 USD 5,468,161 4,692,956 0.53 FHLMC G08741 3% 01/01/2047 USD 4,174,306 3,471,398 0.39 FNMA CA0906 3.5% 01/12/2047 USD 964,915 827,769 0.09 FHLMC G08750 3% 01/03/2047 USD 4,349,149 3,618,005 0.41 FNMA MA2863 3% 01/01/2047 USD 3,410,727 2,840,758 0.32 FHLMC G08774 3.5% 01/08/2047 USD 5,484,549 4,689,438 0.53 FNMA MA3148 3.5% 01/10/2047 USD 3,565,641 3,053,150 0.35 FHLMC G08784 3.5% 01/10/2047 USD 3,776,837 3,228,712 0.37 FNMA REMIC, IO, FRN, Series 2017-13 ‘AS’ FHLMC G08800 3.5% 01/02/2048 USD 4,103,159 3,506,840 0.40 3.959% 25/02/2047 USD 2,188,623 355,116 0.04 FHLMC G08804 3.5% 01/03/2048 USD 5,106,881 4,365,114 0.50 FNMA REMIC, IO, FRN, Series 2016-30 FHLMC G60304 3.5% 01/05/2044 USD 3,302,712 2,843,778 0.32 ‘SA’ 3.909% 25/05/2046 USD 1,921,275 303,670 0.03 FHLMC G60852 4% 01/08/2046 USD 4,569,351 4,025,551 0.46 FNMA REMIC, IO, FRN, Series 2017-69 FHLMC G61215 3.5% 01/08/2044 USD 4,259,613 3,667,838 0.42 ‘SH’ 4.109% 25/09/2047 USD 2,344,466 374,996 0.04 FHLMC G67700 3.5% 01/08/2046 USD 6,103,436 5,249,198 0.60 FNMA REMIC, IO, FRN, Series 2017-47 ‘ST’ FHLMC G67703 3.5% 01/04/2047 USD 6,126,589 5,254,098 0.60 4.009% 25/06/2047 USD 1,983,810 332,408 0.04 FHLMC G67706 3.5% 01/12/2047 USD 6,702,778 5,748,231 0.65 FREMF Mortgage Trust, FRN, Series FHLMC G67708 3.5% 01/03/2048 USD 4,992,419 4,278,121 0.49 2017-K729 ‘B’, 144A 3.675% 25/11/2049 USD 1,600,000 1,344,544 0.15 FHLMC Q17641 3% 01/04/2043 USD 419,695 351,860 0.04 FREMF Mortgage Trust, FRN, Series 2017-KF39 ‘B’, 144A 4.501% 25/11/2024 USD 1,499,885 1,315,203 0.15 FHLMC Q34871 3.5% 01/07/2045 USD 497,188 426,516 0.05 FREMF Mortgage Trust, FRN, Series FHLMC Q45741 3.5% 01/01/2047 2,154,238 USD 2,511,969 0.25 2017-KF40 ‘B’, 144A 4.701% 25/11/2027 USD 899,797 789,887 0.09 FHLMC Q50886 3.5% 01/09/2047 USD 964,907 826,852 0.09 FREMF Mortgage Trust, FRN, Series FHLMC Q52307 3.5% 01/11/2047 USD 2,009,956 1,723,717 0.20 2018-KF42 ‘B’, 144A 4.201% 25/12/2024 USD 999,870 861,548 0.10 FHLMC REMIC, Series 4754 ‘QB’ 3% Fremont Home Loan Trust, FRN, Series 15/02/2048 USD 789,594 654,559 0.07 2004-2 ‘M4’ 3.741% 25/07/2034 USD 391,440 334,556 0.04

81 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Fremont Home Loan Trust, FRN, Series Holly Energy Partners LP, 144A 6% 2004-2 ‘M6’ 4.116% 25/07/2034 USD 285,228 230,313 0.03 01/08/2024 USD 135,000 117,687 0.01 Frontier Communications Corp., 144A Hologic, Inc., 144A 4.375% 15/10/2025 USD 440,000 360,939 0.04 8.5% 01/04/2026 USD 530,000 441,218 0.05 Hologic, Inc., 144A 4.625% 01/02/2028 USD 33,000 26,748 0.00 Frontier Communications Corp. 7.125% Home Equity Mortgage Loan 15/03/2019 USD 120,000 103,792 0.01 Asset-Backed Trust SPMD, FRN, Series Frontier Communications Corp. 8.75% 2004-C ‘M1’ 2.931% 25/03/2035 USD 395,804 341,116 0.04 15/04/2022 USD 65,000 47,384 0.01 Home Equity Mortgage Loan Frontier Communications Corp. 10.5% Asset-Backed Trust SPMD, FRN, Series 15/09/2022 USD 87,000 67,436 0.01 2004-B ‘M6’ 4.266% 25/11/2034 USD 475,539 408,369 0.05 Frontier Communications Corp. 6.875% Hughes Satellite Systems Corp. 6.5% 15/01/2025 USD 205,000 114,224 0.01 15/06/2019 USD 175,000 153,980 0.02 Frontier Communications Corp. 11% Hughes Satellite Systems Corp. 7.625% 15/09/2025 USD 252,000 173,342 0.02 15/06/2021 USD 20,000 18,375 0.00 FXI Holdings, Inc., 144A 7.875% Hughes Satellite Systems Corp. 5.25% 01/11/2024 USD 208,000 175,519 0.02 01/08/2026 USD 165,000 133,314 0.02 Gartner, Inc., 144A 5.125% 01/04/2025 USD 362,000 308,579 0.04 Hughes Satellite Systems Corp. 6.625% Gates Global LLC, 144A 6% 15/07/2022 USD 472,000 410,454 0.05 01/08/2026 USD 170,000 136,149 0.02 GCI, Inc. 6.75% 01/06/2021 USD 60,000 52,112 0.01 Huntington Bancshares, Inc., FRN 5.7% GCI, Inc. 6.875% 15/04/2025 USD 480,000 428,748 0.05 Perpetual USD 275,000 233,507 0.03 GCP Applied Technologies, Inc., 144A Icahn Enterprises LP 6.25% 01/02/2022 USD 190,000 166,614 0.02 5.5% 15/04/2026 USD 235,000 199,059 0.02 Icahn Enterprises LP 6.75% 01/02/2024 USD 278,000 241,684 0.03 General Electric Co., FRN 5% Perpetual USD 2,900,000 2,454,708 0.28 Icahn Enterprises LP 6.375% 15/12/2025 USD 117,000 100,013 0.01 General Motors Financial Co., Inc., FRN Icahn Enterprises LP 5.875% 01/02/2022 USD 30,000 25,906 0.00 5.75% Perpetual USD 825,000 680,140 0.08 iHeartCommunications, Inc. 9% Genesys Telecommunications 15/12/2019 USD 555,000 367,038 0.04 Laboratories, Inc., 144A 10% 30/11/2024 USD 326,000 312,891 0.04 ILFC E-Capital Trust II, FRN, 144A 4.82% GLP Capital LP 5.25% 01/06/2025 USD 298,000 256,631 0.03 21/12/2065 USD 400,000 319,500 0.04 GLP Capital LP 5.75% 01/06/2028 USD 170,000 147,869 0.02 Impac CMB Trust, FRN, Series 2005-8 ‘1A’ GLP Capital LP 5.375% 01/11/2023 USD 50,000 44,221 0.01 2.611% 25/02/2036 USD 1,688,028 1,400,985 0.16 Golden Nugget, Inc., 144A 6.75% Impac CMB Trust, FRN, Series 2005-1 15/10/2024 USD 401,000 344,851 0.04 ‘1A2’ 2.711% 25/04/2035 USD 460,070 369,755 0.04 Goldman Sachs Group, Inc. (The), FRN 5% Impac CMB Trust, FRN, Series 2005-8 Perpetual USD 2,050,000 1,658,371 0.19 ‘1AM’ 2.791% 25/02/2036 USD 1,060,082 857,384 0.10 Goldman Sachs Group, Inc. (The), FRN Infor Software Parent LLC, 144A 7.125% 5.7% Perpetual USD 1,010,000 881,321 0.10 01/05/2021 USD 225,000 193,971 0.02 Goldman Sachs Group, Inc. (The), FRN Infor US, Inc. 6.5% 15/05/2022 USD 1,598,000 1,377,841 0.16 5.375% Perpetual USD 1,875,000 1,640,424 0.19 Informatica LLC, 144A 7.125% Goodyear Tire & Rubber Co. (The) 5.125% 15/07/2023 USD 251,000 219,349 0.02 15/11/2023 USD 125,000 106,762 0.01 Ingevity Corp., 144A 4.5% 01/02/2026 USD 86,000 70,306 0.01 Goodyear Tire & Rubber Co. (The) 5% Interval Acquisition Corp. 5.625% 31/05/2026 USD 206,000 166,148 0.02 15/04/2023 USD 25,000 21,740 0.00 Goodyear Tire & Rubber Co. (The) 4.875% inVentiv Group Holdings, Inc., 144A 7.5% 15/03/2027 USD 267,000 210,732 0.02 01/10/2024 USD 55,000 49,954 0.01 Graham Holdings Co., 144A 5.75% IQVIA, Inc., 144A 4.875% 15/05/2023 USD 101,000 87,613 0.01 01/06/2026 USD 59,000 51,433 0.01 IQVIA, Inc., 144A 5% 15/10/2026 USD 630,000 523,860 0.06 Gray Television, Inc., 144A 5.125% IRB Holding Corp., 144A 6.75% 15/10/2024 USD 175,000 144,059 0.02 15/02/2026 USD 242,000 200,052 0.02 Gray Television, Inc., 144A 5.875% Iron Mountain, Inc., REIT, 144A 4.875% 15/07/2026 USD 130,000 106,350 0.01 15/09/2027 USD 221,000 173,954 0.02 GSAMP Trust, FRN, Series 2003-SEA ‘A1’ Iron Mountain, Inc., REIT, 144A 5.25% 2.297% 25/02/2033 USD 339,909 288,351 0.03 15/03/2028 USD 59,000 47,146 0.01 GSAMP Trust, FRN, Series 2003-HE1 ‘M1’ Itron, Inc., 144A 5% 15/01/2026 USD 15,000 12,347 0.00 3.193% 20/06/2033 USD 368,538 320,862 0.04 J.P. Morgan Alternative Loan Trust, FRN, GSR Mortgage Loan Trust, Series Series 2007-A2 ‘12A3’ 2.15% 25/06/2037 USD 280,830 240,715 0.03 2006-9F ‘3A1’ 6.25% 25/10/2036 USD 1,069,305 909,834 0.10 J.P. Morgan Alternative Loan Trust, FRN, GTT Communications, Inc., 144A 7.875% Series 2006-A2 ‘1A1’ 2.271% 25/05/2036 USD 1,378,908 1,135,732 0.13 31/12/2024 USD 5,000 4,294 0.00 J.P. Morgan Alternative Loan Trust, STEP, Gulfport Energy Corp. 6% 15/10/2024 USD 177,000 146,233 0.02 Series 2006-S2 ‘A5’ 6.38% 25/05/2036 USD 1,313,456 942,188 0.11 Gulfport Energy Corp. 6.375% J.P. Morgan Chase Commercial Mortgage 15/05/2025 USD 114,000 95,154 0.01 Securities Trust, FRN, Series 2007-LD11 H&E Equipment Services, Inc. 5.625% ‘AM’ 6.005% 15/06/2049 USD 67,050 57,722 0.01 01/09/2025 USD 120,000 101,454 0.01 J.P. Morgan Mortgage Trust, FRN, Series Halcon Resources Corp. 6.75% 2007-S1 ‘2A17’ 2.421% 25/03/2037 USD 1,166,439 546,671 0.06 15/02/2025 USD 70,000 56,338 0.01 j2 Cloud Services LLC, 144A 6% Hanesbrands, Inc., 144A 4.625% 15/07/2025 USD 35,000 30,511 0.00 15/05/2024 USD 150,000 125,934 0.01 Jack Ohio Finance LLC, 144A 6.75% Hanesbrands, Inc., 144A 4.875% 15/11/2021 USD 490,000 434,524 0.05 15/05/2026 USD 285,000 237,889 0.03 Jack Ohio Finance LLC, 144A 10.25% Hardwoods Acquisition, Inc., 144A 7.5% 15/11/2022 USD 245,000 228,309 0.03 01/08/2021 USD 245,000 196,220 0.02 Jagged Peak Energy LLC, 144A 5.875% Harland Clarke Holdings Corp., 144A 01/05/2026 USD 80,000 68,506 0.01 8.375% 15/08/2022 USD 109,000 93,046 0.01 Jaguar Holding Co. II, 144A 6.375% HD Supply, Inc., STEP, 144A 5.75% 01/08/2023 USD 156,000 133,783 0.02 15/04/2024 USD 100,000 90,222 0.01 JB Poindexter & Co., Inc., 144A 7.125% Herc Rentals, Inc. ‘A’, 144A 7.75% 15/04/2026 USD 33,000 29,122 0.00 01/06/2024 USD 525,000 488,968 0.06 JC Penney Corp., Inc., 144A 5.875% Hertz Corp. (The), 144A 7.625% 01/07/2023 USD 110,000 88,849 0.01 01/06/2022 USD 245,000 202,093 0.02 JC Penney Corp., Inc., 144A 8.625% Hertz Corp. (The), 144A 5.5% 15/10/2024 USD 1,100,000 748,720 0.09 15/03/2025 USD 52,000 38,185 0.00 Hess Infrastructure Partners LP, 144A Jeld-Wen, Inc., 144A 4.625% 15/12/2025 USD 405,000 332,190 0.04 5.625% 15/02/2026 USD 180,000 154,236 0.02 Jeld-Wen, Inc., 144A 4.875% 15/12/2027 USD 15,000 11,892 0.00 Hexion, Inc. 6.625% 15/04/2020 USD 440,000 356,174 0.04 Kaiser Aluminum Corp. 5.875% Hilcorp Energy I LP, 144A 5% 01/12/2024 USD 437,000 367,820 0.04 15/05/2024 USD 50,000 44,133 0.01 Hill-Rom Holdings, Inc., 144A 5.75% Kennedy-Wilson, Inc., 144A 5.875% 01/09/2023 USD 280,000 245,895 0.03 01/04/2024 USD 71,000 59,429 0.01 Hill-Rom Holdings, Inc., 144A 5% KeyCorp, FRN 5% Perpetual USD 610,000 510,077 0.06 15/02/2025 USD 265,000 221,911 0.03 KFC Holding Co., 144A 4.75% 01/06/2027 USD 160,000 130,526 0.01 Hilton Domestic Operating Co., Inc., 144A Kindred Healthcare, Inc. 8.75% 5.125% 01/05/2026 USD 267,000 224,539 0.03 15/01/2023 USD 175,000 160,078 0.02

82 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Kinetic Concepts, Inc., 144A 7.875% Neiman Marcus Group Ltd. LLC, 144A 15/02/2021 USD 265,000 234,599 0.03 8.75% 15/10/2021 USD 120,462 68,802 0.01 KLX, Inc., 144A 5.875% 01/12/2022 USD 515,000 461,117 0.05 Netflix, Inc., 144A 4.875% 15/04/2028 USD 310,000 253,801 0.03 Koppers, Inc., 144A 6% 15/02/2025 USD 64,000 55,243 0.01 Netflix, Inc., 144A 5.875% 15/11/2028 USD 352,000 306,723 0.03 Kratos Defense & Security Solutions, Inc., Netflix, Inc. 5.875% 15/02/2025 USD 25,000 22,081 0.00 144A 6.5% 30/11/2025 USD 90,000 80,294 0.01 Netflix, Inc. 4.375% 15/11/2026 USD 215,000 174,231 0.02 Kronos Acquisition Holdings, Inc., 144A New Residential Mortgage Loan Trust, 9% 15/08/2023 USD 120,000 94,304 0.01 FRN, Series 2018-2A ‘A1’, 144A 4.5% Ladder Capital Finance Holdings LLLP, 25/02/2058 USD 1,431,550 1,266,518 0.14 144A 5.25% 15/03/2022 USD 54,000 46,495 0.01 New Residential Mortgage Trust, FRN, Ladder Capital Finance Holdings LLLP, Series 2018-1A ‘A1A’, 144A 4% 144A 5.25% 01/10/2025 USD 82,000 65,850 0.01 25/12/2057 USD 1,389,460 1,204,433 0.14 Lamar Media Corp. 5% 01/05/2023 USD 235,000 204,814 0.02 Nexstar Broadcasting, Inc., 144A 6.125% Lamar Media Corp. 5.375% 15/01/2024 USD 40,000 35,074 0.00 15/02/2022 USD 80,000 70,513 0.01 Lamar Media Corp. 5.75% 01/02/2026 USD 265,000 232,147 0.03 Nexstar Broadcasting, Inc., 144A 5.625% Lennar Corp., 144A 5.25% 01/06/2026 USD 125,000 105,748 0.01 01/08/2024 USD 160,000 133,297 0.02 Lennar Corp. 5.875% 15/11/2024 USD 190,000 169,695 0.02 NextEra Energy Operating Partners LP, 144A 4.25% 15/09/2024 78,850 Lennar Corp. 4.75% 29/11/2027 USD 70,000 56,664 0.01 USD 95,000 0.01 NextEra Energy Operating Partners LP, LifePoint Health, Inc. 5.5% 01/12/2021 USD 105,000 90,813 0.01 144A 4.5% 15/09/2027 USD 11,000 8,837 0.00 Live Nation Entertainment, Inc., 144A NGPL PipeCo LLC, 144A 4.375% 4.875% 01/11/2024 USD 684,000 569,843 0.06 15/08/2022 USD 90,000 77,008 0.01 LKQ Corp. 4.75% 15/05/2023 88,974 USD 104,000 0.01 NGPL PipeCo LLC, 144A 4.875% Long Beach Mortgage Loan Trust, FRN, 15/08/2027 USD 52,000 44,268 0.01 Series 2004-3 ‘M7’ 5.016% 25/07/2034 215,851 USD 251,778 0.02 Nielsen Finance LLC, 144A 5% LPL Holdings, Inc., 144A 5.75% 15/04/2022 USD 365,000 309,922 0.04 15/09/2025 116,398 USD 139,000 0.01 NiSource, Inc., FRN, 144A 5.65% LSB Industries, Inc., 144A 9.625% Perpetual USD 350,000 298,726 0.03 01/05/2023 9,554 USD 11,000 0.00 Northern Trust Corp., FRN 4.6% LSTAR Securities Investment Ltd., FRN, Perpetual USD 878,000 738,234 0.08 Series 2017-7 ‘A’, 144A 3.732% NovaStar Mortgage Funding Trust, FRN, 01/10/2022 USD 297,174 260,279 0.03 Series 2003-1 ‘A2’ 2.74% 25/05/2033 USD 1,014,503 870,980 0.10 LTF Merger Sub, Inc., 144A 8.5% NovaStar Mortgage Funding Trust, FRN, 15/06/2023 USD 240,000 215,662 0.02 Series 2003-3 ‘M1’ 3.022% 25/12/2033 USD 92,139 79,557 0.01 Martin Midstream Partners LP 7.25% Novelis Corp., 144A 6.25% 15/08/2024 171,870 15/02/2021 USD 239,000 203,806 0.02 USD 200,000 0.02 Novelis Corp., 144A 5.875% 30/09/2026 523,717 Match Group, Inc., 144A 5% 15/12/2027 USD 9,000 7,274 0.00 USD 635,000 0.06 NRG Energy, Inc., 144A 5.75% 15/01/2028 39,161 Mattel, Inc., 144A 6.75% 31/12/2025 USD 829,000 694,257 0.08 USD 46,000 0.00 Nuance Communications, Inc. 5.625% Mattel, Inc. 3.15% 15/03/2023 USD 65,000 48,861 0.01 15/12/2026 USD 377,000 315,579 0.04 Meredith Corp., 144A 6.875% NVA Holdings, Inc., 144A 6.875% 01/02/2026 USD 145,000 122,687 0.01 01/04/2026 USD 183,000 156,977 0.02 Merrill Lynch Mortgage Investors Trust, FRN, Series 2006-2 ‘2A’ 3.631% Oak Hill Advisors Residential Loan Trust, STEP, Series 2017-NPL2 ‘A1’, 144A 3% 25/05/2036 USD 165,942 144,480 0.02 25/07/2057 USD 648,839 553,142 0.06 Metlife Securitization Trust, FRN, Series Oasis Petroleum, Inc., 144A 6.25% 2017-1A ‘A’, 144A 3% 25/04/2055 USD 1,344,479 1,139,000 0.13 01/05/2026 USD 221,000 192,003 0.02 MetLife, Inc., FRN 5.25% Perpetual 332,415 USD 380,000 0.04 Option One Mortgage Accept Corp., FRN, MetLife, Inc., FRN 5.875% Perpetual USD 1,170,000 1,021,213 0.12 Series 2003-6 ‘A2’ 2.751% 25/11/2033 USD 482,410 407,714 0.05 MFA Trust, STEP, Series 2017-NPL1 ‘A1’, Owens-Brockway Glass Container, Inc., 144A 3.351% 25/11/2047 USD 2,093,935 1,791,126 0.20 144A 5.875% 15/08/2023 USD 20,000 17,345 0.00 MGM Growth Properties Operating Owens-Brockway Glass Container, Inc., Partnership LP, REIT 4.5% 15/01/2028 USD 5,000 3,911 0.00 144A 5.375% 15/01/2025 USD 115,000 97,449 0.01 MGM Resorts International 5.75% Owens-Brockway Glass Container, Inc., 15/06/2025 USD 220,000 188,812 0.02 144A 6.375% 15/08/2025 USD 15,000 13,205 0.00 Micron Technology, Inc. 5.5% 01/02/2025 USD 60,000 53,683 0.01 Parsley Energy LLC, 144A 5.375% Midcontinent Communications, 144A 15/01/2025 USD 178,000 151,043 0.02 6.875% 15/08/2023 USD 315,000 285,343 0.03 Parsley Energy LLC, 144A 5.25% Molina Healthcare, Inc., 144A 4.875% 15/08/2025 USD 175,000 148,811 0.02 15/06/2025 USD 12,000 10,042 0.00 Parsley Energy LLC, 144A 5.625% Morgan Stanley, FRN 5.45% Perpetual USD 1,420,000 1,237,701 0.14 15/10/2027 USD 15,000 12,819 0.00 Morgan Stanley, FRN 5.55% Perpetual USD 3,060,000 2,703,873 0.31 Party City Holdings, Inc., 144A 6.125% Morgan Stanley ABS Capital I, Inc. Trust, 15/08/2023 USD 125,000 108,882 0.01 FRN, Series 2004-OP1 ‘M1’ 2.961% PBF Holding Co. LLC 7% 15/11/2023 USD 132,000 118,097 0.01 25/11/2034 USD 708,568 607,958 0.07 PBF Holding Co. LLC 7.25% 15/06/2025 USD 127,000 114,775 0.01 Morgan Stanley Capital I Trust, FRN, Peabody Energy Corp., 144A 6% Series 2007-T27 ‘C’, 144A 5.933% 31/03/2022 USD 37,000 32,373 0.00 11/06/2042 733,289 USD 816,500 0.08 Peabody Energy Corp., 144A 6.375% Morgan Stanley Mortgage Loan Trust, 31/03/2025 USD 45,000 40,050 0.00 FRN, Series 2004-11AR ‘1A2A’ 2.401% PetSmart, Inc., 144A 7.125% 15/03/2023 158,803 25/01/2035 USD 168,944 141,778 0.02 USD 277,000 0.02 Morgan Stanley Mortgage Loan Trust, PetSmart, Inc., 144A 5.875% 01/06/2025 USD 598,000 395,989 0.05 FRN, Series 2007-5AX ‘2A2’ 2.241% PetSmart, Inc., 144A 8.875% 01/06/2025 USD 83,000 46,084 0.01 25/02/2037 USD 2,267,054 994,181 0.11 Pilgrim’s Pride Corp., 144A 5.75% MortgageIT Trust, FRN, Series 2005-2 15/03/2025 USD 268,000 221,619 0.03 ‘1A2’ 2.62% 25/05/2035 USD 368,757 315,033 0.04 Pilgrim’s Pride Corp., 144A 5.875% MortgageIT Trust, FRN, Series 2005-1 30/09/2027 USD 222,000 177,719 0.02 ‘1B1’ 3.46% 25/02/2035 USD 348,472 289,126 0.03 Plains All American Pipeline LP, FRN MortgageIT Trust, FRN, Series 2005-4 6.125% Perpetual USD 1,050,000 858,883 0.10 ‘M1’ 2.41% 25/10/2035 USD 386,071 328,077 0.04 Plantronics, Inc., 144A 5.5% 31/05/2023 USD 431,000 371,561 0.04 MPH Acquisition Holdings LLC, 144A PNC Financial Services Group, Inc. (The), 7.125% 01/06/2024 USD 422,000 372,411 0.04 FRN 5% Perpetual USD 805,000 683,775 0.08 MSCI, Inc., 144A 5.25% 15/11/2024 USD 10,000 8,718 0.00 PNC Financial Services Group, Inc. (The), MSCI, Inc., 144A 5.75% 15/08/2025 USD 100,000 87,925 0.01 FRN 6.75% Perpetual USD 100,000 92,858 0.01 MSCI, Inc., 144A 5.375% 15/05/2027 USD 192,000 166,140 0.02 PNC Financial Services Group, Inc. (The), Mueller Water Products, Inc., 144A 5.5% FRN 4.85% Perpetual USD 300,000 255,244 0.03 15/06/2026 USD 90,000 77,685 0.01 Polaris Intermediate Corp., 144A 8.5% Nabors Industries, Inc., 144A 5.75% 01/12/2022 USD 237,000 209,404 0.02 01/02/2025 USD 260,000 211,420 0.02 Post Holdings, Inc., 144A 5.5% Navistar International Corp., 144A 01/03/2025 USD 189,000 158,523 0.02 6.625% 01/11/2025 USD 281,000 248,840 0.03 Post Holdings, Inc., 144A 5% 15/08/2026 USD 323,000 258,591 0.03 Neiman Marcus Group Ltd. LLC, 144A 8% Post Holdings, Inc., 144A 5.75% 15/10/2021 USD 318,000 181,625 0.02 01/03/2027 USD 371,000 310,186 0.04 83 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Post Holdings, Inc., 144A 5.625% Sinclair Television Group, Inc., 144A 15/01/2028 USD 95,000 76,839 0.01 5.125% 15/02/2027 USD 50,000 40,080 0.00 PQ Corp., 144A 5.75% 15/12/2025 USD 113,000 95,597 0.01 Sinclair Television Group, Inc. 6.125% Prestige Brands, Inc., 144A 6.375% 01/10/2022 USD 350,000 306,506 0.03 01/03/2024 USD 275,000 235,240 0.03 Sirius XM Radio, Inc., 144A 4.625% Pretium Mortgage Credit Partners I LLC, 15/05/2023 USD 50,000 42,090 0.00 FRN, Series 2017-NPL5 ‘A1’, 144A 3.327% Sirius XM Radio, Inc., 144A 6% 30/12/2032 USD 2,012,647 1,725,393 0.20 15/07/2024 USD 1,035,000 909,439 0.10 Pretium Mortgage Credit Partners I LLC, Sirius XM Radio, Inc., 144A 5.375% STEP, Series 2018-NPL1 ‘A1’, 144A 15/04/2025 USD 665,000 561,154 0.06 3.375% 27/01/2033 USD 899,490 767,479 0.09 Sirius XM Radio, Inc., 144A 5.375% Pretium Mortgage Credit Partners I LLC, 15/07/2026 USD 205,000 170,738 0.02 STEP, Series 2018-NPL2 ‘A1’, 144A 3.7% Sirius XM Radio, Inc., 144A 5% 27/03/2033 USD 1,875,828 1,608,093 0.18 01/08/2027 USD 112,000 90,092 0.01 Prime Security Services Borrower LLC, Six Flags Entertainment Corp., 144A 144A 9.25% 15/05/2023 USD 575,000 526,561 0.06 4.875% 31/07/2024 USD 415,000 347,043 0.04 Progressive Corp. (The), FRN 5.375% Solera LLC, 144A 10.5% 01/03/2024 USD 237,000 226,452 0.03 Perpetual USD 380,000 324,661 0.04 Sotheby’s, 144A 4.875% 15/12/2025 USD 190,000 157,474 0.02 Prudential Financial, Inc., FRN 5.875% Springleaf Finance Corp. 7.75% 15/09/2042 USD 400,000 364,115 0.04 01/10/2021 USD 55,000 51,050 0.01 Prudential Financial, Inc., FRN 5.625% Springleaf Finance Corp. 6.125% 15/06/2043 USD 1,810,000 1,612,299 0.18 15/05/2022 USD 84,000 73,947 0.01 Prudential Financial, Inc., FRN 5.375% Springleaf Finance Corp. 5.625% 15/05/2045 USD 320,000 274,217 0.03 15/03/2023 USD 414,000 353,734 0.04 Qorvo, Inc. 6.75% 01/12/2023 USD 10,000 9,136 0.00 Springleaf Finance Corp. 6.875% Qorvo, Inc. 7% 01/12/2025 USD 86,000 80,118 0.01 15/03/2025 USD 80,000 68,543 0.01 Quicken Loans, Inc., 144A 5.75% Springleaf Finance Corp. 7.125% 01/05/2025 USD 390,000 330,772 0.04 15/03/2026 USD 68,000 58,345 0.01 Quicken Loans, Inc., 144A 5.25% Sprint Communications, Inc., 144A 9% 15/01/2028 USD 91,000 72,370 0.01 15/11/2018 USD 6,000 5,264 0.00 Qwest Corp. 7.25% 15/09/2025 USD 5,000 4,589 0.00 Sprint Communications, Inc., 144A 7% Rackspace Hosting, Inc., 144A 8.625% 01/03/2020 USD 185,000 164,452 0.02 15/11/2024 USD 515,000 444,276 0.05 Sprint Corp. 7.625% 01/03/2026 USD 93,000 81,726 0.01 Rain CII Carbon LLC, 144A 7.25% SPX FLOW, Inc., 144A 5.625% 01/04/2025 USD 295,000 258,434 0.03 15/08/2024 USD 315,000 269,868 0.03 RAMP Trust, FRN, Series 2006-RZ2 ‘A3’ SPX FLOW, Inc., 144A 5.875% 2.361% 25/05/2036 USD 316,593 269,082 0.03 15/08/2026 USD 45,000 38,631 0.00 RAMP Trust, FRN, Series 2006-RZ3 ‘M1’ Standard Industries, Inc., 144A 6% 2.441% 25/08/2036 USD 2,000,000 1,691,609 0.19 15/10/2025 USD 265,000 229,456 0.03 RAMP Trust, FRN, Series 2005-RS6 ‘M4’ Standard Industries, Inc., 144A 5% 3.066% 25/06/2035 USD 600,000 517,199 0.06 15/02/2027 USD 55,000 44,286 0.01 RBS Global, Inc., 144A 4.875% Standard Industries, Inc., 144A 4.75% 15/12/2025 USD 105,000 85,672 0.01 15/01/2028 USD 571,000 450,500 0.05 Renaissance Home Equity Loan Trust, Staples, Inc., 144A 8.5% 15/09/2025 USD 935,000 753,653 0.09 FRN, Series 2003-2 ‘A’ 2.84% State Street Corp., FRN 5.25% Perpetual USD 710,000 626,958 0.07 25/08/2033 USD 320,798 270,010 0.03 Station Casinos LLC, 144A 5% Renaissance Home Equity Loan Trust, 01/10/2025 USD 162,000 131,250 0.01 FRN, Series 2003-3 ‘A’ 2.46% 25/12/2033 83,542 USD 98,583 0.01 Steel Dynamics, Inc. 5.25% 15/04/2023 USD 47,000 40,715 0.00 Renaissance Home Equity Loan Trust, Steel Dynamics, Inc. 4.125% 15/09/2025 156,827 FRN, Series 2003-3 ‘M1’ 2.69% USD 190,000 0.02 25/12/2033 USD 389,692 328,332 0.04 Structured Asset Investment Loan Trust, FRN, Series 2003-BC6 ‘M1’ 3.216% Reynolds Group Issuer, Inc., 144A 5.125% 25/07/2033 USD 146,745 126,175 0.01 15/07/2023 USD 20,000 17,008 0.00 Structured Asset Mortgage Investments II Rite Aid Corp., 144A 6.375% 01/04/2023 USD 400,000 349,131 0.04 Trust, FRN, Series 2004-AR7 ‘A1A’ Sabine Pass Liquefaction LLC 5.75% 2.648% 19/04/2035 USD 1,108,809 950,522 0.11 15/05/2024 USD 100,000 91,841 0.01 Structured Asset Mortgage Investments II Sabre GLBL, Inc., 144A 5.375% Trust, FRN, Series 2005-AR5 ‘A3’ 2.198% 15/04/2023 USD 510,000 443,631 0.05 19/07/2035 USD 353,295 296,490 0.03 Sabre GLBL, Inc., 144A 5.25% 15/11/2023 USD 122,000 105,959 0.01 Structured Asset Securities Corp., FRN, Sanchez Energy Corp., 144A 7.25% Series 2003-26A ‘3A5’ 3.633% 15/02/2023 USD 41,000 34,751 0.00 25/09/2033 USD 207,133 179,896 0.02 Saxon Asset Securities Trust, FRN, Series Summit Materials LLC, 144A 5.125% 2004-2 ‘MV2’ 3.319% 25/08/2035 USD 529,168 457,429 0.05 01/06/2025 USD 515,000 418,871 0.05 SBA Communications Corp., REIT, 144A Sunoco LP, 144A 4.875% 15/01/2023 USD 193,000 159,411 0.02 4% 01/10/2022 USD 81,000 67,000 0.01 Sunoco LP, 144A 5.5% 15/02/2026 USD 64,000 52,563 0.01 SBA Communications Corp., REIT 4.875% Sunoco LP, 144A 5.875% 15/03/2028 USD 19,000 15,426 0.00 15/07/2022 USD 10,000 8,546 0.00 SunTrust Banks, Inc., FRN 5.05% SBA Communications Corp., REIT 4.875% Perpetual USD 1,055,000 891,017 0.10 01/09/2024 USD 495,000 408,924 0.05 SunTrust Banks, Inc., FRN 5.125% Scientific Games International, Inc., 144A Perpetual USD 880,000 719,282 0.08 5% 15/10/2025 203,566 USD 249,000 0.02 SUPERVALU, Inc. 6.75% 01/06/2021 USD 186,000 162,427 0.02 Scientific Games International, Inc. 10% Symantec Corp., 144A 5% 15/04/2025 USD 217,000 180,783 0.02 01/12/2022 USD 178,000 163,210 0.02 Talen Energy Supply LLC 6.5% Sealed Air Corp., 144A 5.125% 01/06/2025 USD 265,000 174,115 0.02 01/12/2024 USD 40,000 34,784 0.00 Tallgrass Energy Partners LP, 144A 5.5% Sealed Air Corp., 144A 5.5% 15/09/2025 95,541 USD 108,000 0.01 15/09/2024 USD 55,000 48,383 0.01 Securitized Asset-Backed Receivables LLC Tallgrass Energy Partners LP, 144A 5.5% Trust, FRN, Series 2004-OP2 ‘M3’ 4.116% 15/01/2028 USD 145,000 122,668 0.01 25/08/2034 USD 430,159 347,965 0.04 Targa Resources Partners LP, 144A SemGroup Corp. 6.375% 15/03/2025 126,314 USD 154,000 0.01 5.875% 15/04/2026 USD 140,000 120,217 0.01 SemGroup Corp. 7.25% 15/03/2026 USD 42,000 35,441 0.00 Targa Resources Partners LP, 144A 5% Seminole Hard Rock Entertainment, Inc., 15/01/2028 USD 155,000 123,804 0.01 144A 5.875% 15/05/2021 USD 319,000 276,719 0.03 Targa Resources Partners LP 4.25% Sequoia Mortgage Trust, FRN, Series 15/11/2023 USD 240,000 197,818 0.02 2007-3 ‘1A1’ 2.148% 20/07/2036 USD 253,207 208,861 0.02 Targa Resources Partners LP 5.125% Sequoia Mortgage Trust, FRN, Series 01/02/2025 USD 120,000 102,352 0.01 2018-2 ‘A4’, 144A 3.5% 25/02/2048 USD 1,935,879 1,657,786 0.19 Targa Resources Partners LP 5.375% Sinclair Television Group, Inc., 144A 01/02/2027 USD 20,000 16,662 0.00 5.625% 01/08/2024 USD 450,000 383,593 0.04 Team Health Holdings, Inc., 144A 6.375% Sinclair Television Group, Inc., 144A 01/02/2025 USD 435,000 319,243 0.04 5.875% 15/03/2026 168,553 USD 200,000 0.02 TEGNA, Inc., 144A 5.5% 15/09/2024 USD 85,000 73,278 0.01

84 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Tenet Healthcare Corp., 144A 7.5% Wachovia Bank Commercial Mortgage 01/01/2022 USD 1,138,000 1,023,611 0.12 Trust, FRN, Series 2007-C31 ‘C’ 5.981% Tenet Healthcare Corp., 144A 4.625% 15/04/2047 USD 1,987,000 1,709,784 0.19 15/07/2024 USD 851,000 694,730 0.08 WaMu Mortgage Pass-Through Trust, Tenet Healthcare Corp., 144A 5.125% FRN, Series 2006-AR17 ‘1A1A’ 2.187% 01/05/2025 USD 370,000 304,608 0.03 25/12/2046 USD 673,099 570,356 0.06 Tenet Healthcare Corp., 144A 7% WaMu Mortgage Pass-Through Trust, 01/08/2025 USD 239,000 204,317 0.02 FRN, Series 2005-AR3 ‘A2’ 3.662% Tennant Co. 5.625% 01/05/2025 USD 229,000 198,849 0.02 25/03/2035 USD 209,366 182,343 0.02 Terex Corp., 144A 5.625% 01/02/2025 USD 489,000 418,161 0.05 WaMu Mortgage Pass-Through Trust, Terraform Global Operating LLC, 144A FRN, Series 2005-AR7 ‘A3’ 3.327% 25/08/2035 161,392 6.125% 01/03/2026 USD 117,000 100,659 0.01 USD 186,139 0.02 TerraForm Power Operating LLC, 144A Washington Mutual Mortgage 4.25% 31/01/2023 298,831 Pass-Through Certificates WMALT Trust, USD 360,000 0.03 FRN, Series 2007-1 ‘1A7’ 2.691% TI Group Automotive Systems LLC, 144A 25/02/2037 USD 1,281,858 856,768 0.10 8.75% 15/07/2023 485,008 USD 540,000 0.06 Weatherford International LLC, 144A T-Mobile USA, Inc. 6.5% 15/01/2024 USD 85,000 76,129 0.01 9.875% 01/03/2025 USD 38,000 32,733 0.00 T-Mobile USA, Inc. 6% 15/04/2024 USD 135,000 120,353 0.01 Wells Fargo & Co., FRN 5.9% Perpetual USD 2,330,000 2,010,123 0.23 T-Mobile USA, Inc. 6.375% 01/03/2025 USD 320,000 285,670 0.03 Wells Fargo & Co., FRN 5.875% Perpetual USD 1,185,000 1,049,862 0.12 T-Mobile USA, Inc. 5.125% 15/04/2025 USD 165,000 142,336 0.02 Wells Fargo Mortgage Backed Securities T-Mobile USA, Inc. 6.5% 15/01/2026 USD 1,205,000 1,074,836 0.12 Trust, FRN, Series 2005-AR3 ‘1A1’ 3.863% T-Mobile USA, Inc. 4.5% 01/02/2026 USD 331,000 265,179 0.03 25/03/2035 USD 209,176 185,749 0.02 T-Mobile USA, Inc. 4.75% 01/02/2028 USD 161,000 128,154 0.01 Wells Fargo Mortgage Backed Securities TreeHouse Foods, Inc., 144A 6% Trust, Series 2006-2 ‘1A12’ 5.75% 15/02/2024 USD 560,000 492,390 0.06 25/03/2036 USD 331,390 280,944 0.03 TriMas Corp., 144A 4.875% 15/10/2025 USD 130,000 106,559 0.01 Wells Fargo Mortgage Backed Securities Tronox, Inc., 144A 6.5% 15/04/2026 USD 136,000 116,666 0.01 Trust, FRN, Series 2005-AR10 ‘2A1’ Tutor Perini Corp., 144A 6.875% 3.822% 25/06/2035 USD 162,143 143,761 0.02 01/05/2025 USD 361,000 311,215 0.04 Wells Fargo Mortgage Backed Securities Ultra Resources, Inc., 144A 6.875% Trust, FRN, Series 2004-EE ‘2A2’ 3.846% 15/04/2022 USD 557,000 360,587 0.04 25/12/2034 USD 97,208 86,317 0.01 Ultra Resources, Inc., 144A 7.125% Wells Fargo Mortgage Backed Securities 15/04/2025 USD 220,000 132,266 0.02 Trust, FRN, Series 2005-AR2 ‘2A2’ 3.912% United States Steel Corp. 6.25% 25/03/2035 USD 137,347 120,912 0.01 15/03/2026 USD 154,000 131,418 0.01 Wells Fargo Mortgage Backed Securities Uniti Group LP, REIT, 144A 6% Trust, FRN, Series 2005-AR14 ‘A1’ 3.534% 25/08/2035 135,208 15/04/2023 USD 515,000 426,837 0.05 USD 154,675 0.02 West Street Merger Sub, Inc., 144A Uniti Group LP, REIT 8.25% 15/10/2023 USD 565,000 460,999 0.05 6.375% 01/09/2025 USD 3,000 2,480 0.00 Univar USA, Inc., 144A 6.75% 15/07/2023 42,566 USD 48,000 0.00 Whiting Petroleum Corp., 144A 6.625% Univision Communications, Inc., 144A 15/01/2026 USD 229,000 203,874 0.02 6.75% 15/09/2022 2,641 USD 3,000 0.00 WildHorse Resource Development Corp., Univision Communications, Inc., 144A 144A 6.875% 01/02/2025 USD 240,000 211,540 0.02 5.125% 15/05/2023 99,444 USD 120,000 0.01 Williams Cos., Inc. (The) 7.75% Univision Communications, Inc., 144A 15/06/2031 USD 10,000 10,360 0.00 5.125% 15/02/2025 118,177 USD 148,000 0.01 Windstream Services LLC, 144A 8.75% US Bancorp, FRN 5.3% Perpetual USD 104,000 89,178 0.01 15/12/2024 USD 910,000 496,298 0.06 US Concrete, Inc. 6.375% 01/06/2024 USD 180,000 155,935 0.02 Windstream Services LLC, 144A 8.625% US Foods, Inc., 144A 5.875% 15/06/2024 USD 2,000 1,752 0.00 31/10/2025 USD 415,000 342,174 0.04 USA Compression Partners LP, 144A WMG Acquisition Corp., 144A 5.625% 6.875% 01/04/2026 USD 112,000 99,768 0.01 15/04/2022 USD 147,000 129,726 0.01 USG Corp., 144A 4.875% 01/06/2027 USD 110,000 96,040 0.01 WMG Acquisition Corp., 144A 4.875% USIS Merger Sub, Inc., 144A 6.875% 01/11/2024 USD 300,000 252,508 0.03 01/05/2025 USD 104,000 89,099 0.01 WMG Acquisition Corp., 144A 5.5% Valeant Pharmaceuticals International, 15/04/2026 USD 208,000 177,529 0.02 Inc., 144A 6.75% 15/08/2021 USD 217,000 188,472 0.02 WPX Energy, Inc. 5.75% 01/06/2026 USD 310,000 267,139 0.03 Valeant Pharmaceuticals International, Wyndham Hotels & Resorts, Inc., 144A Inc., 144A 7.25% 15/07/2022 USD 1,013,000 891,056 0.10 5.375% 15/04/2026 USD 39,000 33,412 0.00 Valeant Pharmaceuticals International, Wyndham Worldwide Corp. 4.15% Inc., 144A 9.25% 01/04/2026 USD 146,000 130,824 0.01 01/04/2024 USD 47,000 39,641 0.00 Valeant Pharmaceuticals International, Wyndham Worldwide Corp. 4.5% Inc., 144A 8.5% 31/01/2027 USD 432,000 376,106 0.04 01/04/2027 USD 44,000 36,746 0.00 Vantiv LLC, 144A 4.375% 15/11/2025 USD 400,000 326,800 0.04 Wynn Las Vegas LLC, 144A 5.5% Versum Materials, Inc., 144A 5.5% 01/03/2025 USD 595,000 500,623 0.06 30/09/2024 USD 51,000 44,521 0.01 XPO Logistics, Inc., 144A 6.5% Vertiv Group Corp., 144A 9.25% 15/06/2022 USD 646,000 568,973 0.06 15/10/2024 USD 585,000 497,264 0.06 XPO Logistics, Inc., 144A 6.125% Viacom, Inc., FRN 5.875% 28/02/2057 USD 201,000 163,443 0.02 01/09/2023 USD 32,000 28,223 0.00 Viacom, Inc., FRN 6.25% 28/02/2057 USD 356,000 292,274 0.03 Zayo Group LLC, 144A 5.75% 15/01/2027 USD 128,000 108,012 0.01 Viacom, Inc. 4.375% 15/03/2043 USD 36,000 25,876 0.00 ViaSat, Inc., 144A 5.625% 15/09/2025 USD 60,000 48,543 0.01 408,816,824 46.49 VICI Properties 1 LLC, REIT 8% 15/10/2023 USD 1,110,537 1,063,495 0.12 Total Bonds 446,403,020 50.76 Vistra Energy Corp., 144A 8% 15/01/2025 USD 35,000 32,595 0.00 Vistra Energy Corp., 144A 8.125% Convertible Bonds 30/01/2026 USD 22,000 20,639 0.00 Bermuda VOLT LVI LLC, STEP, Series 2017-NPL3 Jazz Investments I Ltd. 1.875% ‘A1’, 144A 3.5% 25/03/2047 USD 789,699 678,371 0.08 15/08/2021 USD 400,000 375,089 0.04 VOLT LVII LLC, STEP, Series 2017-NPL4 Weatherford International Ltd. 5.875% ‘A1’, 144A 3.375% 25/04/2047 USD 228,952 196,557 0.02 01/07/2021 USD 716,000 608,993 0.07 VOLT LXIV LLC, STEP, Series 2017-NP11 ‘A1’, 144A 3.375% 25/10/2047 USD 1,237,626 1,060,750 0.12 VOLT LXV LLC, STEP, Series 2018-NPL1 984,082 0.11 ‘A1’, 144A 3.75% 25/04/2048 USD 997,304 857,988 0.10 Jersey Voya Financial, Inc., FRN 5.65% Ensco Jersey Finance Ltd. 3% 31/01/2024 USD 1,102,000 881,853 0.10 15/05/2053 USD 960,000 831,693 0.09 W.R. Grace & Co., 144A 5.625% 881,853 0.10 01/10/2024 USD 358,000 322,465 0.04 Wabash National Corp., 144A 5.5% 01/10/2025 USD 170,000 140,471 0.02

85 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Marshall Islands Huayu Automotive Systems Co. Ltd. ‘A’ CNH 184,500 567,360 0.06 Scorpio Tankers, Inc., 144A 2.375% Inner Mongolia Yili Industrial Group Co. 01/07/2019 USD 406,000 339,651 0.04 Ltd. ‘A’ CNH 71,000 256,785 0.03 Jiangsu Yanghe Brewery Joint-Stock Co. 339,651 0.04 Ltd. ‘A’ CNH 19,700 335,952 0.04 Midea Group Co. Ltd. ‘A’ CNH 77,700 525,641 0.06 Mexico SAIC Motor Corp. Ltd. ‘A’ CNH 135,496 614,335 0.07 Cemex SAB de CV 3.72% 15/03/2020 USD 318,000 274,800 0.03 Zhengzhou Yutong Bus Co. Ltd. ‘A’ CNH 72,400 179,959 0.02 274,800 0.03 3,441,591 0.39 Netherlands Israel Yandex NV 1.125% 15/12/2018 USD 300,000 253,947 0.03 Teva Pharmaceutical Industries Ltd. Preference 7% USD 67 25,320 0.00 253,947 0.03 United States of America 25,320 0.00 Ares Capital Corp. 3.75% 01/02/2022 794,971 USD 915,000 0.09 United States of America BlackRock Capital Investment Corp. 5% Mandatory Exchangeable Trust 15/06/2022 71,630 USD 82,000 0.01 Preference, 144A 5.75% USD 4,222 767,923 0.09 Chesapeake Energy Corp. 5.5% 15/09/2026 USD 379,000 330,733 0.04 767,923 0.09 Colony NorthStar, Inc., REIT 3.875% 15/01/2021 USD 496,000 404,700 0.05 Colony NorthStar, Inc., REIT 5% Total Equities 4,417,607 0.50 15/04/2023 USD 430,000 349,866 0.04 Total Transferable securities and money market instruments DISH Network Corp. 2.375% 15/03/2024 1,282,877 470,901,376 53.55 USD 1,690,000 0.15 dealt in on another regulated market DISH Network Corp. 3.375% 15/08/2026 USD 30,000 24,955 0.00 Electronics For Imaging, Inc. 0.75% 01/09/2019 USD 450,000 383,769 0.04 Other transferable securities and money market instruments Finisar Corp. 0.5% 15/12/2036 USD 882,000 688,665 0.08 Bonds FireEye, Inc. 1.625% 01/06/2035 USD 1,245,000 983,454 0.11 Hercules Capital, Inc. 4.375% 01/02/2022 USD 402,000 344,143 0.04 United States of America Intercept Pharmaceuticals, Inc. 3.25% Avaya, Inc. 7% 01/04/2019* USD 285,000 25 0.00 01/07/2023 USD 277,000 207,583 0.02 Liberty Expedia Holdings, Inc., 144A 1% 25 0.00 30/06/2047 USD 453,000 383,485 0.04 Liberty Interactive LLC, 144A 1.75% Total Bonds 25 0.00 30/09/2046 USD 235,000 221,387 0.03 Liberty Interactive LLC 4% 15/11/2029 USD 267,000 162,518 0.02 Total Other transferable securities and money market 25 0.00 Liberty Interactive LLC 3.75% instruments 15/02/2030 USD 806,000 479,548 0.06 Live Nation Entertainment, Inc., 144A Units of authorised UCITS or other collective investment undertakings 2.5% 15/03/2023 USD 239,000 210,952 0.02 Macquarie Infrastructure Corp. 2% Collective Investment Schemes - UCITS 01/10/2023 USD 798,000 609,703 0.07 Medicines Co. (The) 2.75% 15/07/2023 USD 422,000 356,477 0.04 Luxembourg Nabors Industries, Inc. 0.75% 15/01/2024 USD 985,000 667,450 0.08 JPMorgan US Dollar Liquidity Fund - JPM † NRG Yield, Inc., 144A 3.25% 01/06/2020 USD 776,000 663,909 0.08 US Dollar Liquidity X (dist.) USD 710,154 609,930 0.07 Nuance Communications, Inc. 1% 15/12/2035 USD 267,000 205,969 0.02 609,930 0.07 Pandora Media, Inc. 1.75% 01/12/2020 USD 679,000 560,342 0.06 Redwood Trust, Inc., REIT 4.75% Total Collective Investment Schemes - UCITS 609,930 0.07 15/08/2023 USD 240,000 200,543 0.02 RWT Holdings, Inc. 5.625% 15/11/2019 USD 241,000 210,421 0.02 Total Units of authorised UCITS or other collective investment 609,930 0.07 Spirit Realty Capital, Inc., REIT 2.875% undertakings 15/05/2019 325,525 USD 380,000 0.04 Total Investments 828,321,262 94.19 Spirit Realty Capital, Inc., REIT 3.75% 15/05/2021 USD 696,000 601,050 0.07 Time Deposits Starwood Property Trust, Inc., REIT 4.375% 01/04/2023 USD 361,000 312,247 0.04 France SunPower Corp. 0.875% 01/06/2021 USD 633,000 429,905 0.05 BRED Banque Populaire SA 1.99% 02/07/2018 USD 25,000,000 21,471,761 2.44 TCP Capital Corp. 5.25% 15/12/2019 USD 279,000 243,028 0.03 TCP Capital Corp. 4.625% 01/03/2022 USD 61,000 52,690 0.01 21,471,761 2.44 TPG Specialty Lending, Inc. 4.5% 01/08/2022 USD 237,000 203,058 0.02 Twitter, Inc. 0.25% 15/09/2019 USD 766,000 638,826 0.07 Total Time Deposits 21,471,761 2.44 Twitter, Inc. 1% 15/09/2021 USD 1,075,000 898,929 0.10 Veeco Instruments, Inc. 2.7% 15/01/2023 USD 823,000 623,890 0.07 Cash 19,759,671 2.25 VEREIT, Inc., REIT 3.75% 15/12/2020 USD 920,000 798,490 0.09 Verint Systems, Inc. 1.5% 01/06/2021 USD 454,000 384,455 0.04 Other Assets/(Liabilities) 9,850,770 1.12 Vishay Intertechnology, Inc., 144A 2.25% 15/06/2025 USD 244,000 205,591 0.02 Total Net Assets 879,403,464 100.00 Whiting Petroleum Corp. 1.25% 01/04/2020 USD 1,011,000 828,682 0.10 * Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund. 17,346,416 1.98

Total Convertible Bonds 20,080,749 2.29 Equities Bermuda Bunge Ltd. Preference 4.875% USD 1,975 182,773 0.02

182,773 0.02 China Fuyao Glass Industry Group Co. Ltd. CNH 235,814 785,650 0.09 Henan Shuanghui Investment & Development Co. Ltd. ‘A’ CNH 51,400 175,909 0.02

86 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets (continued) United States of America 68.87 Cyprus 0.02 France 4.16 Philippines 0.01 United Kingdom 2.83 Trinidad and Tobago 0.01 Canada 1.97 Malta 0.01 Australia 1.35 Israel - Cayman Islands 1.31 Total Investments and Cash Equivalents 96.63 Netherlands 1.28 Cash and Other Assets/(Liabilities) 3.37 Luxembourg 1.05 Switzerland 0.85 Total 100.00 Italy 0.84 Germany 0.82 Taiwan 0.67 Mexico 0.61 China 0.61 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Spain 0.54 Jersey 0.44 United States of America 60.42 Russia 0.42 France 5.22 Hong Kong 0.42 Luxembourg 5.19 Brazil 0.40 United Kingdom 3.87 Japan 0.40 Canada 2.47 Supranational 0.38 Netherlands 1.61 Norway 0.34 Australia 1.59 South Africa 0.33 Italy 1.19 Sweden 0.31 Spain 1.15 Ireland 0.31 Germany 1.12 South Korea 0.27 Switzerland 0.96 India 0.26 Taiwan 0.83 Finland 0.25 Cayman Islands 0.75 Singapore 0.25 Ireland 0.60 Bermuda 0.23 Hong Kong 0.59 United Arab Emirates 0.21 Brazil 0.54 Indonesia 0.20 Finland 0.49 Argentina 0.20 Sweden 0.48 Turkey 0.19 China 0.47 Hungary 0.19 Jersey 0.47 Lebanon 0.17 Japan 0.44 Thailand 0.16 South Africa 0.41 Colombia 0.11 Russia 0.38 Denmark 0.11 South Korea 0.33 Belgium 0.11 Mexico 0.33 El Salvador 0.10 India 0.33 Azerbaijan 0.10 Bermuda 0.28 Uruguay 0.09 Denmark 0.26 Egypt 0.09 Thailand 0.24 Oman 0.09 United Arab Emirates 0.22 Kazakhstan 0.08 Norway 0.19 Serbia 0.08 Supranational 0.16 Dominican Republic 0.08 Singapore 0.14 Nigeria 0.08 Belgium 0.13 Ukraine 0.08 Indonesia 0.13 Costa Rica 0.08 Czech Republic 0.12 Sri Lanka 0.07 Hungary 0.12 Panama 0.07 Turkey 0.09 Croatia 0.06 Cyprus 0.07 Czech Republic 0.06 Marshall Islands 0.06 Belarus 0.06 Chile 0.06 Morocco 0.06 Portugal 0.05 Mongolia 0.05 Virgin Islands, British 0.03 Ecuador 0.05 Malta 0.02 Chile 0.05 Israel 0.01 Pakistan 0.05 Total Investments and Cash Equivalents 94.61 Ivory Coast 0.04 Cash and Other Assets/(Liabilities) 5.39 Austria 0.04 Paraguay 0.04 Total 100.00 Kenya 0.04 Qatar 0.04 Marshall Islands 0.04 Armenia 0.03 Virgin Islands, British 0.03 Angola 0.03 Jamaica 0.03 Iraq 0.03 Peru 0.03 Honduras 0.03 Ethiopia 0.03 Ghana 0.03 Senegal 0.02 Bahrain 0.02 Zambia 0.02 Jordan 0.02 Portugal 0.02 Gabon 0.02

87 JPMorgan Investment Funds - Global Income Conservative Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

EUR 7,761,413 AUD 12,178,483 18/07/2018 HSBC 43,323 0.01 EUR 6,000,446 CHF 6,921,899 18/07/2018 Standard Chartered 16,228 - EUR 20,004,253 GBP 17,610,444 18/07/2018 Barclays 109,538 0.01 EUR 8,969,386 HKD 81,697,226 18/07/2018 Standard Chartered 34,520 - EUR 2,720,180 JPY 347,273,077 18/07/2018 ANZ 27,166 - EUR 3,939,211 SEK 40,693,928 18/07/2018 HSBC 48,884 0.01 EUR 255,137,572 USD 295,861,177 18/07/2018 BNP Paribas 1,310,687 0.15 EUR 478,917,143 USD 556,120,981 18/07/2018 Goldman Sachs 1,806,703 0.21 EUR 4,428,879 USD 5,132,385 18/07/2018 HSBC 25,675 - EUR 6,746,231 USD 7,846,159 18/07/2018 National Australia Bank 14,810 - EUR 8,509,431 USD 9,883,561 18/07/2018 Standard Chartered 30,071 - USD 1,323,162 EUR 1,116,661 11/07/2018 Citibank 19,120 -

Total Unrealised Gain on Forward Currency Exchange Contracts 3,486,725 0.39

EUR 2,261,424 USD 2,648,018 18/07/2018 Barclays (10,379) - EUR 2,325,121 USD 2,714,523 18/07/2018 BNP Paribas (3,738) - SEK 1,787,885 EUR 175,655 11/07/2018 Merrill Lynch (4,735) - USD 12,977,070 EUR 11,232,271 18/07/2018 Morgan Stanley (98,911) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts (117,763) (0.01)

Net Unrealised Gain on Forward Currency Exchange Contracts 3,368,962 0.38

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

EURO STOXX 50 Index, 21/09/2018 6 EUR 204,030 2,970 - FTSE 100 Index, 21/09/2018 2 GBP 172,127 1,446 - MSCI Emerging Markets Index, 21/09/2018 (150) USD (6,825,443) 467,741 0.05

Total Unrealised Gain on Financial Futures Contracts 472,157 0.05

US 5 Year Note, 28/09/2018 (554) USD (54,055,097) (218,764) (0.02) US Long Bond, 19/09/2018 (247) USD (30,796,906) (578,026) (0.07)

Total Unrealised Loss on Financial Futures Contracts (796,790) (0.09)

Net Unrealised Loss on Financial Futures Contracts (324,633) (0.04)

88 JPMorgan Investment Funds - Global Income Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange Weatherford International Ltd. 8.25% listing 15/06/2023 USD 3,730,000 3,163,542 0.01 Weatherford International Ltd. Bonds 9.875% 15/02/2024 USD 5,280,000 4,571,885 0.02 Weatherford International Ltd. 6.5% Angola 01/08/2036 USD 5,209,000 3,536,896 0.01 Angola Government Bond, Reg. S Weatherford International Ltd. 7% 9.5% 12/11/2025 USD 9,650,000 9,059,556 0.04 15/03/2038 USD 2,705,000 1,845,946 0.01 Angola Government Bond, Reg. S Weatherford International Ltd. 6.75% 8.25% 09/05/2028 USD 4,570,000 3,940,660 0.01 15/09/2040 USD 1,182,000 809,610 0.00 Weatherford International Ltd. 5.95% 13,000,216 0.05 15/04/2042 USD 6,826,000 4,380,191 0.02 Argentina Argentina Government Bond 6.25% 31,049,270 0.12 22/04/2019 USD 5,480,000 4,750,382 0.02 Brazil Argentina Government Bond 6.875% Banco Daycoval SA, Reg. S 5.75% 22/04/2021 USD 8,750,000 7,500,499 0.03 19/03/2019 USD 6,185,000 5,353,521 0.02 Argentina Government Bond 4.625% Brazil Government Bond 4.25% 11/01/2023 USD 9,190,000 7,060,503 0.03 07/01/2025 USD 4,110,000 3,343,311 0.01 Argentina Government Bond 8.28% Brazil Government Bond 6% 31/12/2033 USD 8,552,432 7,092,564 0.03 07/04/2026 USD 7,610,000 6,723,751 0.03 Argentina Government Bond 6.875% Brazil Government Bond 8.25% 11/01/2048 USD 7,110,000 4,696,562 0.02 20/01/2034 USD 4,720,000 4,683,333 0.02 Argentina Government Bond 7.125% Cemig Geracao e Transmissao SA, 28/06/2117 USD 10,287,000 6,910,584 0.03 Reg. S 9.25% 05/12/2024 USD 4,700,000 4,114,639 0.01 Pampa Energia SA, Reg. S 7.375% Votorantim Cimentos SA, Reg. S 21/07/2023 USD 2,940,000 2,422,750 0.01 7.25% 05/04/2041 USD 8,410,000 7,212,013 0.03 Provincia de Buenos Aires, Reg. S 10.875% 26/01/2021 USD 6,013,000 5,398,671 0.02 31,430,568 0.12 Provincia de Buenos Aires, Reg. S 9.95% 09/06/2021 USD 9,690,000 8,658,931 0.03 Canada Provincia de Cordoba, Reg. S 7.45% Precision Drilling Corp. 5.25% 01/09/2024 USD 9,650,000 7,534,131 0.03 15/11/2024 USD 1,002,000 821,862 0.00 YPF SA, Reg. S 8.5% 23/03/2021 USD 7,350,000 6,438,605 0.02 Teck Resources Ltd. 4.75% YPF SA, Reg. S 8.75% 04/04/2024 USD 9,550,000 8,159,602 0.03 15/01/2022 USD 3,690,000 3,179,960 0.01 Teck Resources Ltd. 3.75% 76,623,784 0.30 01/02/2023 USD 1,305,000 1,065,507 0.01 Teck Resources Ltd. 6.125% Armenia 01/10/2035 USD 4,380,000 3,821,365 0.02 Armenia Government Bond, Reg. S Teck Resources Ltd. 6% 15/08/2040 USD 4,095,000 3,440,384 0.01 6% 30/09/2020 USD 2,150,000 1,894,933 0.01 Teck Resources Ltd. 5.4% Armenia Government Bond, Reg. S 01/02/2043 USD 4,310,000 3,335,723 0.01 7.15% 26/03/2025 USD 4,100,000 3,696,962 0.01 15,664,801 0.06 5,591,895 0.02 Cayman Islands Australia ABQ Finance Ltd., Reg. S 3.625% Australia & New Zealand Banking 13/04/2021 USD 3,950,000 3,320,040 0.01 Group Ltd., FRN, 144A 6.75% ABQ Finance Ltd., Reg. S 3.5% Perpetual USD 32,748,000 28,670,814 0.11 22/02/2022 USD 5,950,000 4,913,533 0.02 CDBL Funding 2, Reg. S 3% 28,670,814 0.11 01/08/2022 USD 3,000,000 2,474,614 0.01 Azerbaijan Comunicaciones Celulares SA, Reg. S 6.875% 06/02/2024 1,796,666 Southern Gas Corridor CJSC, Reg. S USD 2,030,000 0.01 6.875% 24/03/2026 USD 6,450,000 5,991,118 0.02 MAF Global Securities Ltd., Reg. S, FRN 6.375% Perpetual 2,099,936 State Oil Co. of the Azerbaijan USD 2,539,000 0.01 Republic, Reg. S 4.75% 13/03/2023 USD 19,800,000 16,809,560 0.07 Noble Holding International Ltd. 7.75% 15/01/2024 2,854,888 State Oil Co. of the Azerbaijan USD 3,497,000 0.01 Republic, Reg. S 6.95% 18/03/2030 USD 12,570,000 11,571,316 0.05 Noble Holding International Ltd. 7.95% 01/04/2025 USD 2,896,000 2,312,681 0.01 Noble Holding International Ltd. 34,371,994 0.14 6.2% 01/08/2040 USD 1,695,000 1,063,255 0.01 Bahrain Noble Holding International Ltd. Bahrain Government Bond, Reg. S 5.25% 15/03/2042 USD 1,166,000 688,382 0.00 6.125% 01/08/2023 USD 12,600,000 10,530,445 0.04 Noble Holding International Ltd. Bahrain Government Bond, Reg. S 7% 8.95% 01/04/2045 USD 1,133,000 887,954 0.00 12/10/2028 USD 9,850,000 7,616,044 0.03 Transocean, Inc. 5.8% 15/10/2022 USD 972,000 831,366 0.00 Transocean, Inc. 7.5% 15/04/2031 USD 7,580,000 6,063,115 0.02 18,146,489 0.07 Transocean, Inc. 6.8% 15/03/2038 USD 10,724,000 7,704,237 0.03 Transocean, Inc. 9.35% 15/12/2041 USD 11,354,000 9,786,428 0.04 Belarus Belarus Government Bond, Reg. S 46,797,095 0.18 6.875% 28/02/2023 USD 11,890,000 10,601,352 0.04 Belarus Government Bond, Reg. S Chile 7.625% 29/06/2027 USD 8,215,000 7,394,290 0.03 Chile Government Bond 3.24% Belarus Government Bond, Reg. S 06/02/2028 USD 6,290,000 5,183,772 0.02 6.2% 28/02/2030 USD 6,100,000 4,965,026 0.02 Empresa Electrica Angamos SA, Reg. S 4.875% 25/05/2029 USD 4,079,473 3,407,771 0.01 22,960,668 0.09 8,591,543 0.03 Belgium KBC Group NV, Reg. S, FRN 5.625% Colombia Perpetual EUR 10,935,000 11,139,649 0.04 Colombia Government Bond 4% 26/02/2024 USD 4,550,000 3,911,671 0.01 11,139,649 0.04 Colombia Government Bond 3.875% 25/04/2027 USD 9,010,000 7,495,436 0.03 Bermuda Colombia Government Bond 7.375% Aircastle Ltd. 7.625% 15/04/2020 USD 6,650,000 6,042,897 0.02 18/09/2037 USD 6,200,000 6,686,864 0.03 Aircastle Ltd. 5.5% 15/02/2022 USD 4,374,000 3,859,745 0.02 Colombia Government Bond 6.125% Aircastle Ltd. 5% 01/04/2023 USD 2,000,000 1,736,138 0.01 18/01/2041 USD 7,000,000 6,756,390 0.03 Fly Leasing Ltd. 5.25% 15/10/2024 USD 1,362,000 1,102,420 0.00

89 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Ecopetrol SA 5.375% 26/06/2026 USD 11,750,000 10,358,856 0.04 Finland Ecopetrol SA 7.375% 18/09/2043 USD 7,589,000 7,177,716 0.03 Nokia OYJ 5.375% 15/05/2019 USD 511,000 446,677 0.00 Nokia OYJ 6.625% 15/05/2039 USD 3,997,000 3,635,241 0.02 42,386,933 0.17 4,081,918 0.02 Costa Rica Costa Rica Government Bond, Reg. S France 9.995% 01/08/2020 USD 2,405,000 2,266,565 0.01 Altice France SA, 144A 6% Costa Rica Government Bond, Reg. S 15/05/2022 USD 35,392,000 30,680,595 0.12 4.25% 26/01/2023 USD 3,750,000 3,078,906 0.01 Altice France SA, 144A 6.25% Costa Rica Government Bond, Reg. S 15/05/2024 USD 12,816,000 10,781,029 0.04 4.375% 30/04/2025 USD 6,500,000 5,190,085 0.02 Altice France SA, 144A 7.375% Costa Rica Government Bond, Reg. S 01/05/2026 USD 16,797,000 14,158,620 0.06 7.158% 12/03/2045 USD 6,540,000 5,603,363 0.02 Credit Agricole SA, FRN, 144A Instituto Costarricense de 6.625% Perpetual USD 14,010,000 12,068,452 0.05 Electricidad, Reg. S 6.95% 10/11/2021 USD 7,200,000 6,429,150 0.03 Credit Agricole SA, FRN, 144A 8.125% Perpetual USD 23,195,000 21,134,221 0.08 22,568,069 0.09 Societe Generale SA, FRN, 144A 6.75% Perpetual USD 24,300,000 19,203,933 0.07 Croatia Societe Generale SA, FRN, 144A Croatia Government Bond, Reg. S 7.375% Perpetual USD 23,975,000 21,023,118 0.08 6.75% 05/11/2019 USD 2,540,000 2,276,166 0.01 Societe Generale SA, FRN, 144A 8% Croatia Government Bond, Reg. S Perpetual USD 21,965,000 19,669,119 0.08 6.625% 14/07/2020 USD 4,350,000 3,936,845 0.01 Croatia Government Bond, Reg. S 148,719,087 0.58 5.5% 04/04/2023 USD 3,300,000 2,985,693 0.01 Croatia Government Bond, Reg. S 6% Gabon 26/01/2024 USD 7,290,000 6,740,332 0.03 Gabon Government Bond, Reg. S Hrvatska Elektroprivreda, Reg. S 6.375% 12/12/2024 USD 2,738,807 2,117,229 0.01 5.875% 23/10/2022 USD 2,980,000 2,679,203 0.01 Gabon Government Bond, Reg. S 6.95% 16/06/2025 USD 6,372,000 4,968,794 0.02 18,618,239 0.07 7,086,023 0.03 Dominican Republic Dominican Republic Government Ghana Bond, Reg. S 7.5% 06/05/2021 USD 6,680,000 6,049,562 0.02 Ghana Government Bond, Reg. S Dominican Republic Government 8.125% 18/01/2026 USD 4,000,000 3,525,509 0.01 Bond, Reg. S 5.5% 27/01/2025 USD 7,100,000 6,057,124 0.02 Ghana Government Bond, Reg. S Dominican Republic Government 10.75% 14/10/2030 USD 6,754,000 7,060,312 0.03 Bond, Reg. S 6.875% 29/01/2026 USD 10,510,000 9,570,273 0.04 Dominican Republic Government 10,585,821 0.04 Bond, Reg. S 7.45% 30/04/2044 USD 12,390,000 11,246,900 0.05 Honduras 32,923,859 0.13 Honduras Government Bond, Reg. S 8.75% 16/12/2020 USD 6,660,000 6,209,401 0.02 Ecuador Honduras Government Bond, Reg. S Ecuador Government Bond, Reg. S 7.5% 15/03/2024 USD 4,790,000 4,407,605 0.02 10.5% 24/03/2020 USD 8,090,000 7,117,417 0.03 Ecuador Government Bond, Reg. S 10,617,006 0.04 10.75% 28/03/2022 USD 10,860,000 9,586,540 0.04 Ecuador Government Bond, Reg. S Hong Kong 8.75% 02/06/2023 USD 14,730,000 11,885,450 0.04 CITIC Ltd., Reg. S 3.5% 11/07/2023 USD 6,847,000 5,702,987 0.02 MCC Holding Hong Kong Corp. Ltd., 28,589,407 0.11 Reg. S 2.95% 31/05/2020 USD 3,000,000 2,530,057 0.01 Egypt 8,233,044 0.03 Egypt Government Bond, Reg. S 6.125% 31/01/2022 USD 9,840,000 8,345,813 0.03 Hungary Egypt Government Bond, Reg. S Hungary Government Bond 5.375% 5.875% 11/06/2025 USD 5,450,000 4,376,659 0.02 21/02/2023 USD 2,250,000 2,048,599 0.01 Egypt Government Bond, Reg. S Hungary Government Bond 5.75% 4.75% 16/04/2026 EUR 3,980,000 3,674,077 0.01 22/11/2023 USD 8,610,000 7,971,453 0.03 Egypt Government Bond, Reg. S 7.5% Hungary Government Bond 5.375% 31/01/2027 USD 1,920,000 1,631,090 0.01 25/03/2024 USD 6,150,000 5,620,818 0.02 Egypt Government Bond, Reg. S Hungary Government Bond 7.625% 5.625% 16/04/2030 EUR 3,950,000 3,576,666 0.01 29/03/2041 USD 4,780,000 5,624,707 0.02 Egypt Government Bond, Reg. S 8.5% MFB Magyar Fejlesztesi Bank Zrt., 31/01/2047 USD 11,366,000 9,570,392 0.04 Reg. S 6.25% 21/10/2020 USD 4,470,000 4,033,738 0.02

31,174,697 0.12 25,299,315 0.10 El Salvador India El Salvador Government Bond, Reg. S Axis Bank Ltd., Reg. S 3.25% 7.375% 01/12/2019 USD 14,750,000 13,037,874 0.05 21/05/2020 USD 4,778,000 4,051,033 0.02 El Salvador Government Bond, Reg. S 7.75% 24/01/2023 USD 11,020,000 9,957,534 0.04 4,051,033 0.02 El Salvador Government Bond, Reg. S Indonesia 5.875% 30/01/2025 5,381,536 USD 6,650,000 0.02 Indonesia Government Bond, Reg. S El Salvador Government Bond, Reg. S 4.125% 15/01/2025 USD 6,100,000 5,155,809 0.02 6.375% 18/01/2027 4,754,708 USD 5,850,000 0.02 Indonesia Government Bond, Reg. S El Salvador Government Bond, Reg. S 4.35% 08/01/2027 USD 5,650,000 4,787,462 0.02 7.65% 15/06/2035 2,192,410 USD 2,600,000 0.01 Indonesia Government Bond, Reg. S El Salvador Government Bond, Reg. S 6.75% 15/01/2044 USD 4,710,000 4,823,621 0.02 7.625% 01/02/2041 6,281,972 USD 7,500,000 0.02 Indonesia Treasury 8.25% 15/05/2036 IDR 69,772,000,000 4,150,421 0.02 41,606,034 0.16 Pertamina Persero PT, Reg. S 4.3% Ethiopia 20/05/2023 USD 9,940,000 8,446,621 0.03 Ethiopia Government Bond, Reg. S Pertamina Persero PT, Reg. S 6.5% 6.625% 11/12/2024 USD 8,329,000 7,012,250 0.03 27/05/2041 USD 1,400,000 1,269,821 0.00 Pertamina Persero PT, Reg. S 6% 7,012,250 0.03 03/05/2042 USD 10,450,000 8,951,924 0.04

90 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Pertamina Persero PT, Reg. S 6.45% Lebanon Government Bond 6.25% 30/05/2044 USD 9,260,000 8,366,703 0.03 27/05/2022 USD 6,880,000 5,186,443 0.02 Lebanon Government Bond, Reg. S 45,952,382 0.18 5.15% 12/11/2018 USD 3,650,000 3,129,172 0.01 Lebanon Government Bond, Reg. S Iraq 6% 20/05/2019 USD 10,250,000 8,680,394 0.03 Iraq Government Bond, Reg. S Lebanon Government Bond, Reg. S 6.752% 09/03/2023 USD 4,900,000 4,054,730 0.02 5.45% 28/11/2019 USD 17,862,000 14,784,413 0.06 Iraq Government Bond, Reg. S 5.8% Lebanon Government Bond, Reg. S 15/01/2028 USD 10,800,000 8,351,003 0.03 8.25% 12/04/2021 USD 26,100,000 21,547,766 0.09

12,405,733 0.05 66,457,105 0.26 Ireland Luxembourg AerCap Ireland Capital DAC 4.625% Altice Financing SA, 144A 6.625% 30/10/2020 USD 1,335,000 1,170,487 0.00 15/02/2023 USD 21,135,000 17,929,227 0.07 AerCap Ireland Capital DAC 4.625% Altice Financing SA, 144A 7.5% 01/07/2022 USD 2,650,000 2,321,686 0.01 15/05/2026 USD 14,990,000 12,459,073 0.05 Ardagh Packaging Finance plc, 144A Altice Luxembourg SA, 144A 7.75% 4.625% 15/05/2023 USD 2,300,000 1,963,253 0.01 15/05/2022 USD 29,383,000 24,512,037 0.10 Bank of Ireland, Reg. S, FRN 7.375% ArcelorMittal 5.75% 01/03/2021 USD 1,495,000 1,338,498 0.00 Perpetual 3,762,920 EUR 3,500,000 0.02 ArcelorMittal 6.5% 25/02/2022 USD 7,365,000 6,761,477 0.03 ArcelorMittal 6.125% 01/06/2025 USD 8,284,000 7,699,726 0.03 9,218,346 0.04 ArcelorMittal 7.25% 15/10/2039 USD 4,911,000 4,856,463 0.02 Italy ArcelorMittal 7% 01/03/2041 USD 2,243,000 2,181,219 0.01 Enel SpA, FRN, 144A 8.75% Intelsat Jackson Holdings SA 7.25% 24/09/2073 USD 9,400,000 8,958,709 0.04 15/10/2020 USD 41,325,000 35,404,089 0.14 Wind Tre SpA, 144A 5% 20/01/2026 USD 16,501,000 11,248,775 0.04 Intelsat Jackson Holdings SA 7.5% 01/04/2021 USD 25,918,000 22,148,903 0.09 20,207,484 0.08 Intelsat Jackson Holdings SA 5.5% 01/08/2023 USD 23,079,000 17,777,740 0.07 Ivory Coast Intelsat Luxembourg SA 7.75% Ivory Coast Government Bond, Reg. S 01/06/2021 USD 1,005,000 800,585 0.00 5.125% 15/06/2025 EUR 3,600,000 3,627,504 0.02 Intelsat Luxembourg SA 8.125% Ivory Coast Government Bond, Reg. S 01/06/2023 USD 3,730,000 2,581,562 0.01 6.375% 03/03/2028 USD 1,100,000 893,991 0.00 MOL Group Finance SA, Reg. S 6.25% Ivory Coast Government Bond, STEP, 26/09/2019 USD 4,602,000 4,080,979 0.01 Reg. S 5.75% 31/12/2032 USD 12,039,300 9,622,227 0.04 Telecom Italia Capital SA 6.375% 15/11/2033 USD 7,602,000 6,451,632 0.02 14,143,722 0.06 Telecom Italia Capital SA 6% 30/09/2034 USD 5,237,000 4,309,082 0.02 Jamaica Telecom Italia Capital SA 7.2% Jamaica Government Bond 8% 18/07/2036 USD 3,317,000 2,936,020 0.01 15/03/2039 6,517,578 USD 6,721,000 0.03 Telecom Italia Capital SA 7.721% Jamaica Government Bond 7.875% 04/06/2038 USD 2,619,000 2,436,339 0.01 28/07/2045 USD 2,700,000 2,604,668 0.01 176,664,651 0.69 9,122,246 0.04 Mexico Jordan BBVA Bancomer SA, Reg. S 6.75% Jordan Government Bond, Reg. S 30/09/2022 USD 5,850,000 5,380,697 0.02 6.125% 29/01/2026 6,556,531 USD 7,870,000 0.03 Cemex SAB de CV, 144A 5.7% Jordan Government Bond, Reg. S 11/01/2025 USD 9,400,000 7,965,320 0.03 7.375% 10/10/2047 1,408,466 USD 1,780,000 0.00 Cemex SAB de CV, 144A 6.125% Jordan Government Bond, Reg. S 05/05/2025 USD 13,050,000 11,389,272 0.05 5.75% 31/01/2027 5,078,140 USD 6,350,000 0.02 Cemex SAB de CV, 144A 7.75% 16/04/2026 USD 27,120,000 25,137,221 0.10 13,043,137 0.05 Grupo KUO SAB de CV, Reg. S 5.75% Kazakhstan 07/07/2027 USD 10,250,000 8,151,881 0.03 Kazakhstan Temir Zholy National Co. Mexico Government Bond 5.55% JSC, Reg. S 4.85% 17/11/2027 USD 4,490,000 3,738,055 0.02 21/01/2045 USD 5,850,000 5,320,957 0.02 KazMunayGas National Co. JSC, Mexico Government Bond 4.6% Reg. S 9.125% 02/07/2018 USD 1,680,000 1,445,608 0.01 23/01/2046 USD 5,550,000 4,402,076 0.02 KazMunayGas National Co. JSC, Petroleos Mexicanos 5.375% Reg. S 3.875% 19/04/2022 USD 4,400,000 3,724,291 0.01 13/03/2022 USD 15,590,000 13,733,908 0.05 KazMunayGas National Co. JSC, Petroleos Mexicanos 6.5% Reg. S 4.4% 30/04/2023 USD 4,200,000 3,582,203 0.01 13/03/2027 USD 10,460,000 9,245,303 0.04 KazMunayGas National Co. JSC, Reg. Petroleos Mexicanos 6.75% S 4.75% 24/04/2025 USD 5,450,000 4,690,229 0.02 21/09/2047 USD 7,480,000 6,122,149 0.02 KazMunayGas National Co. JSC, Petroleos Mexicanos, Reg. S 5.35% Reg. S 4.75% 19/04/2027 USD 12,100,000 10,159,076 0.04 12/02/2028 USD 4,850,000 3,952,538 0.02 KazMunayGas National Co. JSC, Petroleos Mexicanos, Reg. S 6.35% Reg. S 5.375% 24/04/2030 USD 2,450,000 2,108,851 0.01 12/02/2048 USD 1,350,000 1,059,302 0.00 KazMunayGas National Co. JSC, Reg. S 6.375% 24/10/2048 USD 3,420,000 2,965,124 0.01 101,860,624 0.40 Mongolia 32,413,437 0.13 Mongolia Government Bond, Reg. S Kenya 10.875% 06/04/2021 USD 5,700,000 5,469,071 0.02 Kenya Government Bond, Reg. S Mongolia Government Bond, Reg. S 5.875% 24/06/2019 USD 4,400,000 3,799,229 0.02 5.125% 05/12/2022 USD 2,417,000 1,949,206 0.01 Kenya Government Bond, Reg. S Mongolia Government Bond, Reg. S 6.875% 24/06/2024 USD 9,856,000 8,379,700 0.03 5.625% 01/05/2023 USD 7,350,000 5,990,650 0.02 Kenya Government Bond, Reg. S Mongolia Government Bond, Reg. S 8.25% 28/02/2048 USD 980,000 790,000 0.00 8.75% 09/03/2024 USD 4,935,000 4,558,080 0.02

12,968,929 0.05 17,967,007 0.07 Lebanon Morocco Lebanon Government Bond 6.375% Morocco Government Bond, Reg. S 09/03/2020 USD 15,900,000 13,128,917 0.05 4.25% 11/12/2022 USD 5,960,000 5,114,389 0.02

91 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Morocco Government Bond, Reg. S Panama Government Bond 4.3% 5.5% 11/12/2042 USD 3,450,000 3,016,157 0.01 29/04/2053 USD 5,700,000 4,625,571 0.02 OCP SA, Reg. S 5.625% 25/04/2024 USD 10,370,000 9,131,063 0.04 OCP SA, Reg. S 6.875% 25/04/2044 USD 6,169,000 5,577,861 0.02 24,444,578 0.10 Paraguay 22,839,470 0.09 Paraguay Government Bond, Reg. S Netherlands 5% 15/04/2026 USD 2,700,000 2,350,836 0.01 Constellium NV, 144A 5.75% Paraguay Government Bond, Reg. S 15/05/2024 USD 2,820,000 2,373,574 0.01 4.7% 27/03/2027 USD 6,850,000 5,795,013 0.02 Cooperatieve Rabobank UA, Reg. S, Paraguay Government Bond, Reg. S FRN 5.5% Perpetual EUR 4,000,000 4,281,140 0.02 6.1% 11/08/2044 USD 3,910,000 3,492,511 0.02 Fiat Chrysler Automobiles NV 5.25% 15/04/2023 USD 24,305,000 21,092,362 0.08 11,638,360 0.05 ING Groep NV, Reg. S, FRN 6.875% Perpetual USD 12,175,000 10,685,280 0.04 Peru Kazakhstan Temir Zholy Finance BV, Consorcio Transmantaro SA, Reg. S 4.375% 07/05/2023 4,137,429 Reg. S 6.95% 10/07/2042 USD 8,100,000 7,565,575 0.03 USD 4,869,000 0.02 Minejesa Capital BV, Reg. S 4.625% Peru Government Bond 5.625% 18/11/2050 6,419,178 10/08/2030 USD 7,895,000 6,195,284 0.03 USD 6,400,000 0.02 Petrobras Global Finance BV 8.375% 23/05/2021 USD 3,332,000 3,110,486 0.01 10,556,607 0.04 Petrobras Global Finance BV 6.25% Philippines 17/03/2024 USD 4,850,000 4,139,924 0.02 Philippine Government Bond Petrobras Global Finance BV 7.375% 10.625% 16/03/2025 USD 4,909,000 5,876,716 0.02 17/01/2027 USD 3,930,000 3,377,875 0.01 Petrobras Global Finance BV 6.85% 5,876,716 0.02 05/06/2115 USD 5,900,000 4,275,995 0.02 Schaeffler Finance BV, 144A 4.75% Qatar 15/05/2023 USD 5,865,000 5,022,768 0.02 Qatar Government Bond, Reg. S VTR Finance BV, Reg. S 6.875% 3.875% 23/04/2023 USD 2,970,000 2,552,924 0.01 15/01/2024 USD 6,700,000 5,817,241 0.02 Qatar Government Bond, Reg. S 5.103% 23/04/2048 USD 5,030,000 4,314,675 0.02 77,937,504 0.31 6,867,599 0.03 Nigeria Nigeria Government Bond, Reg. S Romania 6.75% 28/01/2021 USD 12,100,000 10,595,243 0.04 Romania Government Bond, Reg. S Nigeria Government Bond, Reg. S 6.125% 22/01/2044 USD 6,650,000 6,427,138 0.03 6.375% 12/07/2023 USD 2,180,000 1,853,745 0.01 Nigeria Government Bond, Reg. S 6,427,138 0.03 6.5% 28/11/2027 USD 4,720,000 3,784,266 0.01 Nigeria Government Bond, Reg. S Russia 7.875% 16/02/2032 USD 2,350,000 1,988,242 0.01 Russian Foreign Bond - Eurobond, Nigeria Government Bond, Reg. S Reg. S 4.5% 04/04/2022 USD 6,800,000 5,951,373 0.03 7.696% 23/02/2038 USD 3,138,000 2,554,692 0.01 Russian Foreign Bond - Eurobond, Nigeria Government Bond, Reg. S Reg. S 12.75% 24/06/2028 USD 3,945,000 5,534,781 0.02 7.625% 28/11/2047 USD 3,250,000 2,556,229 0.01 Russian Foreign Bond - Eurobond, Reg. S 5.875% 16/09/2043 USD 11,000,000 10,174,471 0.04 23,332,417 0.09 21,660,625 0.09 Norway Aker BP ASA, 144A 5.875% Senegal 31/03/2025 USD 4,655,000 4,091,276 0.02 Senegal Government Bond, Reg. S 6.75% 13/03/2048 USD 1,560,000 1,151,095 0.00 4,091,276 0.02 1,151,095 0.00 Oman Oman Government Bond, Reg. S Serbia 4.125% 17/01/2023 USD 7,800,000 6,371,130 0.02 Serbia Government Bond, Reg. S Oman Government Bond, Reg. S 5.875% 03/12/2018 USD 5,860,000 5,087,161 0.02 4.75% 15/06/2026 USD 5,700,000 4,497,920 0.02 Serbia Government Bond, Reg. S Oman Government Bond, Reg. S 4.875% 25/02/2020 USD 7,200,000 6,289,858 0.03 5.375% 08/03/2027 USD 5,850,000 4,744,031 0.02 Serbia Government Bond, Reg. S Oman Government Bond, Reg. S 7.25% 28/09/2021 USD 11,970,000 11,238,787 0.04 5.625% 17/01/2028 USD 8,550,000 6,932,813 0.03 Oman Government Bond, Reg. S 22,615,806 0.09 6.75% 17/01/2048 6,934,411 USD 8,880,000 0.03 South Africa Oman Government Bond, Reg. S 6.5% South Africa Government Bond 08/03/2047 6,326,302 USD 8,190,000 0.02 5.875% 30/05/2022 USD 9,400,000 8,469,381 0.03 South Africa Government Bond 35,806,607 0.14 5.875% 16/09/2025 USD 13,035,000 11,503,529 0.05 Pakistan South Africa Government Bond Pakistan Government Bond, Reg. S 4.875% 14/04/2026 USD 13,140,000 10,876,456 0.04 7.25% 15/04/2019 USD 14,900,000 12,679,500 0.05 South Africa Government Bond 6.25% 08/03/2041 USD 11,220,000 9,548,930 0.04 12,679,500 0.05 40,398,296 0.16 Panama Panama Government Bond 3.75% South Korea 16/03/2025 USD 3,200,000 2,730,796 0.01 Heungkuk Life Insurance Co. Ltd., Panama Government Bond 8.875% Reg. S, FRN 4.475% 09/11/2047 USD 6,250,000 4,716,766 0.02 30/09/2027 USD 2,400,000 2,777,690 0.01 Panama Government Bond 3.875% 4,716,766 0.02 17/03/2028 3,900,234 USD 4,600,000 0.02 Spain Panama Government Bond 6.7% Banco Bilbao Vizcaya Argentaria SA, 26/01/2036 4,939,422 USD 4,675,000 0.02 FRN 6.125% Perpetual USD 13,400,000 10,170,613 0.04 Panama Government Bond 4.5% Banco Bilbao Vizcaya Argentaria SA, 15/05/2047 5,470,865 USD 6,500,000 0.02 Reg. S, FRN 6.75% Perpetual EUR 2,600,000 2,709,577 0.01

92 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Banco Bilbao Vizcaya Argentaria SA, Ukraine Reg. S, FRN 7% Perpetual EUR 1,600,000 1,639,768 0.01 Ukraine Government Bond, Reg. S 7.75% 01/09/2020 USD 3,813,000 3,264,721 0.01 14,519,958 0.06 Ukraine Government Bond, Reg. S 7.75% 01/09/2021 USD 9,210,000 7,821,207 0.03 Sri Lanka Ukraine Government Bond, Reg. S Sri Lanka Government Bond, Reg. S 7.75% 01/09/2022 USD 13,450,000 11,319,616 0.05 6.25% 04/10/2020 USD 6,310,000 5,500,492 0.02 Ukraine Government Bond, Reg. S Sri Lanka Government Bond, Reg. S 7.75% 01/09/2023 USD 5,850,000 4,851,804 0.02 6.25% 27/07/2021 USD 9,400,000 8,144,002 0.03 Sri Lanka Government Bond, Reg. S 27,257,348 0.11 5.875% 25/07/2022 USD 14,440,000 12,207,647 0.05 United Kingdom 25,852,141 0.10 Barclays plc 4.375% 11/09/2024 USD 2,603,000 2,173,209 0.01 Barclays plc 5.2% 12/05/2026 USD 10,613,000 8,963,561 0.04 Supranational Barclays plc 4.836% 09/05/2028 USD 6,334,000 5,158,098 0.02 African Export-Import Bank (The), Barclays plc, Reg. S, FRN 7.25% Reg. S 4.125% 20/06/2024 3,933,043 USD 4,800,000 0.01 Perpetual GBP 12,232,000 14,218,797 0.06 JBS USA LUX SA, 144A 7.25% Barclays plc, Reg. S, FRN 7.875% 01/06/2021 7,372,310 USD 8,467,000 0.03 Perpetual USD 18,510,000 16,465,001 0.06 Ensco plc 4.5% 01/10/2024 USD 1,247,000 888,217 0.00 11,305,353 0.04 Ensco plc 5.2% 15/03/2025 USD 5,250,000 3,764,645 0.02 Sweden Ensco plc 7.75% 01/02/2026 USD 3,627,000 2,965,504 0.01 Skandinaviska Enskilda Banken AB, Ensco plc 5.75% 01/10/2044 USD 305,000 187,204 0.00 Reg. S, FRN 5.75% Perpetual USD 8,900,000 7,590,745 0.03 HSBC Holdings plc, FRN 6.25% Svenska Handelsbanken AB, Reg. S, Perpetual USD 16,000,000 13,496,084 0.05 FRN 5.25% Perpetual USD 11,173,000 9,320,653 0.04 HSBC Holdings plc, FRN 6.375% Swedbank AB, Reg. S, FRN 5.5% Perpetual USD 10,110,000 8,514,857 0.03 Perpetual USD 12,400,000 10,640,302 0.04 HSBC Holdings plc, FRN 6.5% Perpetual USD 24,070,000 19,838,648 0.08 27,551,700 0.11 HSBC Holdings plc, FRN 6.875% Perpetual USD 23,948,000 21,329,459 0.08 Switzerland International Game Technology plc, Credit Suisse Group AG, FRN, 144A 144A 6.25% 15/02/2022 USD 11,615,000 10,255,401 0.04 6.25% Perpetual USD 13,600,000 11,449,887 0.04 Jaguar Land Rover Automotive plc, Credit Suisse Group AG, FRN, 144A 144A 4.5% 01/10/2027 USD 10,829,000 8,369,335 0.03 7.5% Perpetual USD 19,075,000 16,949,558 0.07 KCA Deutag UK Finance plc, 144A UBS Group Funding Switzerland AG, 7.25% 15/05/2021 USD 8,853,000 7,375,472 0.03 Reg. S, FRN 6.875% Perpetual USD 3,800,000 3,240,731 0.01 Lloyds Banking Group plc, FRN 7.5% UBS Group Funding Switzerland AG, Perpetual USD 29,425,000 25,743,211 0.10 Reg. S, FRN 6.875% Perpetual USD 10,921,000 9,638,604 0.04 Nationwide Building Society, Reg. S, UBS Group Funding Switzerland AG, FRN 6.875% Perpetual GBP 5,935,000 6,867,574 0.03 Reg. S, FRN 7% Perpetual USD 21,289,000 18,584,450 0.07 Royal Bank of Scotland Group plc UBS Group Funding Switzerland AG, 6.125% 15/12/2022 USD 25,006,000 22,599,942 0.09 Reg. S, FRN 7.125% Perpetual USD 2,200,000 1,945,208 0.01 Royal Bank of Scotland Group plc 6.1% 10/06/2023 USD 12,970,000 11,747,323 0.05 61,808,438 0.24 Royal Bank of Scotland Group plc 5.125% 28/05/2024 USD 18,645,000 16,167,370 0.06 Tajikistan Santander UK Group Holdings plc, Tajikistan Government Bond, Reg. S Reg. S, FRN 7.375% Perpetual GBP 2,500,000 2,947,572 0.01 7.125% 14/09/2027 1,377,905 USD 1,800,000 0.01 Virgin Media Finance plc, 144A 5.75% 15/01/2025 USD 1,150,000 925,431 0.00 1,377,905 0.01 Virgin Media Secured Finance plc, Trinidad and Tobago 144A 5.5% 15/01/2025 USD 7,920,000 6,648,285 0.03 Petroleum Co. of Trinidad & Tobago Ltd., Reg. S 9.75% 14/08/2019 USD 5,346,000 4,723,734 0.02 237,610,200 0.93 United States of America 4,723,734 0.02 AECOM 5.875% 15/10/2024 USD 14,131,000 12,591,642 0.05 Tunisia AECOM 5.125% 15/03/2027 USD 13,450,000 10,869,962 0.04 Banque Centrale de Tunisie AerCap Global Aviation Trust, FRN, International Bond, Reg. S 5.75% 144A 6.5% 15/06/2045 USD 21,708,000 19,296,912 0.08 30/01/2025 USD 3,400,000 2,580,866 0.01 AES Corp. 4.875% 15/05/2023 USD 4,900,000 4,221,890 0.02 AES Corp. 5.5% 15/04/2025 USD 10,671,000 9,280,348 0.04 2,580,866 0.01 AES Corp. 6% 15/05/2026 USD 4,855,000 4,320,555 0.02 AK Steel Corp. 7.5% 15/07/2023 USD 2,245,000 2,022,133 0.01 Turkey AK Steel Corp. 6.375% 15/10/2025 3,018,397 KOC Holding A/S, Reg. S 5.25% USD 3,755,000 0.01 15/03/2023 USD 8,600,000 7,102,468 0.03 AK Steel Corp. 7% 15/03/2027 USD 3,535,000 2,911,763 0.01 QNB Finansbank A/S, Reg. S 4.875% Ally Financial, Inc. 4.75% 10/09/2018 USD 1,000,000 861,773 0.00 19/05/2022 USD 8,250,000 6,638,964 0.02 Ally Financial, Inc. 3.5% 27/01/2019 USD 4,840,000 4,164,395 0.02 Turkey Government Bond 6.25% Ally Financial, Inc. 3.75% 18/11/2019 USD 650,000 559,190 0.00 26/09/2022 USD 7,750,000 6,688,995 0.03 Ally Financial, Inc. 4.125% Turkey Government Bond 7.375% 30/03/2020 USD 11,995,000 10,344,441 0.04 05/02/2025 USD 13,430,000 11,958,528 0.05 Ally Financial, Inc. 4.25% 15/04/2021 USD 4,290,000 3,698,869 0.01 Turkey Government Bond 6% Ally Financial, Inc. 4.125% 25/03/2027 USD 9,700,000 7,845,843 0.03 13/02/2022 USD 9,126,000 7,729,181 0.03 Turkey Government Bond 6% Ally Financial, Inc. 4.625% 14/01/2041 USD 11,340,000 8,282,499 0.03 19/05/2022 USD 20,139,000 17,352,833 0.07 Turkey Government Bond 6.625% Ally Financial, Inc. 5.125% 17/02/2045 USD 7,900,000 6,038,664 0.02 30/09/2024 USD 4,575,000 4,001,887 0.02 Turkiye Is Bankasi A/S, Reg. S 5% Ally Financial, Inc. 4.625% 30/04/2020 USD 6,600,000 5,462,550 0.02 30/03/2025 USD 27,980,000 23,678,176 0.09 Turkiye Is Bankasi A/S, Reg. S 6% Ally Financial, Inc. 5.75% 20/11/2025 USD 350,000 307,206 0.00 24/10/2022 USD 7,500,000 5,723,459 0.02 Ally Financial, Inc. 8% 01/11/2031 USD 6,390,000 6,556,704 0.03 Turkiye Sise ve Cam Fabrikalari A/S, AMC Entertainment Holdings, Inc. Reg. S 4.25% 09/05/2020 USD 8,600,000 7,217,878 0.03 5.75% 15/06/2025 USD 15,869,000 13,417,409 0.05 Turkiye Vakiflar Bankasi TAO, Reg. S AMC Entertainment Holdings, Inc. 6% 01/11/2022 USD 2,405,000 1,792,586 0.01 5.875% 15/11/2026 USD 3,415,000 2,836,223 0.01 AMC Entertainment Holdings, Inc. 74,752,434 0.29 6.125% 15/05/2027 USD 3,715,000 3,079,492 0.01

93 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

AMC Entertainment Holdings, Inc. Clean Harbors, Inc. 5.125% 5.875% 15/02/2022 USD 2,695,000 2,355,093 0.01 01/06/2021 USD 7,095,000 6,125,586 0.02 American Axle & Manufacturing, Inc. Clearwater Paper Corp. 4.5% 7.75% 15/11/2019 USD 750,000 678,940 0.00 01/02/2023 USD 8,655,000 6,987,512 0.03 American Axle & Manufacturing, Inc. CNH Industrial Capital LLC 4.375% 6.625% 15/10/2022 USD 3,551,000 3,137,227 0.01 06/11/2020 USD 5,660,000 4,936,653 0.02 American Axle & Manufacturing, Inc. CNH Industrial Capital LLC 4.875% 6.25% 15/03/2026 USD 13,515,000 11,414,773 0.04 01/04/2021 USD 8,192,000 7,238,042 0.03 AmeriGas Partners LP 5.625% CNO Financial Group, Inc. 5.25% 20/05/2024 USD 2,377,000 2,017,363 0.01 30/05/2025 USD 5,889,000 5,050,579 0.02 AmeriGas Partners LP 5.5% Coeur Mining, Inc. 5.875% 20/05/2025 USD 13,229,000 11,075,447 0.04 01/06/2024 USD 327,000 272,087 0.00 AmeriGas Partners LP 5.875% Commercial Metals Co. 4.875% 20/08/2026 USD 7,791,000 6,548,563 0.03 15/05/2023 USD 2,309,000 1,940,673 0.01 AmeriGas Partners LP 5.75% Commercial Metals Co. 5.375% 20/05/2027 USD 2,106,000 1,715,023 0.01 15/07/2027 USD 3,367,000 2,758,114 0.01 Amkor Technology, Inc. 6.625% Community Health Systems, Inc. 01/06/2021 USD 6,342,000 5,462,344 0.02 6.25% 31/03/2023 USD 13,227,000 10,417,149 0.04 Andeavor Logistics LP 6.25% Community Health Systems, Inc. 15/10/2022 USD 2,586,000 2,307,615 0.01 5.125% 01/08/2021 USD 4,931,000 3,949,222 0.02 Andeavor Logistics LP 6.375% Community Health Systems, Inc. 01/05/2024 USD 3,400,000 3,114,029 0.01 6.875% 01/02/2022 USD 5,561,000 2,483,613 0.01 Andeavor Logistics LP 5.25% Continental Resources, Inc. 5% 15/01/2025 USD 2,630,000 2,316,486 0.01 15/09/2022 USD 2,050,000 1,786,787 0.01 Anixter, Inc. 5.5% 01/03/2023 USD 8,850,000 7,775,598 0.03 Continental Resources, Inc. 4.5% Antero Resources Corp. 5.625% 15/04/2023 USD 11,480,000 10,021,287 0.04 01/06/2023 USD 16,137,000 14,137,754 0.06 CoreCivic, Inc., REIT 4.125% Antero Resources Corp. 5.375% 01/04/2020 USD 8,080,000 6,962,123 0.03 01/11/2021 USD 11,715,000 10,184,419 0.04 CoreCivic, Inc., REIT 4.625% Antero Resources Corp. 5.125% 01/05/2023 USD 9,374,000 7,936,445 0.03 01/12/2022 USD 29,767,000 25,750,966 0.10 Covanta Holding Corp. 5.875% Archrock Partners LP 6% 01/10/2022 USD 1,425,000 1,217,771 0.00 01/03/2024 USD 4,190,000 3,558,182 0.01 Arconic, Inc. 5.4% 15/04/2021 USD 3,350,000 2,957,879 0.01 Covanta Holding Corp. 5.875% Arconic, Inc. 5.87% 23/02/2022 USD 2,142,000 1,919,727 0.01 01/07/2025 USD 687,000 570,012 0.00 Arconic, Inc. 5.125% 01/10/2024 USD 14,233,000 12,130,604 0.05 Crestwood Midstream Partners LP 6.25% 01/04/2023 9,076,395 Arconic, Inc. 5.9% 01/02/2027 USD 7,247,000 6,285,356 0.02 USD 10,332,000 0.04 Crestwood Midstream Partners LP Arconic, Inc. 6.75% 15/01/2028 USD 1,336,000 1,210,561 0.00 5.75% 01/04/2025 USD 4,611,000 3,975,102 0.02 Arconic, Inc. 5.95% 01/02/2037 2,474,551 USD 2,979,000 0.01 Crown Americas LLC 4.5% Ashland LLC 4.75% 15/08/2022 USD 19,105,000 16,454,172 0.06 15/01/2023 USD 2,695,000 2,271,615 0.01 Ashtead Capital, Inc., 144A 5.625% Crown Americas LLC 4.25% 01/10/2024 USD 9,030,000 7,988,268 0.03 30/09/2026 USD 3,725,000 2,920,250 0.01 B&G Foods, Inc. 4.625% 01/06/2021 USD 3,490,000 2,963,167 0.01 Dana, Inc. 6% 15/09/2023 USD 10,405,000 9,279,844 0.04 B&G Foods, Inc. 5.25% 01/04/2025 USD 10,186,000 8,291,041 0.03 Dana, Inc. 5.5% 15/12/2024 USD 2,790,000 2,386,232 0.01 Ball Corp. 5% 15/03/2022 USD 762,000 673,907 0.00 DaVita, Inc. 5.75% 15/08/2022 USD 4,705,000 4,123,785 0.02 Ball Corp. 5.25% 01/07/2025 USD 2,174,000 1,909,793 0.01 DaVita, Inc. 5.125% 15/07/2024 USD 9,214,000 7,656,439 0.03 Bank of America Corp., FRN 6.25% DaVita, Inc. 5% 01/05/2025 USD 17,819,000 14,429,270 0.06 Perpetual 38,258,545 USD 42,695,000 0.15 DCP Midstream Operating LP 4.95% Bank of America Corp., FRN 6.3% 01/04/2022 USD 1,078,000 937,436 0.00 Perpetual 7,722,070 USD 8,500,000 0.03 DCP Midstream Operating LP 3.875% Berry Global, Inc. 5.5% 15/05/2022 USD 1,960,000 1,717,837 0.01 15/03/2023 USD 8,510,000 7,065,817 0.03 Berry Global, Inc. 6% 15/10/2022 USD 2,000,000 1,772,013 0.01 DCP Midstream Operating LP 5.6% Berry Global, Inc. 5.125% 15/07/2023 USD 1,966,000 1,679,387 0.01 01/04/2044 USD 3,220,000 2,623,828 0.01 Blue Cube Spinco LLC 10% Denbury Resources, Inc. 5.5% 15/10/2025 USD 2,369,000 2,368,654 0.01 01/05/2022 USD 2,284,000 1,823,020 0.01 Boardwalk Pipelines LP 5.95% Diamond Offshore Drilling, Inc. 01/06/2026 USD 4,925,000 4,535,698 0.02 7.875% 15/08/2025 USD 4,639,000 4,131,341 0.02 Boyd Gaming Corp. 6.875% Diebold Nixdorf, Inc. 8.5% 15/05/2023 USD 9,730,000 8,788,982 0.03 15/04/2024 USD 13,529,000 11,186,245 0.04 Boyd Gaming Corp. 6.375% Embarq Corp. 7.995% 01/06/2036 USD 37,569,000 30,549,981 0.12 01/04/2026 USD 13,212,000 11,517,153 0.05 EMC Corp. 2.65% 01/06/2020 USD 4,507,000 3,762,543 0.01 Bristow Group, Inc. 6.25% EMC Corp. 3.375% 01/06/2023 USD 724,000 582,094 0.00 15/10/2022 2,236,472 USD 3,342,000 0.01 Encompass Health Corp. 5.75% Caleres, Inc. 6.25% 15/08/2023 USD 4,639,000 4,105,223 0.02 01/11/2024 USD 6,910,000 5,996,606 0.02 Callon Petroleum Co. 6.125% Encompass Health Corp. 5.75% 01/10/2024 USD 7,746,000 6,678,257 0.03 15/09/2025 USD 8,000,000 6,970,111 0.03 Cedar Fair LP 5.375% 01/06/2024 USD 1,860,000 1,613,562 0.01 Energy Transfer Equity LP 5.875% Centene Corp. 5.625% 15/02/2021 USD 6,080,000 5,335,823 0.02 15/01/2024 USD 10,805,000 9,549,728 0.04 Centene Corp. 4.75% 15/05/2022 USD 2,397,000 2,082,017 0.01 Energy Transfer Equity LP 5.5% Centene Corp. 6.125% 15/02/2024 USD 3,185,000 2,878,610 0.01 01/06/2027 USD 1,925,000 1,659,360 0.01 Centene Corp. 4.75% 15/01/2025 USD 10,211,000 8,733,662 0.03 Energy Transfer Partners LP 5% CenturyLink, Inc. 6.45% 15/06/2021 USD 3,460,000 3,060,842 0.01 01/10/2022 USD 1,000,000 886,586 0.00 CenturyLink, Inc. 7.5% 01/04/2024 USD 2,196,000 1,942,370 0.01 Envision Healthcare Corp. 5.625% CenturyLink, Inc. 5.8% 15/03/2022 USD 17,475,000 14,852,670 0.06 15/07/2022 USD 10,943,000 9,633,585 0.04 CenturyLink, Inc. 6.75% 01/12/2023 USD 23,089,000 19,978,989 0.08 Freeport-McMoRan, Inc. 4% CF Industries, Inc. 5.15% 15/03/2034 USD 5,230,000 4,166,410 0.02 14/11/2021 USD 7,047,000 5,954,622 0.02 Chemours Co. (The) 7% 15/05/2025 USD 6,575,000 6,064,759 0.02 Freeport-McMoRan, Inc. 3.55% Chemours Co. (The) 6.625% 01/03/2022 USD 7,345,000 6,006,956 0.02 15/05/2023 USD 10,620,000 9,578,815 0.04 Freeport-McMoRan, Inc. 3.875% Chesapeake Energy Corp., FRN 15/03/2023 USD 28,160,000 22,947,600 0.09 5.598% 15/04/2019 USD 2,421,000 2,079,325 0.01 Freeport-McMoRan, Inc. 4.55% Chesapeake Energy Corp. 5.75% 14/11/2024 USD 12,120,000 9,975,225 0.04 15/03/2023 USD 915,000 749,025 0.00 Freeport-McMoRan, Inc. 5.4% Cinemark USA, Inc. 4.875% 14/11/2034 USD 2,017,000 1,584,140 0.01 01/06/2023 USD 10,922,000 9,204,040 0.04 Freeport-McMoRan, Inc. 5.45% 15/03/2043 3,697,373 CIT Group, Inc. 3.875% 19/02/2019 USD 422,500 363,847 0.00 USD 4,898,000 0.01 FTI Consulting, Inc. 6% 15/11/2022 1,987,798 CIT Group, Inc. 5.375% 15/05/2020 USD 163,000 144,138 0.00 USD 2,251,000 0.01 General Motors Co. 4.875% CIT Group, Inc. 5% 15/08/2022 USD 9,291,000 8,094,793 0.03 02/10/2023 USD 19,750,000 17,465,041 0.07 CIT Group, Inc. 5% 01/08/2023 8,693,271 USD 9,976,000 0.03 General Motors Financial Co., Inc. 3.45% 10/04/2022 USD 2,250,000 1,904,583 0.01

94 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Genesis Energy LP 6.75% 01/08/2022 USD 1,140,000 998,695 0.00 MGM Resorts International 7.75% Genesis Energy LP 6% 15/05/2023 USD 6,907,000 5,849,375 0.02 15/03/2022 USD 19,302,000 18,092,393 0.07 Genesis Energy LP 5.625% MGM Resorts International 6% 15/06/2024 USD 2,425,000 1,958,357 0.01 15/03/2023 USD 33,561,000 29,633,800 0.12 Genesis Energy LP 6.5% 01/10/2025 USD 500,000 415,687 0.00 MGM Resorts International 4.625% GEO Group, Inc. (The), REIT 5.875% 01/09/2026 USD 11,365,000 9,067,734 0.04 15/01/2022 USD 12,830,000 11,212,146 0.04 MPLX LP 5.5% 15/02/2023 USD 7,625,000 6,680,847 0.03 GEO Group, Inc. (The), REIT 5.125% MPLX LP 4.875% 01/12/2024 USD 8,460,000 7,516,577 0.03 01/04/2023 USD 1,650,000 1,393,867 0.01 MPLX LP 4.875% 01/06/2025 USD 7,820,000 6,917,085 0.03 GEO Group, Inc. (The), REIT 5.875% Murphy Oil USA, Inc. 6% 15/08/2023 USD 245,000 217,262 0.00 15/10/2024 USD 3,405,000 2,857,747 0.01 Nabors Industries, Inc. 5.5% GEO Group, Inc. (The), REIT 6% 15/01/2023 USD 4,608,000 3,847,830 0.02 15/04/2026 USD 3,335,000 2,787,540 0.01 Nabors Industries, Inc. 5.1% Global Partners LP 7% 15/06/2023 USD 7,400,000 6,339,752 0.02 15/09/2023 USD 378,000 308,375 0.00 Global Partners LP 6.25% 15/07/2022 USD 2,400,000 2,009,757 0.01 Nationstar Mortgage LLC 7.875% HCA Healthcare, Inc. 6.25% 01/10/2020 USD 2,977,000 2,579,230 0.01 15/02/2021 USD 4,220,000 3,772,437 0.01 Nationstar Mortgage LLC 6.5% HCA, Inc. 4.25% 15/10/2019 USD 2,515,000 2,184,835 0.01 01/07/2021 USD 191,000 164,325 0.00 HCA, Inc. 7.5% 15/02/2022 USD 36,345,000 34,066,571 0.13 Nationstar Mortgage LLC 6.5% HCA, Inc. 5.875% 15/03/2022 USD 18,919,000 16,963,193 0.07 01/06/2022 USD 6,685,000 5,757,223 0.02 HCA, Inc. 5.875% 01/05/2023 USD 29,848,000 26,596,257 0.10 New Albertsons LP 7.75% 15/06/2026 3,665,828 HCA, Inc. 5% 15/03/2024 USD 5,114,000 4,407,526 0.02 USD 4,930,000 0.01 New Albertsons LP 7.45% HCA, Inc. 5.375% 01/02/2025 USD 91,874,000 78,074,200 0.31 01/08/2029 USD 7,384,000 5,089,374 0.02 HCA, Inc. 5.25% 15/04/2025 USD 720,000 623,380 0.00 New Albertsons LP 8.7% 01/05/2030 USD 4,327,000 3,261,082 0.01 HCA, Inc. 5.875% 15/02/2026 USD 38,815,000 33,652,258 0.13 New Albertsons LP 8% 01/05/2031 USD 14,230,000 10,124,295 0.04 HCA, Inc. 5.25% 15/06/2026 3,537,238 USD 4,130,000 0.01 New Albertsons LP 6.625% HCA, Inc. 5.5% 15/06/2047 USD 5,345,000 4,231,305 0.02 01/06/2028 USD 1,005,000 668,953 0.00 Hecla Mining Co. 6.875% 01/05/2021 USD 8,755,000 7,622,539 0.03 New Home Co., Inc. (The) 7.25% Hertz Corp. (The) 7.375% 15/01/2021 USD 2,380,000 2,006,960 0.01 01/04/2022 USD 7,400,000 6,569,064 0.03 Hertz Corp. (The) 6.25% 15/10/2022 USD 6,475,000 4,961,051 0.02 Newfield Exploration Co. 5.75% Hilton Domestic Operating Co., Inc. 30/01/2022 USD 2,427,000 2,176,977 0.01 4.25% 01/09/2024 USD 3,397,000 2,778,998 0.01 Newfield Exploration Co. 5.375% Hilton Grand Vacations Borrower LLC 01/01/2026 USD 6,000,000 5,272,700 0.02 6.125% 01/12/2024 USD 2,808,000 2,481,045 0.01 NGL Energy Partners LP 5.125% Hilton Worldwide Finance LLC 15/07/2019 USD 553,000 478,366 0.00 4.625% 01/04/2025 USD 9,331,000 7,819,898 0.03 NRG Energy, Inc. 7.25% 15/05/2026 USD 2,000,000 1,836,170 0.01 Hilton Worldwide Finance LLC NRG Energy, Inc. 6.625% 15/01/2027 USD 8,607,000 7,616,654 0.03 4.875% 01/04/2027 USD 3,827,000 3,171,856 0.01 NRG Energy, Inc. 6.25% 15/07/2022 USD 5,490,000 4,864,411 0.02 HRG Group, Inc. 7.75% 15/01/2022 USD 6,155,000 5,444,938 0.02 NRG Energy, Inc. 6.25% 01/05/2024 USD 5,190,000 4,597,504 0.02 Huntsman International LLC 4.875% NRG Yield Operating LLC 5% 15/11/2020 USD 870,000 761,153 0.00 15/09/2026 USD 6,250,000 5,153,223 0.02 Huntsman International LLC 5.125% NuStar Logistics LP 5.625% 15/11/2022 USD 19,940,000 17,630,490 0.07 28/04/2027 USD 6,280,000 5,192,467 0.02 International Lease Finance Corp. Oasis Petroleum, Inc. 6.875% 5.875% 01/04/2019 USD 9,231,000 8,100,831 0.03 15/01/2023 USD 5,280,000 4,640,430 0.02 International Lease Finance Corp. Oasis Petroleum, Inc. 6.875% 6.25% 15/05/2019 USD 11,834,000 10,448,156 0.04 15/03/2022 USD 4,422,000 3,881,119 0.02 International Lease Finance Corp. Olin Corp. 5.125% 15/09/2027 USD 4,950,000 4,147,483 0.02 4.625% 15/04/2021 USD 2,500,000 2,197,592 0.01 Oshkosh Corp. 5.375% 01/03/2025 USD 5,111,000 4,533,625 0.02 Iron Mountain, Inc., REIT 6% Outfront Media Capital LLC 5.25% 15/08/2023 USD 5,888,000 5,202,975 0.02 15/02/2022 USD 2,012,000 1,756,024 0.01 Iron Mountain, Inc., REIT 5.75% Outfront Media Capital LLC 5.625% 15/08/2024 USD 6,479,000 5,481,820 0.02 15/02/2024 USD 6,575,000 5,699,732 0.02 L Brands, Inc. 5.25% 01/02/2028 2,409,968 USD 3,152,000 0.01 Outfront Media Capital LLC 5.875% L Brands, Inc. 6.875% 01/11/2035 USD 3,000,000 2,278,652 0.01 15/03/2025 USD 3,685,000 3,203,550 0.01 L Brands, Inc. 6.75% 01/07/2036 USD 11,525,000 8,760,156 0.03 PBF Logistics LP 6.875% 15/05/2023 USD 3,217,000 2,800,977 0.01 Laredo Petroleum, Inc. 5.625% Penske Automotive Group, Inc. 5.5% 15/01/2022 USD 1,914,000 1,631,105 0.01 15/05/2026 USD 12,339,000 10,423,749 0.04 Lear Corp. 5.375% 15/03/2024 USD 3,000,000 2,673,208 0.01 PolyOne Corp. 5.25% 15/03/2023 USD 2,343,000 2,055,156 0.01 Lear Corp. 5.25% 15/01/2025 USD 5,000,000 4,421,594 0.02 QEP Resources, Inc. 5.375% Lennar Corp. 4.75% 15/11/2022 USD 235,000 202,413 0.00 01/10/2022 USD 5,591,000 4,928,380 0.02 Lennar Corp. 4.875% 15/12/2023 USD 1,414,000 1,213,101 0.00 QEP Resources, Inc. 5.25% Lennar Corp. 4.5% 30/04/2024 USD 4,215,000 3,507,933 0.01 01/05/2023 USD 2,906,000 2,457,466 0.01 Lennar Corp. 4.75% 30/05/2025 USD 3,340,000 2,787,101 0.01 Quad/Graphics, Inc. 7% 01/05/2022 USD 995,000 877,009 0.00 Level 3 Financing, Inc. 5.625% Qwest Capital Funding, Inc. 7.75% 01/02/2023 USD 8,853,000 7,619,776 0.03 15/02/2031 USD 2,756,000 2,154,013 0.01 Level 3 Financing, Inc. 5.125% Radian Group, Inc. 7% 15/03/2021 USD 1,643,000 1,497,555 0.01 01/05/2023 USD 11,807,000 9,966,263 0.04 Radian Group, Inc. 4.5% 01/10/2024 USD 5,251,000 4,332,576 0.02 Level 3 Financing, Inc. 5.375% Range Resources Corp. 5% 15/01/2024 USD 7,331,000 6,172,277 0.02 15/08/2022 USD 169,000 144,516 0.00 Level 3 Financing, Inc. 5.375% Range Resources Corp. 5% 01/05/2025 USD 21,461,000 17,879,252 0.07 15/03/2023 USD 1,830,000 1,532,667 0.01 Level 3 Financing, Inc. 5.25% Range Resources Corp. 4.875% 15/03/2026 USD 4,539,000 3,712,517 0.01 15/05/2025 USD 8,060,000 6,525,594 0.03 Level 3 Parent LLC 5.75% 01/12/2022 USD 2,000,000 1,719,201 0.01 Reliance Holding USA, Inc., Reg. S MagnaChip Semiconductor Corp. 5.4% 14/02/2022 USD 5,290,000 4,729,705 0.02 6.625% 15/07/2021 USD 2,450,000 2,039,306 0.01 Revlon Consumer Products Corp. MasTec, Inc. 4.875% 15/03/2023 USD 6,556,000 5,478,780 0.02 6.25% 01/08/2024 USD 8,102,000 3,836,363 0.02 MetLife, Inc. 6.4% 15/12/2066 USD 26,470,000 24,217,600 0.10 Reynolds Group Issuer, Inc. 5.75% MGM Growth Properties Operating 15/10/2020 USD 28,359,968 24,475,550 0.10 Partnership LP, REIT 5.625% RHP Hotel Properties LP, REIT 5% 01/05/2024 USD 6,560,000 5,711,069 0.02 15/04/2021 USD 9,310,000 8,048,938 0.03 MGM Growth Properties Operating RHP Hotel Properties LP, REIT 5% Partnership LP, REIT 4.5% 15/04/2023 USD 12,445,000 10,688,642 0.04 01/09/2026 USD 1,565,000 1,257,825 0.01 Rowan Cos., Inc. 7.375% 15/06/2025 USD 4,204,000 3,512,932 0.01 MGM Resorts International 5.25% RSP Permian, Inc. 6.625% 31/03/2020 USD 2,270,000 1,990,003 0.01 01/10/2022 USD 9,994,000 9,040,196 0.04 MGM Resorts International 6.625% RSP Permian, Inc. 5.25% 15/01/2025 USD 1,725,000 1,590,816 0.01 15/12/2021 USD 5,676,000 5,141,413 0.02 Sally Holdings LLC 5.5% 01/11/2023 USD 3,154,000 2,665,725 0.01

95 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Sally Holdings LLC 5.625% Toll Brothers Finance Corp. 5.625% 01/12/2025 USD 566,000 449,256 0.00 15/01/2024 USD 1,770,000 1,567,707 0.01 Sanchez Energy Corp. 7.75% Toll Brothers Finance Corp. 4.875% 15/06/2021 USD 10,056,000 7,406,057 0.03 15/11/2025 USD 3,010,000 2,505,020 0.01 Sanchez Energy Corp. 6.125% TransDigm, Inc. 5.5% 15/10/2020 USD 2,800,000 2,407,398 0.01 15/01/2023 USD 1,630,000 951,972 0.00 TransDigm, Inc. 6.5% 15/05/2025 USD 14,042,000 12,236,338 0.05 Scotts Miracle-Gro Co. (The) 6% TransDigm, Inc. 6.375% 15/06/2026 USD 3,890,000 3,326,038 0.01 15/10/2023 USD 14,044,000 12,531,670 0.05 TransDigm, Inc. 6% 15/07/2022 USD 2,241,000 1,945,506 0.01 Scotts Miracle-Gro Co. (The) 5.25% TransDigm, Inc. 6.5% 15/07/2024 USD 9,525,000 8,333,516 0.03 15/12/2026 USD 5,960,000 4,895,301 0.02 TransMontaigne Partners LP 6.125% SemGroup Corp. 5.625% 15/11/2023 USD 3,169,000 2,568,661 0.01 15/02/2026 USD 2,757,000 2,403,424 0.01 SemGroup Corp. 5.625% 15/07/2022 USD 2,117,000 1,772,773 0.01 Triumph Group, Inc. 4.875% Service Corp. International 8% 01/04/2021 USD 9,136,000 7,634,742 0.03 15/11/2021 USD 4,380,000 4,199,168 0.02 Triumph Group, Inc. 5.25% Service Corp. International 5.375% 01/06/2022 USD 4,144,000 3,426,705 0.01 15/01/2022 USD 5,945,000 5,158,781 0.02 Triumph Group, Inc. 7.75% Service Corp. International 7.5% 15/08/2025 USD 4,165,000 3,565,927 0.01 01/04/2027 USD 6,025,000 5,827,999 0.02 Unit Corp. 6.625% 15/05/2021 USD 8,253,000 7,094,424 0.03 Service Corp. International 5.375% United Continental Holdings, Inc. 5% 15/05/2024 USD 15,484,000 13,647,842 0.05 01/02/2024 USD 10,160,000 8,472,455 0.03 SM Energy Co. 6.5% 15/11/2021 USD 5,906,000 5,192,326 0.02 United Rentals North America, Inc. SM Energy Co. 6.5% 01/01/2023 USD 2,000,000 1,743,507 0.01 5.75% 15/11/2024 USD 14,362,000 12,592,346 0.05 SM Energy Co. 5.625% 01/06/2025 USD 225,000 186,482 0.00 United Rentals North America, Inc. SM Energy Co. 5% 15/01/2024 USD 13,146,000 10,641,495 0.04 5.5% 15/07/2025 USD 4,660,000 4,036,716 0.02 Southern Copper Corp. 5.875% United Rentals North America, Inc. 23/04/2045 USD 8,520,000 7,824,318 0.03 4.625% 15/10/2025 USD 9,520,000 7,844,278 0.03 Southwestern Energy Co. 4.1% United Rentals North America, Inc. 15/03/2022 USD 3,775,000 3,121,592 0.01 5.875% 15/09/2026 USD 8,945,000 7,748,858 0.03 Southwestern Energy Co. 6.7% United Rentals North America, Inc. 23/01/2025 USD 17,201,000 14,560,102 0.06 5.5% 15/05/2027 USD 25,990,000 21,727,495 0.09 Southwestern Energy Co. 7.5% United Rentals North America, Inc. 01/04/2026 USD 2,530,000 2,251,298 0.01 4.875% 15/01/2028 USD 23,127,000 18,474,070 0.07 Southwestern Energy Co. 7.75% United States Cellular Corp. 6.7% 01/10/2027 USD 2,530,000 2,264,575 0.01 15/12/2033 USD 3,600,000 3,239,079 0.01 Spectrum Brands, Inc. 6.625% United States Steel Corp. 6.875% 15/11/2022 USD 5,090,000 4,512,811 0.02 15/08/2025 USD 1,186,000 1,033,900 0.00 Spectrum Brands, Inc. 6.125% US Treasury 1.125% 31/01/2019 USD 47,240,000 40,320,250 0.16 15/12/2024 USD 1,960,000 1,708,780 0.01 Vista Outdoor, Inc. 5.875% Spectrum Brands, Inc. 5.75% 01/10/2023 USD 14,570,000 12,009,188 0.05 15/07/2025 USD 15,313,000 13,019,180 0.05 Vistra Energy Corp. 7.375% Speedway Motorsports, Inc. 5.125% 01/11/2022 USD 5,791,000 5,200,296 0.02 01/02/2023 USD 1,255,000 1,065,401 0.00 Vistra Energy Corp. 5.875% Sprint Capital Corp. 8.75% 01/06/2023 USD 24,295,000 21,486,089 0.08 15/03/2032 USD 32,216,000 29,503,572 0.12 Vistra Energy Corp. 7.625% Sprint Communications, Inc. 7% 01/11/2024 USD 10,250,000 9,422,126 0.04 15/08/2020 USD 6,475,000 5,773,401 0.02 Weatherford International LLC 6.8% Sprint Communications, Inc. 11.5% 15/06/2037 USD 35,000 23,996 0.00 15/11/2021 USD 1,070,000 1,073,313 0.00 Welbilt, Inc. 9.5% 15/02/2024 USD 5,175,000 4,911,343 0.02 Sprint Communications, Inc. 6% WellCare Health Plans, Inc. 5.25% 15/11/2022 USD 7,169,000 6,113,526 0.02 01/04/2025 USD 8,457,000 7,246,616 0.03 Sprint Corp. 7.625% 15/02/2025 USD 97,516,000 86,025,007 0.34 WESCO Distribution, Inc. 5.375% Sprint Corp. 7.25% 15/09/2021 USD 9,220,000 8,234,309 0.03 15/06/2024 USD 5,020,000 4,277,167 0.02 Sprint Corp. 7.875% 15/09/2023 USD 67,024,000 60,010,578 0.24 Western Digital Corp. 4.75% Sprint Corp. 7.125% 15/06/2024 USD 17,916,000 15,484,541 0.06 15/02/2026 USD 20,451,000 17,129,504 0.07 Steel Dynamics, Inc. 5% 15/12/2026 USD 2,830,000 2,443,741 0.01 Whiting Petroleum Corp. 5.75% Summit Materials LLC 6.125% 15/03/2021 USD 12,481,000 10,946,763 0.04 15/07/2023 USD 11,775,000 10,239,311 0.04 Whiting Petroleum Corp. 6.25% Summit Midstream Holdings LLC 01/04/2023 USD 6,333,000 5,639,798 0.02 5.5% 15/08/2022 USD 2,836,000 2,402,423 0.01 WildHorse Resource Development Summit Midstream Holdings LLC Corp. 6.875% 01/02/2025 USD 6,710,000 5,914,300 0.02 5.75% 15/04/2025 USD 10,115,000 8,255,490 0.03 Williams Cos., Inc. (The) 3.7% SUPERVALU, Inc. 7.75% 15/11/2022 USD 19,898,000 17,602,498 0.07 15/01/2023 USD 5,965,000 4,970,953 0.02 Targa Resources Partners LP 6.75% Williams Cos., Inc. (The) 4.55% 15/03/2024 USD 18,891,000 16,995,605 0.07 24/06/2024 USD 1,630,000 1,400,631 0.01 TEGNA, Inc. 5.125% 15/07/2020 USD 972,000 842,269 0.00 Williams Cos., Inc. (The) 7.5% 15/01/2031 998,313 TEGNA, Inc. 6.375% 15/10/2023 USD 11,370,000 10,053,874 0.04 USD 973,000 0.00 Williams Cos., Inc. (The) 5.75% Teleflex, Inc. 4.875% 01/06/2026 USD 600,000 507,592 0.00 24/06/2044 USD 3,980,000 3,555,310 0.01 Teleflex, Inc. 5.25% 15/06/2024 USD 3,747,000 3,298,642 0.01 WPX Energy, Inc. 6% 15/01/2022 USD 1,299,000 1,160,528 0.00 Tempur Sealy International, Inc. WPX Energy, Inc. 8.25% 01/08/2023 5,622,706 5.625% 15/10/2023 USD 5,990,000 5,160,402 0.02 USD 5,755,000 0.02 Tempur Sealy International, Inc. 5.5% Wyndham Worldwide Corp. 5.1% 01/10/2025 776,290 15/06/2026 USD 24,572,000 20,463,231 0.08 USD 884,000 0.00 Tenet Healthcare Corp. 5.5% Zayo Group LLC 6% 01/04/2023 USD 15,681,000 13,703,636 0.05 01/03/2019 USD 2,323,000 2,012,823 0.01 Zayo Group LLC 6.375% 15/05/2025 USD 13,221,000 11,625,719 0.05 Tenet Healthcare Corp. 6.75% 01/02/2020 USD 892,000 790,138 0.00 2,462,734,124 9.67 Tenet Healthcare Corp. 4.75% Uruguay 01/06/2020 2,048,535 USD 2,365,000 0.01 Uruguay Government Bond 4.375% Tenet Healthcare Corp. 6% 27/10/2027 USD 5,800,000 5,063,019 0.02 01/10/2020 3,475,345 USD 3,921,000 0.01 Uruguay Government Bond 7.625% Tenet Healthcare Corp. 4.5% 21/03/2036 USD 3,300,000 3,683,704 0.01 01/04/2021 21,175,128 USD 24,783,000 0.08 Uruguay Government Bond 5.1% Tenet Healthcare Corp. 4.375% 18/06/2050 USD 20,280,000 17,331,674 0.07 01/10/2021 3,333,105 USD 3,931,000 0.01 Uruguay Government Bond 4.975% Tenet Healthcare Corp. 8.125% 20/04/2055 USD 5,000,000 4,164,448 0.02 01/04/2022 USD 37,502,000 33,767,003 0.13 Tenet Healthcare Corp. 6.75% 30,242,845 0.12 15/06/2023 USD 25,000,000 21,376,104 0.08 Tenneco, Inc. 5% 15/07/2026 USD 10,176,000 7,868,938 0.03

96 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Virgin Islands, British CapitaLand Ltd., Reg. S 2.95% GTL Trade Finance, Inc., Reg. S 20/06/2022 SGD 8,250,000 5,183,708 0.02 5.893% 29/04/2024 USD 6,350,000 5,519,246 0.02 15,337,093 0.06 5,519,246 0.02 United Arab Emirates Zambia Aabar Investments PJSC, Reg. S 0.5% Zambia Government Bond, Reg. S 27/03/2020 EUR 12,200,000 11,385,040 0.05 5.375% 20/09/2022 USD 4,550,000 3,271,524 0.01 Aabar Investments PJSC, Reg. S 1% 27/03/2022 EUR 6,300,000 5,408,802 0.02 3,271,524 0.01 DP World Ltd., Reg. S 1.75% 19/06/2024 USD 6,600,000 5,902,826 0.02 Total Bonds 4,644,164,500 18.24 22,696,668 0.09 Convertible Bonds United Kingdom Austria Vodafone Group plc, Reg. S 2% ams AG, Reg. S 0% 05/03/2025 EUR 2,600,000 2,311,127 0.01 25/02/2019 GBP 4,900,000 5,526,206 0.02

2,311,127 0.01 5,526,206 0.02 Bermuda Virgin Islands, British BW Group Ltd., Reg. S 1.75% PB Issuer No. 4 Ltd., Reg. S 3.25% 10/09/2019 USD 4,800,000 3,954,851 0.02 03/07/2021 USD 2,768,000 2,400,449 0.01

3,954,851 0.02 2,400,449 0.01 Cayman Islands China Overseas Finance Investment Total Convertible Bonds 143,058,367 0.56 Cayman V Ltd., Reg. S 0% Equities 05/01/2023 USD 17,200,000 15,442,065 0.06 Future Land Development Holdings Australia Ltd., Reg. S 2.25% 10/02/2019 HKD 48,000,000 5,155,160 0.02 Goodman Group, REIT AUD 10,029,120 61,273,555 0.24 Powerlong Real Estate Holdings Ltd., Mirvac Group, REIT AUD 16,086,788 22,197,934 0.09 Reg. S 0% 11/02/2019 HKD 48,000,000 5,156,526 0.02 Scentre Group, REIT AUD 13,538,024 37,748,363 0.15

25,753,751 0.10 121,219,852 0.48 Cyprus Austria Volcan Holdings plc, Reg. S 4.125% OMV AG EUR 233,693 11,470,821 0.05 11/04/2020 GBP 1,900,000 2,749,314 0.01 11,470,821 0.05 2,749,314 0.01 Belgium Germany Ageas EUR 238,552 10,351,964 0.04 Rocket Internet SE, Reg. S 3% Anheuser-Busch InBev SA EUR 254,015 21,948,166 0.09 22/07/2022 EUR 3,300,000 3,536,990 0.01 KBC Group NV EUR 179,099 11,827,698 0.05 Warehouses De Pauw, REIT, CVA EUR 153,702 16,707,407 0.06 3,536,990 0.01 Italy 60,835,235 0.24 Prysmian SpA, Reg. S 0% 17/01/2022 EUR 3,200,000 3,171,568 0.01 Bermuda Nabors Industries Ltd. Preference 6% USD 61,000 2,422,040 0.01 3,171,568 0.01 Jersey 2,422,040 0.01 British Land White 2015 Ltd., Reg. S 0% 09/06/2020 GBP 4,600,000 5,004,581 0.02 Brazil Intu Jersey 2 Ltd., REIT, Reg. S Ambev SA, ADR ‘A’ USD 10,056,534 40,638,307 0.16 2.875% 01/11/2022 GBP 6,600,000 6,853,026 0.03 BB Seguridade Participacoes SA BRL 5,349,654 29,206,419 0.12 Remgro Jersey GBP Ltd., Reg. S Cielo SA BRL 3,085,000 11,342,660 0.04 2.625% 22/03/2021 GBP 6,000,000 6,595,153 0.02 Engie Brasil Energia SA BRL 3,119,504 23,726,099 0.09 Itau Unibanco Holding SA Preference BRL 4,420,275 39,544,444 0.16 18,452,760 0.07 Petrobras Distribuidora SA BRL 2,453,270 9,857,072 0.04

Malaysia 154,315,001 0.61 Cahaya Capital Ltd., Reg. S 0% 18/09/2021 USD 4,622,000 3,942,011 0.02 Canada Allied Properties Real Estate 3,942,011 0.02 Investment Trust CAD 1,036,510 28,399,818 0.11 Frontera Energy Corp. CAD 91,834 1,152,674 0.01 Malta TransCanada Corp. CAD 2,157,196 79,388,797 0.31 Brait SE, Reg. S 2.75% 18/09/2020 7,994,239 GBP 7,700,000 0.03 Ultra Petroleum Corp. USD 162,602 316,316 0.00

7,994,239 0.03 109,257,605 0.43 Netherlands Cayman Islands America Movil BV, Reg. S 5.5% Sands China Ltd. HKD 7,346,400 33,714,910 0.13 17/09/2018 EUR 10,900,000 7,708,698 0.03 Bayer Capital Corp. BV, Reg. S WH Group Ltd., Reg. S HKD 19,830,500 13,849,328 0.05 5.625% 22/11/2019 EUR 8,900,000 9,541,290 0.04 Wharf Real Estate Investment Co. Ltd. HKD 2,355,000 14,416,880 0.06

17,249,988 0.07 61,981,118 0.24 Norway Chile Telenor East Holding II A/S, Reg. S Banco Santander Chile, ADR USD 704,980 19,021,358 0.08 0.25% 20/09/2019 USD 9,600,000 7,981,352 0.03 19,021,358 0.08 7,981,352 0.03 China Singapore China Construction Bank Corp. ‘H’ HKD 44,060,000 34,942,763 0.14 CapitaLand Ltd., Reg. S 1.85% China Life Insurance Co. Ltd. ‘H’ HKD 11,020,000 24,397,453 0.09 19/06/2020 SGD 16,500,000 10,153,385 0.04 China Pacific Insurance Group Co. Ltd. ‘H’ HKD 10,735,800 35,696,453 0.14

97 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Fuyao Glass Industry Group Co. Ltd., New World Development Co. Ltd. HKD 21,245,000 25,697,648 0.10 Reg. S ‘H’ HKD 2,384,800 6,930,920 0.03 181,123,736 0.71 101,967,589 0.40 Hungary Czech Republic OTP Bank Nyrt. HUF 1,272,602 39,155,650 0.15 Komercni banka A/S CZK 750,121 26,843,550 0.10 Moneta Money Bank A/S CZK 2,527,608 7,397,971 0.03 39,155,650 0.15

34,241,521 0.13 India Coal India Ltd. INR 3,519,949 11,655,355 0.05 Denmark Infosys Ltd., ADR USD 2,142,238 35,611,359 0.14 Danske Bank A/S DKK 402,614 10,783,835 0.04 ITC Ltd. INR 4,182,855 13,889,702 0.05 Novo Nordisk A/S ‘B’ DKK 798,721 31,783,229 0.13 Tata Consultancy Services Ltd. INR 1,567,100 36,231,861 0.14 Pandora A/S DKK 181,612 10,856,078 0.04 Tryg A/S DKK 426,803 8,549,092 0.03 97,388,277 0.38

61,972,234 0.24 Indonesia Telekomunikasi Indonesia Persero Finland Tbk. PT IDR 166,885,400 37,458,525 0.15 Elisa OYJ EUR 424,590 16,775,551 0.07 Fortum OYJ EUR 872,266 17,938,150 0.07 37,458,525 0.15 Konecranes OYJ EUR 502,550 17,616,890 0.07 Ireland Neste OYJ EUR 179,436 12,081,426 0.05 AIB Group plc EUR 2,097,151 9,835,638 0.04 Sampo OYJ ‘A’ EUR 374,535 15,668,672 0.06 Bank of Ireland Group plc EUR 2,140,395 14,538,633 0.05 Stora Enso OYJ ‘R’ EUR 718,766 12,100,426 0.05 Eaton Corp. plc USD 1,127,746 73,220,387 0.29 UPM-Kymmene OYJ EUR 1,538,088 47,296,206 0.18 97,594,658 0.38 139,477,321 0.55 Italy France Assicurazioni Generali SpA EUR 1,181,316 16,904,632 0.07 Amundi SA, Reg. S EUR 172,678 10,251,893 0.04 Atlantia SpA EUR 371,490 9,368,978 0.04 AXA SA EUR 1,186,405 25,027,213 0.10 Enel SpA EUR 16,256,843 77,496,371 0.30 BNP Paribas SA EUR 542,538 29,004,081 0.11 Eni SpA EUR 1,750,002 28,075,282 0.11 Bouygues SA EUR 320,563 11,907,313 0.05 Intesa Sanpaolo SpA EUR 9,113,824 22,766,332 0.09 Capgemini SE 20,515,398 EUR 176,895 0.08 Mediobanca Banca di Credito Cie de Saint-Gobain EUR 272,396 10,504,952 0.04 Finanziario SpA EUR 895,845 7,175,718 0.03 Cie Generale des Etablissements Poste Italiane SpA, Reg. S EUR 2,000,511 14,487,701 0.06 Michelin SCA EUR 482,386 50,686,709 0.20 Telecom Italia SpA EUR 18,700,000 10,410,290 0.04 CNP Assurances EUR 678,502 13,268,107 0.05 Terna Rete Elettrica Nazionale SpA EUR 1,798,264 8,355,634 0.03 Convivio, REIT EUR 336,522 29,908,393 0.12 Edenred 9,828,225 EUR 363,000 0.04 195,040,938 0.77 Engie SA EUR 1,579,070 20,820,038 0.08 Gecina SA, REIT EUR 69,495 9,958,633 0.04 Japan ICADE, REIT EUR 133,252 10,696,804 0.04 Bandai Namco Holdings, Inc. JPY 543,600 19,276,878 0.08 LVMH Moet Hennessy Louis Vuitton Bridgestone Corp. JPY 684,100 22,972,646 0.09 SE EUR 140,688 40,447,800 0.16 Daiwa House REIT Investment Corp. JPY 6,152 12,557,574 0.05 Natixis SA EUR 1,853,894 11,264,260 0.04 Invesco Office J-Reit, Inc., REIT JPY 93,552 11,115,151 0.04 Orange SA EUR 1,637,906 23,548,993 0.09 Japan Airlines Co. Ltd. JPY 759,900 23,151,905 0.09 Peugeot SA EUR 507,101 9,968,338 0.04 Japan Hotel REIT Investment Corp. JPY 33,837 21,728,298 0.08 Publicis Groupe SA EUR 196,000 11,583,600 0.05 Kenedix Office Investment Corp., REIT JPY 2,066 11,007,548 0.04 Renault SA EUR 178,419 13,038,860 0.05 Kenedix Retail REIT Corp. JPY 3,385 6,417,299 0.02 Sanofi EUR 626,219 43,293,651 0.17 Mitsubishi Estate Co. Ltd. JPY 805,300 12,095,805 0.05 Schneider Electric SE EUR 997,555 71,474,816 0.28 Nippon Prologis REIT, Inc. JPY 11,833 21,056,513 0.08 TOTAL SA EUR 2,850,535 150,422,732 0.59 Nippon Telegraph & Telephone Corp. JPY 888,400 34,731,919 0.14 Veolia Environnement SA EUR 684,761 12,585,907 0.05 Sumitomo Mitsui Financial Group, Vinci SA EUR 1,170,954 96,931,572 0.38 Inc. JPY 731,600 24,417,378 0.10 Tokio Marine Holdings, Inc. JPY 1,304,300 52,503,738 0.21 736,938,288 2.89 273,032,652 1.07 Germany Allianz SE EUR 647,012 115,012,853 0.45 Jersey BASF SE EUR 334,364 27,554,937 0.11 Ferguson plc GBP 687,906 47,996,667 0.19 Bayerische Motoren Werke AG EUR 182,856 14,283,797 0.06 Glencore plc GBP 5,441,113 22,460,970 0.09 Daimler AG EUR 1,036,787 57,427,632 0.23 Deutsche Telekom AG EUR 5,347,910 70,993,505 0.28 70,457,637 0.28 Deutsche Wohnen SE 11,499,194 EUR 277,089 0.04 Luxembourg E.ON SE 13,390,201 EUR 1,460,059 0.05 Aroundtown SA EUR 1,924,573 13,601,920 0.05 Evonik Industries AG EUR 358,035 10,565,613 0.04 Millicom International Cellular SA, Hannover Rueck SE EUR 146,202 15,650,924 0.06 SDR SEK 197,329 9,946,145 0.04 Muenchener RTL Group SA EUR 129,469 7,599,830 0.03 Rueckversicherungs-Gesellschaft AG EUR 103,733 18,858,659 0.07 ProSiebenSat.1 Media SE EUR 461,652 10,020,157 0.04 31,147,895 0.12 RWE AG EUR 649,966 12,671,087 0.05 Schaeffler AG Preference EUR 470,986 5,275,043 0.02 Mexico Telefonica Deutschland Holding AG EUR 2,878,261 9,685,348 0.04 Bolsa Mexicana de Valores SAB de CV MXN 3,446,463 5,061,251 0.02 TUI AG GBP 909,640 17,191,797 0.07 Fibra Uno Administracion SA de CV, Volkswagen AG Preference EUR 129,116 18,486,829 0.07 REIT MXN 18,376,482 22,476,729 0.09 Vonovia SE EUR 299,223 12,229,244 0.05 Kimberly-Clark de Mexico SAB de CV ‘A’ MXN 15,273,560 21,850,021 0.08 440,796,820 1.73 Wal-Mart de Mexico SAB de CV MXN 14,506,823 33,148,702 0.13 Hong Kong 82,536,703 0.32 China Mobile Ltd. HKD 3,674,500 28,025,256 0.11 China Resources Power Holdings Co. Netherlands Ltd. HKD 27,086,000 40,916,486 0.16 ABN AMRO Group NV, Reg. S, CVA EUR 616,719 13,734,332 0.05 CNOOC Ltd. HKD 21,934,000 32,485,533 0.13 Aegon NV EUR 3,170,229 16,345,701 0.06 Guangdong Investment Ltd. HKD 8,684,000 11,815,859 0.05 Airbus SE EUR 215,876 21,801,317 0.09 Hang Seng Bank Ltd. HKD 1,962,100 42,182,954 0.16 Akzo Nobel NV EUR 391,374 28,844,264 0.11

98 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Eurocommercial Properties NV, REIT, Repsol SA Rights 06/07/2018 EUR 1,283,562 639,214 0.00 CVA EUR 413,501 15,022,491 0.06 ING Groep NV EUR 5,709,736 70,743,629 0.28 282,432,635 1.11 Koninklijke Ahold Delhaize NV EUR 3,439,193 70,864,572 0.28 Koninklijke KPN NV EUR 3,963,287 9,216,624 0.04 Supranational HKT Trust & HKT Ltd. 22,422,176 NN Group NV EUR 437,011 15,295,385 0.06 HKD 20,463,000 0.09 Unibail-Rodamco-Westfield, REIT 65,275,601 Randstad NV EUR 218,759 11,075,768 0.04 EUR 345,831 0.25 Unilever NV, CVA EUR 2,306,126 110,659,456 0.43 87,697,777 0.34 Vastned Retail NV, REIT EUR 346,752 14,008,781 0.06 Sweden 397,612,320 1.56 Boliden AB SEK 419,863 11,671,104 0.05 Lundin Petroleum AB 11,749,273 Norway SEK 426,082 0.05 Nordea Bank AB 17,763,394 Aker BP ASA NOK 190,000 6,002,389 0.02 SEK 2,167,181 0.07 Skandinaviska Enskilda Banken AB ‘A’ 15,407,651 DNB ASA NOK 1,205,899 20,193,889 0.08 SEK 1,902,406 0.06 SKF AB ‘B’ 8,066,260 Equinor ASA NOK 1,012,150 23,054,349 0.09 SEK 506,922 0.03 Svenska Handelsbanken AB ‘A’ 39,530,964 Marine Harvest ASA NOK 700,813 11,949,136 0.05 SEK 4,173,957 0.15 Swedbank AB ‘A’ 18,225,151 Norsk Hydro ASA NOK 7,761,826 39,906,380 0.16 SEK 991,519 0.07 Swedish Match AB 11,265,559 Telenor ASA NOK 2,754,631 48,601,568 0.19 SEK 266,584 0.04 Tele2 AB ‘B’ SEK 1,488,996 14,875,004 0.06 149,707,711 0.59 Telia Co. AB SEK 3,277,303 12,834,437 0.05 Volvo AB ‘B’ SEK 1,109,071 15,180,071 0.06 Portugal Galp Energia SGPS SA EUR 632,252 10,256,708 0.04 176,568,868 0.69

10,256,708 0.04 Switzerland Novartis AG CHF 2,495,620 162,674,356 0.64 Russia Roche Holding AG CHF 645,718 122,821,943 0.48 Alrosa PJSC USD 12,098,180 16,559,696 0.06 Swiss Re AG CHF 679,976 50,559,727 0.20 Moscow Exchange MICEX-RTS PJSC USD 26,742,616 40,246,654 0.16 UBS Group AG CHF 1,485,312 19,617,910 0.08 PhosAgro PJSC, GDR USD 195,930 2,160,696 0.01 Zurich Insurance Group AG CHF 234,601 59,619,576 0.23 Sberbank of Russia PJSC, ADR USD 1,376,920 17,038,250 0.07 Sberbank of Russia PJSC USD 18,915,990 56,326,931 0.22 415,293,512 1.63 Severstal PJSC, Reg. S, GDR USD 630,343 7,969,157 0.03 Taiwan 140,301,384 0.55 Asustek Computer, Inc. TWD 2,236,000 17,537,853 0.07 Chicony Electronics Co. Ltd. TWD 1,808,585 3,499,846 0.01 Saudi Arabia Delta Electronics, Inc. TWD 4,068,189 12,528,296 0.05 Al Rajhi Bank SAR 2,914,321 57,672,752 0.23 MediaTek, Inc. TWD 3,172,000 26,801,668 0.11 Mega Financial Holding Co. Ltd. TWD 25,165,000 19,064,037 0.08 57,672,752 0.23 Novatek Microelectronics Corp. TWD 4,493,000 17,382,740 0.07 Singapore President Chain Store Corp. TWD 2,111,000 20,574,054 0.08 Ascendas Real Estate Investment Quanta Computer, Inc. TWD 18,689,000 28,158,092 0.11 Trust SGD 4,090,761 6,814,872 0.03 Taiwan Mobile Co. Ltd. TWD 10,989,000 34,306,101 0.14 City Developments Ltd. SGD 1,770,200 12,202,983 0.05 Taiwan Semiconductor DBS Group Holdings Ltd. SGD 1,988,700 33,343,044 0.13 Manufacturing Co. Ltd., ADR USD 3,037,178 95,303,096 0.37 Vanguard International Semiconductor Corp. 16,468,342 52,360,899 0.21 TWD 8,364,000 0.06 South Africa 291,624,125 1.15 AVI Ltd. ZAR 2,936,720 19,803,751 0.08 Thailand Barclays Africa Group Ltd. ZAR 1,348,478 13,272,080 0.05 Siam Cement PCL (The) THB 2,208,600 23,661,135 0.09 Bid Corp. Ltd. ZAR 808,943 13,690,318 0.05 Siam Commercial Bank PCL (The) THB 10,482,200 32,288,995 0.13 FirstRand Ltd. ZAR 6,128,742 24,242,993 0.10 Thai Oil PCL THB 4,710,900 9,485,800 0.04 Old Mutual Ltd. GBP 4,241,507 7,318,540 0.03 SPAR Group Ltd. (The) ZAR 768,730 8,805,742 0.03 65,435,930 0.26 Vodacom Group Ltd. ZAR 2,243,784 17,039,575 0.07 Turkey 104,172,999 0.41 Ford Otomotiv Sanayi A/S TRY 420,160 4,791,210 0.02 Tofas Turk Otomobil Fabrikasi A/S TRY 1,513,257 6,800,316 0.02 South Korea Tupras Turkiye Petrol Rafinerileri A/S TRY 606,986 12,420,836 0.05 ING Life Insurance Korea Ltd., Reg. S KRW 243,800 7,857,938 0.03 KT&G Corp. KRW 414,530 34,141,477 0.13 24,012,362 0.09 Samsung Electronics Co. Ltd. KRW 1,005,880 36,223,378 0.14 Samsung Fire & Marine Insurance Co. United Arab Emirates Ltd. KRW 96,410 19,656,017 0.08 Emaar Development PJSC AED 6,361,090 7,533,863 0.03 SK Telecom Co. Ltd., ADR USD 1,019,830 20,421,651 0.08 First Abu Dhabi Bank PJSC AED 7,634,777 21,780,252 0.09

118,300,461 0.46 29,314,115 0.12 Spain United Kingdom ACS Actividades de Construccion y 3i Group plc GBP 904,553 9,235,590 0.04 Servicios SA EUR 275,636 9,578,351 0.04 Admiral Group plc GBP 527,647 11,428,858 0.04 ACS Actividades de Construccion y Anglo American plc GBP 1,045,163 20,104,539 0.08 Servicios SA Rights 06/07/2018 245,206 EUR 275,636 0.00 Assura plc, REIT GBP 816,194 530,871 0.00 Aena SME SA, Reg. S 8,686,048 EUR 55,805 0.03 AstraZeneca plc GBP 1,184,101 70,659,929 0.28 Banco Bilbao Vizcaya Argentaria SA 16,921,708 EUR 2,779,975 0.07 Aviva plc GBP 8,168,724 46,724,116 0.18 Banco de Sabadell SA 9,137,771 EUR 6,350,084 0.04 Babcock International Group plc GBP 840,000 7,757,201 0.03 Banco Santander SA 26,624,225 EUR 5,765,315 0.10 BAE Systems plc GBP 1,782,590 13,042,916 0.05 Bankinter SA 8,204,056 EUR 978,654 0.03 Berkeley Group Holdings plc GBP 340,000 14,586,653 0.06 CaixaBank SA 8,701,282 EUR 2,342,833 0.03 BHP Billiton plc GBP 1,398,395 27,202,682 0.11 Enagas SA 17,249,374 EUR 689,837 0.07 BP plc GBP 8,461,896 55,764,942 0.22 Endesa SA 11,778,539 EUR 618,702 0.05 British American Tobacco plc GBP 929,422 40,467,477 0.16 Gas Natural SDG SA 13,191,742 EUR 579,602 0.05 British Land Co. plc (The), REIT GBP 4,646,922 35,371,503 0.14 Iberdrola SA 89,883,022 EUR 13,497,976 0.35 Diageo plc GBP 1,064,729 32,992,670 0.13 International Consolidated Airlines Direct Line Insurance Group plc GBP 3,738,644 14,550,058 0.06 Group SA EUR 1,273,827 9,613,572 0.04 easyJet plc GBP 470,343 8,886,619 0.03 Merlin Properties Socimi SA, REIT EUR 1,387,191 17,315,612 0.07 GlaxoSmithKline plc GBP 4,186,610 72,640,362 0.28 Red Electrica Corp. SA EUR 736,020 12,896,910 0.05 Hammerson plc, REIT GBP 1,455,107 8,574,652 0.03 Repsol SA EUR 1,283,562 21,766,003 0.09 99 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

HSBC Holdings plc HKD 2,642,000 21,278,326 0.08 Merck & Co., Inc. USD 2,304,532 120,618,200 0.47 HSBC Holdings plc GBP 7,946,003 64,044,249 0.25 Microsoft Corp. USD 231,036 19,740,807 0.08 Investec plc GBP 1,779,535 10,812,256 0.04 Mid-America Apartment J Sainsbury plc GBP 3,227,996 11,785,642 0.05 Communities, Inc., REIT USD 401,381 34,545,821 0.14 Legal & General Group plc GBP 6,824,336 20,535,276 0.08 Morgan Stanley Preference, FRN Lloyds Banking Group plc GBP 41,351,682 29,531,946 0.12 5.85% USD 990,704 21,837,999 0.09 Mondi plc GBP 381,212 8,853,784 0.03 Morgan Stanley USD 826,957 34,301,471 0.13 NewRiver REIT plc GBP 1,313,095 4,021,758 0.02 Morgan Stanley Preference, FRN 6.375% 11,449,043 Next plc GBP 188,101 12,948,821 0.05 USD 495,000 0.04 National Health Investors, Inc., REIT 27,253,631 Persimmon plc GBP 1,569,437 45,133,277 0.18 USD 424,934 0.11 NextEra Energy, Inc. 112,098,868 Prudential plc GBP 1,049,566 20,672,613 0.08 USD 785,478 0.44 NextEra Energy, Inc. Preference Quilter plc, Reg. S GBP 1,413,835 2,317,113 0.01 6.123% USD 243,938 11,987,180 0.05 Rio Tinto plc GBP 2,728,123 130,446,322 0.51 NII Holdings, Inc. USD 168,421 561,249 0.00 Royal Dutch Shell plc ‘A’ EUR 2,200,584 66,072,535 0.26 Occidental Petroleum Corp. USD 421,063 30,581,965 0.12 Royal Dutch Shell plc ‘B’ GBP 3,043,023 94,147,738 0.37 Park Hotels & Resorts, Inc., REIT USD 736,343 18,953,724 0.07 Royal Mail plc GBP 2,264,002 12,937,025 0.05 Penn Virginia Corp. USD 9,786 719,418 0.00 RSA Insurance Group plc GBP 1,683,784 12,911,799 0.05 PepsiCo, Inc. USD 812,020 75,534,069 0.30 Safestore Holdings plc, REIT GBP 3,494,079 21,827,902 0.09 Pfizer, Inc. USD 4,936,660 154,313,027 0.61 Schroders plc GBP 203,207 7,249,282 0.03 Philip Morris International, Inc. USD 1,291,045 90,093,280 0.35 Segro plc, REIT GBP 4,433,844 33,499,039 0.13 Principal Financial Group, Inc. USD 780,361 35,930,976 0.14 St James’s Place plc GBP 612,205 7,955,195 0.03 Prologis, Inc., REIT USD 1,223,813 68,536,767 0.27 Taylor Wimpey plc GBP 16,188,396 32,864,054 0.13 Public Storage, REIT USD 383,206 74,823,119 0.29 Tritax Big Box REIT plc GBP 6,614,763 11,658,702 0.05 Regency Centers Corp., REIT USD 392,903 21,094,173 0.08 UNITE Group plc (The), REIT GBP 795,001 7,720,363 0.03 SCE Trust II Preference 5.1% USD 203,400 4,244,197 0.02 Vodafone Group plc GBP 23,629,833 49,056,515 0.19 Senior Housing Properties Trust, REIT USD 564,065 8,771,126 0.03 Southern Co. (The) Preference 5.25% USD 411,000 8,803,714 0.03 1,230,803,170 4.83 Stanley Black & Decker, Inc. United States of America Preference 5.375% USD 120,279 11,105,705 0.04 Altria Group, Inc. USD 1,117,919 54,714,009 0.21 State Street Corp. Preference, FRN American Tower Corp., REIT USD 109,672 13,557,819 0.05 5.35% USD 364,000 8,112,718 0.03 Analog Devices, Inc. USD 497,837 41,351,018 0.16 State Street Corp. Preference 6% USD 355,000 7,959,388 0.03 AvalonBay Communities, Inc., REIT USD 406,988 59,972,286 0.24 State Street Corp. Preference, FRN 5.9% 6,828,453 Avaya Holdings Corp. USD 460,255 7,730,080 0.03 USD 294,900 0.03 Bank of America Corp. Preference Stericycle, Inc. Preference 5.25% USD 6,540 274,447 0.00 6% USD 617,000 13,762,102 0.05 STORE Capital Corp., REIT USD 672,701 15,657,377 0.06 Bank of America Corp. Preference Sunstone Hotel Investors, Inc., REIT USD 1,221,588 17,332,550 0.07 7.25% USD 14,311 15,371,493 0.06 Texas Instruments, Inc. USD 584,481 55,570,675 0.22 BB&T Corp. Preference 5.2% USD 197,350 4,252,707 0.02 Union Pacific Corp. USD 439,853 53,719,852 0.21 BB&T Corp. Preference 5.2% USD 208,200 4,487,408 0.02 UnitedHealth Group, Inc. USD 218,436 46,016,545 0.18 Becton Dickinson and Co. Preference Verizon Communications, Inc. USD 3,183,628 137,632,196 0.54 6.125% USD 234,992 12,529,462 0.05 VICI Properties, Inc., REIT USD 524,138 9,196,904 0.04 Belden, Inc. Preference 6.75% USD 68,427 4,991,036 0.02 Vistra Energy Corp. USD 594,253 12,052,773 0.05 Brandywine Realty Trust, REIT USD 1,394,600 20,236,505 0.08 Vornado Realty Trust, REIT USD 1,365,614 86,418,202 0.34 Bristol-Myers Squibb Co. USD 450,335 21,444,985 0.08 Wells Fargo & Co. Preference, FRN Brixmor Property Group, Inc., REIT USD 1,410,208 21,310,817 0.08 5.85% USD 174,000 3,878,805 0.02 Broadcom, Inc. USD 301,116 63,335,947 0.25 Wells Fargo & Co. Preference 5.625% USD 410,075 8,871,951 0.03 Caesars Entertainment Corp. USD 390,619 3,648,466 0.01 Wells Fargo & Co. Preference 7.5% USD 14,172 15,300,397 0.06 Camden Property Trust, REIT USD 521,478 41,019,276 0.16 Welltower, Inc., REIT Preference 6.5% USD 92,051 4,698,134 0.02 Capital One Financial Corp. Xcel Energy, Inc. USD 1,463,087 57,169,115 0.22 Preference 6.7% USD 244,375 5,595,573 0.02 Chevron Corp. USD 402,717 44,075,708 0.17 2,812,836,081 11.04 Cisco Systems, Inc. USD 802,199 29,850,275 0.12 Citigroup, Inc. USD 698,967 40,764,871 0.16 Total Equities 9,607,257,283 37.72 Coca-Cola Co. (The) USD 4,110,979 154,348,848 0.61 Comcast Corp. ‘A’ USD 1,252,086 35,320,844 0.14 Total Transferable securities and money market instruments 14,394,480,150 56.52 Crown Castle International Corp., admitted to an official exchange listing REIT Preference 6.875% USD 11,130 10,085,511 0.04 CVS Health Corp. USD 362,559 20,313,605 0.08 Transferable securities and money market instruments dealt in on another regulated Digital Realty Trust, Inc., REIT USD 716,535 67,984,423 0.27 market Dominion Energy, Inc. Preference 6.75% USD 199,191 7,876,489 0.03 Bonds Dominion Energy, Inc. Preference Australia 5.25% 6,403,540 USD 301,000 0.03 BHP Billiton Finance USA Ltd., FRN, Douglas Emmett, Inc., REIT USD 598,402 20,424,364 0.08 144A 6.75% 19/10/2075 USD 13,992,000 13,066,306 0.05 DowDuPont, Inc. USD 360,722 20,720,324 0.08 FMG Resources August 2006 Pty. DTE Energy Co. Preference 6.5% USD 146,331 6,473,744 0.03 Ltd., 144A 9.75% 01/03/2022 USD 1,152,306 1,086,176 0.01 Equinix, Inc., REIT USD 75,734 27,769,633 0.11 FMG Resources August 2006 Pty. Equity LifeStyle Properties, Inc., REIT USD 366,470 28,911,384 0.11 Ltd., 144A 4.75% 15/05/2022 USD 4,292,000 3,562,045 0.01 Equity Residential, REIT USD 285,493 15,497,961 0.06 FMG Resources August 2006 Pty. GMAC Capital Trust I Preference, FRN Ltd., 144A 5.125% 15/05/2024 USD 4,281,000 3,567,898 0.01 8.128% USD 6,000 134,499 0.00 Nufarm Australia Ltd., 144A 5.75% Goldman Sachs Group, Inc. (The) 30/04/2026 USD 3,311,000 2,761,963 0.01 Preference, FRN 5.5% USD 870,000 19,450,066 0.08 Halcon Resources Corp. USD 298,944 1,110,462 0.00 24,044,388 0.09 HCP, Inc., REIT USD 1,494,491 33,199,645 0.13 Healthcare Trust of America, Inc., Austria REIT ‘A’ USD 618,448 14,259,170 0.06 Suzano Austria GmbH, Reg. S 5.75% 14/07/2026 USD 5,400,000 4,687,595 0.02 Hess Corp. Preference 8% USD 64,436 4,214,307 0.02 Highwoods Properties, Inc., REIT USD 445,215 19,312,203 0.08 4,687,595 0.02 Home Depot, Inc. (The) USD 314,323 53,572,754 0.21 International Business Machines Bermuda Corp. USD 794,382 96,063,786 0.38 Digicel Group Ltd., Reg. S 7.125% Iron Mountain, Inc., REIT USD 765,400 22,909,673 0.09 01/04/2022 USD 9,371,000 5,385,637 0.02 Kilroy Realty Corp., REIT USD 325,145 21,021,103 0.08 IHS Markit Ltd., 144A 4.75% Kinder Morgan, Inc. Preference 15/02/2025 USD 2,264,000 1,933,360 0.01 9.75% USD 250,559 7,372,674 0.03 IHS Markit Ltd., 144A 4% 01/03/2026 USD 2,441,000 2,010,022 0.01 Marathon Petroleum Corp. USD 484,919 29,493,215 0.12 100 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Tengizchevroil Finance Co. Valeant Pharmaceuticals International Ltd., Reg. S 4% International, Inc., 144A 6.5% 15/08/2026 USD 7,000,000 5,644,033 0.02 15/03/2022 USD 3,426,000 3,049,538 0.01 VOC Escrow Ltd., 144A 5% Valeant Pharmaceuticals 15/02/2028 USD 5,331,000 4,348,058 0.02 International, Inc., 144A 5.5% 01/03/2023 USD 814,000 650,182 0.00 19,321,110 0.08 Valeant Pharmaceuticals International, Inc., 144A 5.875% Canada 15/05/2023 USD 86,062,000 69,203,955 0.27 1011778 BC ULC, 144A 4.25% Valeant Pharmaceuticals 15/05/2024 USD 7,568,000 6,207,564 0.03 International, Inc., 144A 7% Athabasca Oil Corp., 144A 9.875% 15/03/2024 USD 12,214,000 11,007,045 0.04 24/02/2022 USD 11,190,000 9,947,137 0.04 Valeant Pharmaceuticals ATS Automation Tooling Systems, International, Inc., 144A 6.125% Inc., 144A 6.5% 15/06/2023 USD 3,765,000 3,320,112 0.01 15/04/2025 USD 30,434,000 24,110,487 0.10 Bombardier, Inc., 144A 8.75% Valeant Pharmaceuticals 01/12/2021 USD 3,345,000 3,175,038 0.01 International, Inc., 144A 5.5% Bombardier, Inc., 144A 6% 01/11/2025 USD 15,839,000 13,429,182 0.05 15/10/2022 USD 17,909,000 15,390,739 0.06 Valeant Pharmaceuticals Bombardier, Inc., 144A 6.125% International, Inc., 144A 9% 15/01/2023 USD 8,031,000 6,921,144 0.03 15/12/2025 USD 25,720,000 22,972,428 0.09 Bombardier, Inc., 144A 7.5% Videotron Ltd., 144A 5.375% 01/12/2024 USD 9,324,000 8,425,891 0.03 15/06/2024 USD 14,478,000 12,745,594 0.05 Bombardier, Inc., 144A 7.5% Videotron Ltd., 144A 5.125% 15/03/2025 USD 19,265,000 17,231,480 0.07 15/04/2027 USD 12,873,000 10,697,243 0.04 Cascades, Inc., 144A 5.75% 15/07/2023 USD 1,085,000 927,215 0.00 592,666,817 2.33 Concordia International Corp., 144A 9% 01/04/2022 USD 1,322,000 1,021,884 0.01 Cayman Islands Concordia International Corp., 144A Avolon Holdings Funding Ltd., 144A 5.5% 15/01/2023 1,677,374 7% 15/04/2023 USD 9,143,000 490,791 0.00 USD 1,953,000 0.01 BXMT Ltd., FRN, Series 2017-FL1 ‘C’, Emera, Inc., FRN 6.75% 15/06/2076 USD 52,431,000 47,072,710 0.19 144A 3.889% 15/06/2035 USD 1,500,000 1,295,182 0.01 Enbridge, Inc., FRN 6% 15/01/2077 11,253,389 USD 13,863,000 0.05 BXMT Ltd., FRN, Series 2017-FL1 ‘D’, Enbridge, Inc., FRN 5.5% 15/07/2077 USD 42,903,000 33,548,369 0.13 144A 4.639% 15/06/2035 USD 3,000,000 2,593,450 0.01 Enbridge, Inc., FRN 6.25% Energuate Trust, Reg. S 5.875% 01/03/2078 USD 23,885,000 19,416,615 0.08 03/05/2027 USD 3,572,000 2,936,641 0.01 Garda World Security Corp., 144A GPMT Ltd., FRN, Series 2018-FL1 ‘B’, 8.75% 15/05/2025 USD 35,675,000 31,559,409 0.13 144A 3% 21/11/2035 USD 3,000,000 2,579,832 0.01 Gateway Casinos & Entertainment Noble Holding International Ltd., Ltd., 144A 8.25% 01/03/2024 USD 7,755,000 7,043,521 0.03 144A 7.875% 01/02/2026 USD 6,284,000 5,557,248 0.02 Hudbay Minerals, Inc., 144A 7.25% Park Aerospace Holdings Ltd., 144A 15/01/2023 USD 3,465,000 3,090,517 0.01 5.25% 15/08/2022 USD 2,257,000 1,928,778 0.01 Jupiter Resources, Inc., 144A 8.5% Park Aerospace Holdings Ltd., 144A 01/10/2022 USD 2,728,000 984,059 0.01 4.5% 15/03/2023 USD 3,551,000 2,924,043 0.01 Mattamy Group Corp., 144A 6.875% Park Aerospace Holdings Ltd., 144A 15/12/2023 USD 3,526,000 3,073,803 0.01 5.5% 15/02/2024 USD 13,303,000 11,340,719 0.04 Mattamy Group Corp., 144A 6.5% Shelf Drilling Holdings Ltd., 144A 01/10/2025 USD 424,000 357,788 0.00 8.25% 15/02/2025 USD 12,261,000 10,761,757 0.04 MEG Energy Corp., 144A 6.375% Telford Offshore Ltd. 1% 12/02/2024 USD 1,121,573 770,629 0.00 30/01/2023 18,712,150 USD 23,364,000 0.07 Transocean Guardian Ltd., 144A MEG Energy Corp., 144A 7% 5.875% 15/01/2024 USD 7,046,000 6,038,227 0.02 31/03/2024 8,587,373 USD 10,780,000 0.03 Transocean, Inc., 144A 9% MEG Energy Corp., 144A 6.5% 15/07/2023 USD 10,137,000 9,424,645 0.04 15/01/2025 11,835,632 USD 13,815,000 0.05 Transocean, Inc., 144A 7.5% Northwest Acquisitions ULC, 144A 15/01/2026 USD 17,651,000 15,491,621 0.06 7.125% 01/11/2022 1,973,955 USD 2,305,000 0.01 UPCB Finance IV Ltd., 144A 5.375% NOVA Chemicals Corp., 144A 5.25% 15/01/2025 USD 26,532,000 21,799,254 0.09 01/08/2023 USD 3,845,000 3,314,741 0.01 NOVA Chemicals Corp., 144A 4.875% 01/06/2024 USD 10,326,000 8,460,692 0.03 97,119,400 0.38 NOVA Chemicals Corp., 144A 5% Finland 01/05/2025 USD 7,054,000 5,770,695 0.02 Nokia OYJ 3.375% 12/06/2022 USD 905,000 758,942 0.00 NOVA Chemicals Corp., 144A 5.25% Nokia OYJ 4.375% 12/06/2027 USD 4,700,000 3,802,280 0.02 01/06/2027 USD 6,945,000 5,599,895 0.02 Open Text Corp., 144A 5.625% 4,561,222 0.02 15/01/2023 USD 2,912,000 2,582,314 0.01 Open Text Corp., 144A 5.875% Germany 01/06/2026 USD 6,427,000 5,671,925 0.02 IHO Verwaltungs GmbH, 144A 4.5% Precision Drilling Corp., 144A 7.125% 15/09/2023 USD 3,505,000 2,893,690 0.01 15/01/2026 USD 11,912,000 10,563,368 0.04 Unitymedia GmbH, 144A 6.125% Precision Drilling Corp. 7.75% 15/01/2025 USD 7,824,000 6,947,200 0.03 15/12/2023 USD 5,960,000 5,394,135 0.02 Unitymedia Hessen GmbH & Co. KG, Quebecor Media, Inc. 5.75% 144A 5% 15/01/2025 USD 1,575,000 1,376,387 0.00 15/01/2023 USD 16,784,000 14,776,672 0.06 Seven Generations Energy Ltd., 144A 11,217,277 0.04 5.375% 30/09/2025 USD 12,664,000 10,435,792 0.04 Teck Resources Ltd., 144A 8.5% Ireland 01/06/2024 USD 2,445,000 2,320,684 0.01 Ardagh Packaging Finance plc, 144A Transcanada Trust, FRN 5.625% 6% 30/06/2021 USD 500,000 434,803 0.00 20/05/2075 USD 15,540,000 13,055,218 0.05 Ardagh Packaging Finance plc, 144A Transcanada Trust, FRN 5.875% 7.25% 15/05/2024 USD 24,650,000 22,032,928 0.09 15/08/2076 USD 19,088,000 16,284,278 0.07 Ardagh Packaging Finance plc, 144A Transcanada Trust, FRN 5.3% 6% 15/02/2025 USD 21,725,000 18,248,463 0.07 15/03/2077 USD 35,635,000 28,853,204 0.11 James Hardie International Finance Trinidad Drilling Ltd., 144A 6.625% DAC, 144A 4.75% 15/01/2025 USD 2,300,000 1,935,894 0.01 15/02/2025 USD 2,771,000 2,296,632 0.01 Valeant Pharmaceuticals 42,652,088 0.17 International, Inc., 144A 7.5% Jersey 15/07/2021 USD 20,393,000 17,852,633 0.07 Adient Global Holdings Ltd., 144A 4.875% 15/08/2026 USD 10,085,000 7,817,192 0.03

101 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Delphi Technologies plc, 144A 5% Norway 01/10/2025 USD 13,575,000 11,156,364 0.04 Aker BP ASA, 144A 6% 01/07/2022 USD 1,031,000 907,841 0.00

18,973,556 0.07 907,841 0.00 Luxembourg Peru Altice Luxembourg SA, 144A 7.625% BBVA Banco Continental SA, Reg. S 15/02/2025 USD 10,496,000 8,237,186 0.03 5% 26/08/2022 USD 3,700,000 3,271,122 0.01 Camelot Finance SA, 144A 7.875% Peru Government Bond, Reg. S 6.35% 15/10/2024 USD 9,000,000 7,826,457 0.03 12/08/2028 PEN 24,750,000 6,894,560 0.03 Dana Financing Luxembourg Sarl, 144A 6.5% 01/06/2026 USD 9,905,000 8,645,352 0.03 10,165,682 0.04 INEOS Group Holdings SA, 144A 5.625% 01/08/2024 USD 21,105,000 17,901,239 0.07 Qatar Intelsat Connect Finance SA, 144A Ras Laffan Liquefied Natural Gas Co. 12.5% 01/04/2022 USD 4,843,000 4,138,712 0.02 Ltd. II, Reg. S 5.298% 30/09/2020 USD 2,385,792 2,093,900 0.01 Intelsat Jackson Holdings SA, 144A 8% 15/02/2024 USD 15,461,000 13,976,143 0.05 2,093,900 0.01 Intelsat Jackson Holdings SA, 144A Supranational 9.75% 15/07/2025 USD 5,430,000 4,907,110 0.02 Endo Dac, 144A 6% 15/07/2023 USD 24,497,000 17,294,674 0.07 JSL Europe SA, Reg. S 7.75% Endo Dac, 144A 5.875% 15/10/2024 2,702,152 26/07/2024 USD 5,837,000 4,540,504 0.02 USD 3,213,000 0.01 Mallinckrodt International Finance Endo Dac, 144A 6% 01/02/2025 USD 2,390,000 1,601,106 0.01 SA, 144A 5.75% 01/08/2022 USD 1,829,000 1,417,777 0.01 Hexion, Inc. 9% 15/11/2020 USD 2,840,000 2,067,642 0.01 Mallinckrodt International Finance JBS USA LUX SA, 144A 7.25% SA, 144A 5.625% 15/10/2023 USD 6,085,000 4,363,899 0.02 01/06/2021 USD 12,141,000 10,571,302 0.04 Mallinckrodt International Finance JBS USA LUX SA, 144A 5.875% SA, 144A 5.5% 15/04/2025 USD 10,670,000 7,377,139 0.03 15/07/2024 USD 11,177,000 9,188,733 0.03 Nexa Resources SA, Reg. S 5.375% JBS USA LUX SA, 144A 5.75% 04/05/2027 USD 7,400,000 6,178,827 0.02 15/06/2025 USD 11,851,000 9,513,921 0.04 Nielsen Co. Luxembourg SARL (The), JBS USA LUX SA, 144A 6.75% 144A 5.5% 01/10/2021 USD 6,740,000 5,821,262 0.02 15/02/2028 USD 13,834,000 11,261,512 0.04 Nielsen Co. Luxembourg SARL (The), Venator Finance Sarl, 144A 5.75% 144A 5% 01/02/2025 USD 7,750,000 6,353,619 0.03 15/07/2025 USD 12,477,000 10,474,799 0.04 Trinseo Materials Operating SCA, 144A 5.375% 01/09/2025 USD 11,084,000 9,448,322 0.04 74,675,841 0.29 United Kingdom 111,133,548 0.44 Afren plc, Reg. S 6.625% Mexico 09/12/2020§ USD 3,330,528 9,268 0.00 Alfa SAB de CV, Reg. S 5.25% HSBC Holdings plc, FRN 6.375% 25/03/2024 USD 5,350,000 4,642,285 0.02 Perpetual USD 6,375,000 5,389,118 0.02 Alfa SAB de CV, Reg. S 6.875% Inmarsat Finance plc, 144A 6.5% 25/03/2044 USD 7,561,000 6,572,788 0.03 01/10/2024 USD 3,675,000 3,170,076 0.01 Petroleos Mexicanos 6.375% International Game Technology plc, 04/02/2021 USD 9,050,000 8,151,856 0.03 144A 6.5% 15/02/2025 USD 14,830,000 13,200,868 0.05 Petroleos Mexicanos 6.625% KCA Deutag UK Finance plc, 144A 15/06/2035 USD 14,870,000 12,511,697 0.05 9.875% 01/04/2022 USD 6,195,000 5,531,908 0.02 Petroleos Mexicanos 5.625% KCA Deutag UK Finance plc, 144A 23/01/2046 USD 11,239,000 8,237,448 0.03 9.625% 01/04/2023 USD 1,078,000 945,453 0.00 Petroleos Mexicanos 6.375% Merlin Entertainments plc, 144A 23/01/2045 USD 3,300,000 2,591,358 0.01 5.75% 15/06/2026 USD 5,900,000 5,143,345 0.02 Sensata Technologies UK Financing 42,707,432 0.17 Co. plc, 144A 6.25% 15/02/2026 USD 15,600,000 13,934,314 0.06 TransDigm UK Holdings plc, 144A Netherlands 6.875% 15/05/2026 USD 3,423,000 2,991,538 0.01 Alcoa Nederland Holding BV, 144A Travelport Corporate Finance plc, 6.75% 30/09/2024 USD 19,933,000 18,026,840 0.07 144A 6% 15/03/2026 USD 4,767,000 4,135,178 0.02 Alcoa Nederland Holding BV, 144A Tronox Finance plc, 144A 5.75% 7% 30/09/2026 USD 1,400,000 1,283,582 0.00 01/10/2025 USD 4,148,000 3,437,904 0.01 Alcoa Nederland Holding BV, 144A Tullow Oil plc, 144A 7% 01/03/2025 USD 12,026,000 9,799,271 0.04 6.125% 15/05/2028 USD 2,080,000 1,799,849 0.01 Virgin Media Finance plc, 144A Angola Government Bond, Reg. S 7% 6.375% 15/04/2023 USD 6,522,000 5,633,258 0.02 17/08/2019 USD 6,656,250 5,758,475 0.02 Virgin Media Secured Finance plc, Constellium NV, 144A 6.625% 144A 5.25% 15/01/2026 USD 2,155,000 1,726,441 0.01 01/03/2025 USD 5,863,000 5,088,431 0.02 Virgin Media Secured Finance plc, Constellium NV, 144A 5.875% 144A 5.5% 15/08/2026 USD 7,600,000 6,159,726 0.03 15/02/2026 USD 1,860,000 1,534,222 0.01 NXP BV, 144A 4.125% 01/06/2021 USD 3,615,000 3,102,954 0.01 81,207,666 0.32 NXP BV, 144A 4.625% 15/06/2022 USD 4,842,000 4,226,229 0.02 NXP BV, 144A 3.875% 01/09/2022 USD 1,645,000 1,395,181 0.01 United States of America ABFC Trust, FRN, Series 2004-OPT5 NXP BV, 144A 4.625% 01/06/2023 USD 9,095,000 7,892,665 0.03 ‘A1’ 2.791% 25/06/2034 USD 6,269,915 5,279,191 0.02 OI European Group BV, 144A 4% ABFC Trust, FRN, Series 2004-HE1 15/03/2023 USD 2,535,000 2,035,716 0.01 ‘M1’ 2.991% 25/03/2034 USD 1,731,804 1,489,099 0.01 Sensata Technologies BV, 144A ABFC Trust, FRN, Series 2004-OPT3 4.875% 15/10/2023 USD 15,514,000 13,374,483 0.05 ‘M1’ 2.841% 25/09/2033 USD 197,699 167,276 0.00 Sensata Technologies BV, 144A ABFC Trust, FRN, Series 2005-WF1 5.625% 01/11/2024 USD 3,877,000 3,436,362 0.01 ‘M1’ 2.5% 25/11/2034 USD 260,902 224,535 0.00 Sensata Technologies BV, 144A 5% ABFC Trust, FRN, Series 2004-OPT2 01/10/2025 USD 3,254,000 2,819,219 0.01 ‘M2’ 3.591% 25/07/2033 USD 654,104 539,846 0.00 Teva Pharmaceutical Finance Acadia Healthcare Co., Inc. 5.625% Netherlands III BV 6.75% 01/03/2028 USD 2,628,000 2,304,093 0.01 15/02/2023 USD 4,735,000 4,107,846 0.02 UPC Holding BV, 144A 5.5% Acadia Healthcare Co., Inc. 6.5% 15/01/2028 USD 2,270,000 1,757,928 0.01 01/03/2024 USD 6,005,000 5,292,902 0.02 Ziggo Bond Finance BV, 144A 5.875% Acadia Healthcare Co., Inc. 6.125% 15/01/2025 USD 6,880,000 5,550,882 0.02 15/03/2021 USD 966,000 843,151 0.00 Ziggo BV, 144A 5.5% 15/01/2027 8,098,743 USD 9,930,000 0.03 Acadia Healthcare Co., Inc. 5.125% 01/07/2022 USD 935,000 803,044 0.00 89,485,854 0.35 ACCO Brands Corp., 144A 5.25% 15/12/2024 USD 11,610,000 9,971,486 0.04

102 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Accredited Mortgage Loan Trust, Alternative Loan Trust, Series FRN, Series 2004-4 ‘M1’ 2.961% 2004-16CB ‘2A1’ 5% 25/08/2019 USD 528,377 458,112 0.00 25/01/2035 USD 206,518 177,435 0.00 Alternative Loan Trust, Series ACE Cash Express, Inc., 144A 12% 2005-J6 ‘2A1’ 5.5% 25/07/2025 USD 78,958 67,073 0.00 15/12/2022 USD 8,795,000 8,176,951 0.03 Alternative Loan Trust, Series ACE Securities Corp. Home Equity 2007-25 ‘2A1’ 6% 25/11/2022 USD 50,773 42,492 0.00 Loan Trust, FRN, Series 2003-FM1 Alternative Loan Trust, Series ‘M1’ 3.381% 25/11/2032 USD 636,713 555,958 0.00 2006-41CB ‘2A13’ 5.75% 25/01/2037 USD 3,914,315 2,876,840 0.01 ACE Securities Corp. Home Equity Alternative Loan Trust, Series Loan Trust, FRN, Series 2003-HE1 2004-28CB ‘2A4’ 5.75% 25/01/2035 USD 186,061 158,856 0.00 ‘M1’ 3.066% 25/11/2033 USD 2,065,989 1,750,265 0.01 Alternative Loan Trust, Series ACE Securities Corp. Home Equity 2004-32CB ‘2A5’ 5.5% 25/02/2035 USD 795,095 689,979 0.00 Loan Trust, FRN, Series 2003-NC1 Alternative Loan Trust, Series ‘M1’ 3.261% 25/07/2033 USD 649,288 554,028 0.00 2006-4CB ‘2A5’ 5.5% 25/04/2036 USD 278,446 237,470 0.00 ACE Securities Corp. Home Equity Alternative Loan Trust, Series Loan Trust, FRN, Series 2003-OP1 2004-28CB ‘3A1’ 6% 25/01/2035 USD 2,810,234 2,421,465 0.01 ‘M1’ 3.141% 25/12/2033 USD 2,534,607 2,162,178 0.01 Alternative Loan Trust, Series ACE Securities Corp. Home Equity 2005-J1 ‘3A1’ 6.5% 25/08/2032 USD 183,679 163,350 0.00 Loan Trust, FRN, Series 2004-HE2 Alternative Loan Trust, Series ‘M1’ 3.126% 25/10/2034 USD 1,156,231 995,771 0.00 2005-J3 ‘3A1’ 6.5% 25/09/2034 USD 28,152 24,394 0.00 ACE Securities Corp. Home Equity Alternative Loan Trust, Series Loan Trust, FRN, Series 2004-HE4 2007-9T1 ‘3A1’ 5.5% 25/05/2022 6,532 ‘M2’ 3.066% 25/12/2034 1,224,021 USD 9,992 0.00 USD 1,458,596 0.01 Alternative Loan Trust, Series ACE Securities Corp. Home Equity 2005-85CB ‘3A2’ 5.25% 25/02/2021 128,703 Loan Trust, FRN, Series 2004-OP1 USD 152,657 0.00 ‘M2’ 3.666% 25/04/2034 1,880,018 Alternative Loan Trust, Series USD 2,228,052 0.01 2005-50CB ‘4A1’ 5% 25/11/2020 24,541 ACI Worldwide, Inc., 144A 6.375% USD 28,452 0.00 15/08/2020 4,590,636 Alternative Loan Trust, Series USD 5,325,000 0.02 2005-80CB ‘5A1’ 6% 25/02/2036 6,532,817 Adjustable Rate Mortgage Trust, FRN, USD 7,533,224 0.03 Series 2005-2 ‘3A1’ 3.813% Alternative Loan Trust, Series 25/06/2035 USD 1,249,331 1,060,139 0.00 2005-J11 ‘5A1’ 5.5% 25/11/2020 USD 76,173 65,180 0.00 Adjustable Rate Mortgage Trust, FRN, Alternative Loan Trust, Series Series 2004-4 ‘4A1’ 3.892% 2007-16CB ‘5A1’ 6.25% 25/08/2037 USD 481,905 358,970 0.00 25/03/2035 USD 2,671,811 2,322,748 0.01 Alternative Loan Trust, Series Adjustable Rate Mortgage Trust, FRN, 2004-28CB ‘6A1’ 6% 25/01/2035 USD 10,232 8,749 0.00 Series 2004-2 ‘6A1’ 3.879% Alternative Loan Trust, Series 25/02/2035 USD 2,072,843 1,798,833 0.01 2004-25CB ‘A1’ 6% 25/12/2034 USD 2,998,030 2,631,774 0.01 ADT Corp. (The) 3.5% 15/07/2022 USD 8,715,000 7,037,674 0.03 Alternative Loan Trust, Series 2004-27CB ‘A1’ 6% 25/12/2034 568,949 ADT Corp. (The) 4.125% 15/06/2023 USD 27,856,000 22,501,056 0.09 USD 655,682 0.00 Advanced Micro Devices, Inc. 7% Alternative Loan Trust, Series 2005-23CB ‘A15’ 5.5% 25/07/2035 1,064,437 01/07/2024 USD 1,282,000 1,164,312 0.00 USD 1,308,855 0.00 Alternative Loan Trust, Series AES Corp. 4% 15/03/2021 USD 6,180,000 5,293,302 0.02 2006-19CB ‘A15’ 6% 25/08/2036 USD 265,097 204,638 0.00 Ahern Rentals, Inc., 144A 7.375% Alternative Loan Trust, Series 15/05/2023 USD 9,855,000 8,294,885 0.03 2005-21CB ‘A17’ 6% 25/06/2035 USD 1,418,306 1,192,218 0.00 Air Medical Group Holdings, Inc., Alternative Loan Trust, Series 144A 6.375% 15/05/2023 USD 8,163,000 6,555,247 0.03 2006-25CB ‘A2’ 6% 25/10/2036 USD 264,588 201,775 0.00 Albertsons Cos. LLC 6.625% Alternative Loan Trust, Series 15/06/2024 USD 32,600,000 26,575,558 0.10 2005-J14 ‘A3’ 5.5% 25/12/2035 USD 617,310 468,025 0.00 Albertsons Cos. LLC 5.75% Alternative Loan Trust, Series 15/03/2025 USD 13,542,000 10,287,638 0.04 2005-13CB ‘A4’ 5.5% 25/05/2035 USD 2,815,352 2,413,109 0.01 Albertsons Cos., Inc., FRN, 144A Alternative Loan Trust, Series 6.085% 15/01/2024 USD 18,684,000 16,084,445 0.06 2005-21CB ‘A4’ 5.25% 25/06/2035 USD 265,041 215,292 0.00 Alliance Data Systems Corp., 144A Alternative Loan Trust, Series 5.875% 01/11/2021 USD 4,675,000 4,095,524 0.02 2005-23CB ‘A4’ 5.5% 25/07/2035 USD 4,490,163 3,855,657 0.02 Alliance Data Systems Corp., 144A Alternative Loan Trust, Series 5.375% 01/08/2022 USD 12,633,000 10,934,741 0.04 2005-70CB ‘A5’ 5.5% 25/12/2035 USD 30,267 24,184 0.00 Allison Transmission, Inc., 144A 5% Alternative Loan Trust, Series 01/10/2024 USD 7,450,000 6,275,092 0.02 2005-J14 ‘A8’ 5.5% 25/12/2035 USD 4,256,141 3,226,872 0.01 Allison Transmission, Inc., 144A Alternative Loan Trust, Series 4.75% 01/10/2027 USD 8,863,000 7,117,378 0.03 2007-8CB ‘A9’ 6% 25/05/2037 USD 420,684 312,762 0.00 Allstate Corp. (The), FRN 5.75% Altice US Finance I Corp., 144A 15/08/2053 USD 35,180,000 31,157,923 0.12 5.375% 15/07/2023 USD 9,720,000 8,324,094 0.03 Alta Mesa Holdings LP 7.875% Altice US Finance I Corp., 144A 5.5% 15/12/2024 USD 1,520,000 1,393,603 0.01 15/05/2026 USD 11,903,000 9,899,368 0.04 Alternative Loan Trust, Series AMC Networks, Inc. 4.75% 2005-20CB ‘1A1’ 5.5% 25/07/2035 USD 53,438 43,949 0.00 15/12/2022 USD 2,700,000 2,332,922 0.01 Alternative Loan Trust, Series AMC Networks, Inc. 5% 01/04/2024 13,591,901 2005-64CB ‘1A1’ 5.5% 25/12/2035 USD 297,221 252,019 0.00 USD 16,031,000 0.05 Alternative Loan Trust, Series AMC Networks, Inc. 4.75% 01/08/2025 4,969,069 2005-3CB ‘1A13’ 5.5% 25/03/2035 USD 6,930,318 5,700,010 0.02 USD 6,010,000 0.02 Alternative Loan Trust, Series American Axle & Manufacturing, Inc. 6.25% 01/04/2025 15,985,519 2006-J1 ‘1A13’ 5.5% 25/02/2036 USD 205,366 161,396 0.00 USD 18,659,000 0.06 Alternative Loan Trust, Series American Axle & Manufacturing, Inc. 6.5% 01/04/2027 16,908,697 2005-64CB ‘1A15’ 5.5% 25/12/2035 USD 525,139 445,275 0.00 USD 19,842,000 0.07 Alternative Loan Trust, Series American Express Co., FRN 4.9% Perpetual 24,605,973 2005-3CB ‘1A4’ 5.25% 25/03/2035 USD 166,924 140,961 0.00 USD 28,525,000 0.10 Alternative Loan Trust, Series American Express Co., FRN 5.2% Perpetual 9,064,224 2005-6CB ‘1A4’ 5.5% 25/04/2035 USD 4,107,011 3,433,505 0.01 USD 10,380,000 0.04 Alternative Loan Trust, Series American Home Mortgage Investment Trust, FRN, Series 2007-2 2005-10CB ‘1A5’ 5.5% 25/05/2035 USD 3,121,166 2,651,632 0.01 ‘12A1’ 2.361% 25/03/2037 USD 7,093,627 4,101,153 0.02 Alternative Loan Trust, FRN, Series 2005-J2 ‘1A5’ 2.46% 25/04/2035 3,016,198 American Home Mortgage USD 3,951,931 0.01 Investment Trust, FRN, Series 2005-1 Alternative Loan Trust, Series ‘6A’ 4.516% 25/06/2045 USD 533,198 473,172 0.00 2005-J8 ‘1A5’ 5.5% 25/07/2035 529,532 USD 643,298 0.00 American International Group, Inc., Alternative Loan Trust, Series FRN 5.75% 01/04/2048 USD 24,330,000 20,535,647 0.08 2005-6CB ‘1A6’ 5.5% 25/04/2035 260,954 USD 299,808 0.00 American Woodmark Corp., 144A Alternative Loan Trust, Series 4.875% 15/03/2026 USD 9,839,000 8,049,031 0.03 2005-10CB ‘1A8’ 5.5% 25/05/2035 1,650,918 USD 1,880,514 0.01 Ameriquest Mortgage Securities, Inc., Alternative Loan Trust, Series FRN, Series 2002-AR1 ‘M1’ 2.968% 2007-19 ‘1A8’ 6% 25/08/2037 USD 401,488 281,461 0.00 25/09/2032 USD 802,778 691,423 0.00 Alternative Loan Trust, Series 2004-12CB ‘2A1’ 6% 25/06/2034 USD 792,841 696,100 0.00

103 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Ameriquest Mortgage Securities, Inc., Banc of America Alternative Loan FRN, Series 2003-13 ‘M1’ 3.111% Trust, Series 2006-4 ‘2A1’ 6% 25/01/2034 USD 236,711 199,977 0.00 25/05/2021 USD 18,613 15,530 0.00 Ameriquest Mortgage Securities, Inc., Banc of America Alternative Loan FRN, Series 2004-R1 ‘M1’ 2.886% Trust, Series 2004-10 ‘3A1’ 5.5% 25/02/2034 USD 384,468 333,399 0.00 25/11/2019 USD 67,404 57,910 0.00 Ameriquest Mortgage Securities, Inc., Banc of America Alternative Loan FRN, Series 2003-13 ‘M2’ 4.641% Trust, Series 2005-4 ‘3A1’ 5.5% 25/01/2034 USD 399,101 338,619 0.00 25/05/2020 USD 22,908 19,541 0.00 Ameriquest Mortgage Securities, Inc., Banc of America Alternative Loan FRN, Series 2004-R1 ‘M2’ 2.961% Trust, Series 2006-4 ‘3CB4’ 6% 25/02/2034 USD 131,047 109,756 0.00 25/05/2046 USD 119,353 99,674 0.00 Amkor Technology, Inc. 6.375% Banc of America Alternative Loan 01/10/2022 USD 18,198,000 16,021,249 0.06 Trust, Series 2004-12 ‘4A1’ 5.5% AMN Healthcare, Inc., 144A 5.125% 25/01/2020 USD 352,162 304,965 0.00 01/10/2024 USD 2,391,000 1,997,086 0.01 Banc of America Alternative Loan Andeavor Logistics LP, FRN 6.875% Trust, Series 2006-4 ‘4CB1’ 6.5% Perpetual USD 6,338,000 5,406,478 0.02 25/05/2046 USD 3,920,403 3,475,126 0.01 Angel Oak Mortgage Trust I LLC, FRN, Banc of America Alternative Loan Series 2018-2 ‘A1’, 144A 3.674% Trust, Series 2005-12 ‘5A1’ 5.25% 27/07/2048 USD 15,000,000 12,915,187 0.05 25/01/2021 USD 73,517 61,926 0.00 Antero Midstream Partners LP Banc of America Alternative Loan 5.375% 15/09/2024 USD 3,710,000 3,208,826 0.01 Trust, Series 2005-6 ‘7A1’ 5.5% Apergy Corp., 144A 6.375% 25/07/2020 USD 16,770 13,717 0.00 01/05/2026 USD 778,000 684,886 0.00 Banc of America Alternative Loan Aramark Services, Inc., 144A 5% Trust, Series 2006-5 ‘CB7’ 6% 01/02/2028 USD 12,615,000 10,368,435 0.04 25/06/2046 USD 250,379 199,296 0.00 Argent Securities, Inc., FRN, Series Banc of America Commercial 2004-W3 ‘A3’ 2.911% 25/02/2034 USD 2,193,228 1,845,545 0.01 Mortgage Trust, FRN, Series 2007-1 Argent Securities, Inc., FRN, Series ‘AMFX’ 5.482% 15/01/2049 USD 1,331,065 1,148,215 0.00 2004-W5 ‘M1’ 2.991% 25/04/2034 USD 1,675,372 1,440,363 0.01 Banc of America Commercial Argent Securities, Inc., FRN, Series Mortgage Trust, FRN, Series 2007-3 2004-W6 ‘M1’ 2.916% 25/05/2034 USD 197,733 169,799 0.00 ‘F’, 144A 5.697% 10/06/2049 USD 3,239,039 2,833,520 0.01 Argent Securities, Inc., FRN, Series Banc of America Funding Trust, FRN, 2003-W5 ‘M2’ 4.866% 25/10/2033 244,077 Series 2006-A ‘1A1’ 3.683% USD 292,801 0.00 20/02/2036 1,715,869 Argent Securities, Inc., FRN, Series USD 2,006,729 0.01 2004-W2 ‘M2’ 3.966% 25/04/2034 341,143 Banc of America Funding Trust, USD 385,933 0.00 Series 2005-6 ‘1A2’ 5.5% 25/10/2035 1,668,210 Argent Securities, Inc., FRN, Series USD 2,012,744 0.01 2004-W6 ‘M2’ 3.891% 25/05/2034 1,500,111 Banc of America Funding Trust, USD 1,739,665 0.01 Series 2006-1 ‘1A23’ 5.75% Argent Securities, Inc., FRN, Series 25/01/2036 403,457 2004-W7 ‘M2’ 2.991% 25/05/2034 127,767 USD 462,505 0.00 USD 147,710 0.00 Banc of America Funding Trust, Argent Securities, Inc., FRN, Series Series 2006-2 ‘2A20’ 5.75% 2004-W2 ‘M3’ 4.191% 25/04/2034 USD 249,111 210,482 0.00 25/03/2036 USD 181,072 151,774 0.00 Argent Securities, Inc., FRN, Series Banc of America Funding Trust, FRN, 2004-W7 ‘M9’, 144A 4.321% Series 2007-5 ‘4A1’ 2.33% 25/05/2034 USD 1,185,515 908,488 0.00 25/07/2037 USD 4,968,472 2,971,401 0.01 Arroyo Mortgage Trust, FRN, Series Banc of America Funding Trust, 2018-1 ‘A1’, 144A 3.763% Series 2005-7 ‘4A7’ 6% 25/11/2035 175,626 25/04/2048 5,875,540 USD 201,130 0.00 USD 6,808,355 0.02 Banc of America Funding Trust, Arroyo Mortgage Trust, FRN, Series Series 2007-4 ‘8A1’ 5.5% 25/11/2034 24,909 2018-1 ‘A2’, 144A 4.016% USD 31,066 0.00 25/04/2048 2,696,040 Banc of America Mortgage Trust, USD 3,124,062 0.01 Series 2007-3 ‘1A1’ 6% 25/09/2037 191,838 Ashford Hospitality Trust, FRN, Series USD 229,860 0.00 2018-KEYS ‘B’, 144A 0% 15/05/2035 5,526,613 Banc of America Mortgage Trust, USD 6,400,000 0.02 FRN, Series 2004-A ‘2A2’ 3.859% Ashtead Capital, Inc., 144A 4.375% 25/02/2034 127,053 15/08/2027 1,381,837 USD 147,665 0.00 USD 1,730,000 0.01 Bank of America Corp., FRN 5.875% Asset-Backed Securities Corp. Home Perpetual 33,533,500 Equity Loan Trust, FRN, Series USD 39,760,000 0.13 2001-HE3 ‘A1’ 2.459% 15/11/2031 2,005,362 Bank of America Corp., FRN 6.1% USD 2,370,950 0.01 Perpetual 38,125,529 Asset-Backed Securities Corp. Home USD 42,764,000 0.15 Equity Loan Trust, FRN, Series Bank of America Corp., FRN 5.989% Perpetual 10,089,382 2003-HE4 ‘M1’ 3.164% 15/08/2033 USD 2,382,788 2,060,459 0.01 USD 11,684,000 0.04 Asset-Backed Securities Corp. Home Bank of America Corp., FRN 5.125% Equity Loan Trust, FRN, Series Perpetual USD 25,250,000 21,879,488 0.09 2003-HE6 ‘M1’ 3.066% 25/11/2033 USD 621,882 529,187 0.00 Bank of America Corp., FRN 6.5% Asset-Backed Securities Corp. Home Perpetual USD 25,751,000 23,498,739 0.09 Equity Loan Trust, FRN, Series Bank of New York Mellon Corp. (The), 2003-HE3 ‘M2’ 4.919% 15/06/2033 USD 115,603 96,655 0.00 FRN 4.625% Perpetual USD 27,188,000 22,253,590 0.09 Asset-Backed Securities Corp. Home Bank of New York Mellon Corp. (The), Equity Loan Trust, FRN, Series FRN 4.5% Perpetual USD 14,223,000 11,588,926 0.05 2004-HE2 ‘M2’ 3.835% 25/04/2034 USD 1,575,556 1,298,698 0.01 Bank of New York Mellon Corp. (The), Asset-Backed Securities Corp. Home FRN 4.95% Perpetual USD 33,665,000 29,517,595 0.12 Equity Loan Trust, FRN, Series Bayview Financial Mortgage 2004-HE7 ‘M2’ 3.666% 25/10/2034 USD 1,813,909 1,568,044 0.01 Pass-Through Trust, STEP, Series Asset-Backed Securities Corp. Home 2006-C ‘1A2’ 5.638% 28/11/2036 USD 214,661 188,169 0.00 Equity Loan Trust, FRN, Series Bayview Opportunity Master Fund IIIa 2004-HE8 ‘M2’ 3.816% 25/12/2034 USD 2,793,598 2,390,986 0.01 Trust, STEP, Series 2017-RN7 ‘A1’, Asset-Backed Securities Corp. Home 144A 3.105% 28/09/2032 USD 1,418,631 1,219,770 0.01 Equity Loan Trust OOMC, FRN, Series Bayview Opportunity Master Fund 2005-HE6 ‘M4’ 3.051% 25/07/2035 USD 500,000 429,979 0.00 Trust IIb, STEP, Series 2018-RN5 ‘A1’, Avantor, Inc., 144A 6% 01/10/2024 USD 7,095,000 6,043,200 0.02 144A 3.819% 28/04/2033 USD 4,627,715 3,981,252 0.02 Avaya, Inc., 144A 9% 01/04/2019§ USD 350,000 237,478 0.00 Bear Stearns ALT-A Trust, FRN, Series Avis Budget Car Rental LLC, 144A 2005-4 ‘23A1’ 3.773% 25/05/2035 USD 1,077,025 934,674 0.00 6.375% 01/04/2024 USD 17,920,000 15,130,697 0.06 Bear Stearns ALT-A Trust, FRN, Series Avis Budget Car Rental LLC, 144A 2006-8 ‘3A1’ 2.251% 25/02/2034 USD 464,615 399,777 0.00 5.25% 15/03/2025 USD 6,167,000 5,020,804 0.02 Bear Stearns ARM Trust, FRN, Series Avis Budget Car Rental LLC 5.5% 2005-1 ‘4A1’ 3.616% 25/03/2035 USD 172,565 144,669 0.00 01/04/2023 USD 10,395,000 8,710,607 0.03 Bear Stearns Asset-Backed Securities Axalta Coating Systems LLC, 144A I Trust, FRN, Series 2005-HE11 ‘M1’ 2.605% 25/11/2035 367,906 4.875% 15/08/2024 USD 3,530,000 3,012,864 0.01 USD 427,017 0.00 Ball Corp. 4.875% 15/03/2026 1,512,365 Bear Stearns Asset-Backed Securities USD 1,767,000 0.01 I Trust, FRN, Series 2004-HE11 ‘M2’ 3.666% 25/12/2034 USD 1,065,539 940,301 0.00

104 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Bear Stearns Asset-Backed Securities CCO Holdings LLC, 144A 5.75% I Trust, FRN, Series 2004-HE6 ‘M2’ 15/02/2026 USD 46,247,000 39,045,732 0.15 3.835% 25/08/2034 USD 2,463,325 2,113,766 0.01 CCO Holdings LLC, 144A 5.5% Bear Stearns Asset-Backed Securities 01/05/2026 USD 18,880,000 15,746,603 0.06 I Trust, FRN, Series 2005-HE4 ‘M2’ CCO Holdings LLC, 144A 5.125% 3.051% 25/04/2035 USD 2,334,382 2,014,202 0.01 01/05/2027 USD 37,476,000 30,162,625 0.12 Bear Stearns Asset-Backed Securities CCO Holdings LLC, 144A 5.875% I Trust, FRN, Series 2004-FR2 ‘M3’ 01/05/2027 USD 3,140,000 2,642,120 0.01 3.76% 25/06/2034 USD 848,555 722,074 0.00 CCO Holdings LLC, 144A 5% Bear Stearns Asset-Backed Securities 01/02/2028 USD 19,608,000 15,455,834 0.06 Trust, FRN, Series 2004-SD4 ‘A1’ CCO Holdings LLC 5.75% 01/09/2023 USD 2,375,000 2,055,116 0.01 2.86% 25/08/2044 USD 339,006 290,535 0.00 CD Commercial Mortgage Trust, FRN, Bear Stearns Asset-Backed Securities Series 2005-CD1 ‘E’ 5.206% Trust, FRN, Series 2003-1 ‘M1’ 3.61% 15/07/2044 USD 951,390 816,308 0.00 25/11/2042 USD 470,052 390,332 0.00 CD Mortgage Trust, FRN, Series Bear Stearns Asset-Backed Securities 2007-CD5 ‘D’, 144A 6.225% Trust, FRN, Series 2003-SD1 ‘M1’ 15/11/2044 USD 2,690,470 2,287,727 0.01 3.235% 25/12/2033 USD 870,332 726,415 0.00 CDC Mortgage Capital Trust, FRN, Bear Stearns Asset-Backed Securities Series 2003-HE1 ‘M1’ 3.441% Trust, FRN, Series 2004-HE2 ‘M2’ 25/08/2033 USD 414,641 356,469 0.00 3.76% 25/03/2034 239,647 USD 278,482 0.00 CDK Global, Inc. 4.875% 01/06/2027 USD 1,600,000 1,315,789 0.01 Berry Global, Inc., 144A 4.5% CDW LLC 5% 01/09/2023 USD 470,000 408,372 0.00 15/02/2026 USD 5,770,000 4,652,940 0.02 CDW LLC 5.5% 01/12/2024 7,746,522 Big River Steel LLC, 144A 7.25% USD 8,885,000 0.03 01/09/2025 USD 2,305,000 2,036,553 0.01 CDW LLC 5% 01/09/2025 USD 11,506,000 9,751,768 0.04 Blue Racer Midstream LLC, 144A CEMEX Finance LLC, 144A 6% 6.125% 15/11/2022 USD 20,390,000 17,730,922 0.07 01/04/2024 USD 6,961,000 6,074,643 0.02 Blue Racer Midstream LLC, 144A Centex Home Equity Loan Trust, FRN, 6.625% 15/07/2026 USD 3,645,000 3,134,496 0.01 Series 2004-A ‘M1’ 2.56% 25/01/2034 1,377,567 Booz Allen Hamilton, Inc., 144A USD 1,611,307 0.01 5.125% 01/05/2025 USD 7,426,000 6,250,412 0.02 Centex Home Equity Loan Trust, FRN, Series 2004-A ‘M2’ 3.01% Boyd Gaming Corp., 144A 6% 25/01/2034 USD 1,286,226 1,081,687 0.00 15/08/2026 USD 7,702,000 6,553,897 0.03 Centex Home Equity Loan Trust, FRN, Boyne USA, Inc., 144A 7.25% Series 2004-C ‘M2’ 2.755% 01/05/2025 9,031,755 USD 10,039,000 0.04 25/06/2034 USD 618,811 528,927 0.00 Braemar Hotels & Resorts Trust, FRN, Centex Home Equity Loan Trust, Series 2018-PRME ‘C’, 144A 3.211% STEP, Series 2004-D ‘MF2’ 5.56% 15/06/2035 1,288,707 USD 1,500,000 0.01 25/09/2034 USD 206,407 177,978 0.00 Brink’s Co. (The), 144A 4.625% Centex Home Equity Loan Trust, 15/10/2027 USD 5,265,000 4,239,331 0.02 STEP, Series 2004-D ‘MF3’ 5.76% Bristow Group, Inc., 144A 8.75% 25/09/2034 USD 369,755 302,966 0.00 01/03/2023 USD 3,396,000 2,878,442 0.01 Centex Home Equity Loan Trust, FRN, Buckeye Partners LP, FRN 6.375% Series 2004-D ‘MV2’ 2.65% 22/01/2078 USD 23,571,000 18,213,817 0.07 25/09/2034 USD 187,530 160,663 0.00 BWAY Holding Co., 144A 5.5% Central Garden & Pet Co. 6.125% 15/04/2024 USD 13,600,000 11,416,772 0.05 15/11/2023 USD 10,014,000 8,924,503 0.04 BWX Technologies, Inc., 144A 5.375% Central Garden & Pet Co. 5.125% 15/07/2026 USD 7,685,000 6,695,465 0.03 01/02/2028 USD 10,037,000 8,016,014 0.03 BX Commercial Mortgage Trust, FRN, Cequel Communications Holdings I Series 2018-BIOA ‘D’, 144A 3.24% LLC, 144A 7.5% 01/04/2028 USD 5,675,000 4,949,736 0.02 15/03/2037 USD 6,000,000 5,137,270 0.02 CF Industries, Inc., 144A 4.5% BX Trust, FRN, Series 2018-MCSF ‘A’, 01/12/2026 USD 2,096,000 1,793,784 0.01 144A 2.495% 15/04/2035 USD 8,100,000 6,946,172 0.03 Charles Schwab Corp. (The), FRN 5% BX Trust, FRN, Series 2018-MCSF ‘B’, Perpetual USD 28,525,000 23,660,424 0.09 144A 2.724% 15/04/2035 USD 1,500,000 1,286,302 0.01 Chase Funding Loan Acquisition BX Trust, FRN, Series 2018-MCSF ‘C’, Trust, FRN, Series 2004-AQ1 ‘M1’ 144A 2.923% 15/04/2035 USD 1,000,000 857,526 0.00 3.055% 25/05/2034 USD 510,004 424,633 0.00 Cablevision Systems Corp. 8% Chase Funding Loan Acquisition 15/04/2020 USD 10,109,000 9,120,214 0.04 Trust, FRN, Series 2004-OPT1 ‘M2’ Calfrac Holdings LP, 144A 8.5% 3.46% 25/06/2034 USD 955,104 815,687 0.00 15/06/2026 USD 2,423,000 2,083,644 0.01 Chase Funding Trust, STEP, Series California Resources Corp., 144A 8% 2003-4 ‘1A5’ 5.266% 25/05/2033 USD 346,608 302,379 0.00 15/12/2022 USD 6,856,000 5,373,179 0.02 Chase Funding Trust, Series 2004-1 Callon Petroleum Co., 144A 6.375% ‘1M1’ 4.725% 25/05/2033 USD 955,089 833,564 0.00 01/07/2026 USD 1,455,000 1,257,467 0.01 Chase Funding Trust, FRN, Series Calpine Corp., 144A 5.875% 2004-2 ‘1M1’ 5.7% 26/02/2035 USD 1,082,889 935,293 0.00 15/01/2024 USD 9,550,000 8,163,867 0.03 Chase Funding Trust, FRN, Series Calpine Corp., 144A 5.25% 2003-5 ‘1M2’ 5.641% 25/09/2032 USD 190,797 145,098 0.00 01/06/2026 USD 8,345,000 6,771,855 0.03 Chase Funding Trust, FRN, Series Calpine Corp. 5.375% 15/01/2023 USD 1,161,000 950,138 0.00 2003-6 ‘2A2’ 2.54% 25/11/2034 USD 1,137,621 957,530 0.00 Calpine Corp. 5.5% 01/02/2024 USD 1,700,000 1,346,763 0.01 Chase Funding Trust, FRN, Series Calpine Corp. 5.75% 15/01/2025 USD 7,714,000 6,082,613 0.02 2003-4 ‘2M1’ 2.86% 25/03/2033 USD 235,240 196,469 0.00 Capital One Financial Corp., FRN Chase Funding Trust, FRN, Series 5.55% Perpetual USD 45,576,000 40,129,522 0.16 2003-6 ‘2M1’ 2.71% 25/11/2034 USD 556,629 462,111 0.00 Carrizo Oil & Gas, Inc. 6.25% Chase Funding Trust, FRN, Series 15/04/2023 USD 13,987,000 12,201,145 0.05 2004-1 ‘2M1’ 2.71% 25/09/2033 USD 903,034 762,275 0.00 Carrizo Oil & Gas, Inc. 8.25% Chase Mortgage Finance Trust, Series 15/07/2025 USD 1,685,000 1,547,328 0.01 2006-S3 ‘1A2’ 6% 25/11/2036 USD 1,803,547 1,190,554 0.00 Catalent Pharma Solutions, Inc., 144A Chase Mortgage Finance Trust, Series 4.875% 15/01/2026 USD 2,087,000 1,729,726 0.01 2007-S2 ‘1A8’ 6% 25/03/2037 USD 63,875 46,491 0.00 CB Escrow Corp., 144A 8% Chase Mortgage Finance Trust, FRN, 15/10/2025 USD 6,098,000 4,923,148 0.02 Series 2007-A2 ‘3A1’ 3.884% C-BASS Trust, FRN, Series 2006-CB6 25/07/2037 USD 11,966,326 10,394,850 0.04 ‘A23’ 2.241% 25/07/2036 USD 5,282,125 4,511,391 0.02 Chase Mortgage Finance Trust, Series CBS Radio, Inc., 144A 7.25% 2006-S4 ‘A5’ 6% 25/12/2036 USD 981,820 704,898 0.00 01/11/2024 USD 4,280,000 3,492,167 0.01 CHEC Loan Trust, FRN, Series 2004-1 CCM Merger, Inc., 144A 6% ‘M3’ 3.01% 25/07/2034 USD 374,192 309,147 0.00 15/03/2022 USD 1,862,000 1,631,681 0.01 Cheniere Corpus Christi Holdings LLC CCO Holdings LLC, 144A 5.875% 7% 30/06/2024 USD 3,755,000 3,531,326 0.01 01/04/2024 USD 64,690,000 55,893,134 0.22 Cheniere Corpus Christi Holdings LLC CCO Holdings LLC, 144A 5.375% 5.875% 31/03/2025 USD 13,300,000 11,944,664 0.05 01/05/2025 USD 13,295,000 11,047,575 0.04

105 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Cheniere Corpus Christi Holdings LLC Citigroup, Inc., FRN 5.35% Perpetual USD 12,995,000 11,016,151 0.04 5.125% 30/06/2027 USD 6,400,000 5,470,359 0.02 Citigroup, Inc., FRN 6.3% Perpetual USD 58,710,000 51,596,648 0.20 Cheniere Energy Partners LP, 144A Claire’s Stores, Inc., 144A 9% 5.25% 01/10/2025 USD 3,229,000 2,732,165 0.01 15/03/2019§ USD 10,693,000 5,831,777 0.02 Chesapeake Energy Corp., 144A 8% Claire’s Stores, Inc., 144A 6.125% 15/12/2022 USD 10,453,000 9,460,328 0.04 15/03/2020§ USD 2,921,000 1,580,519 0.01 Chesapeake Energy Corp. 8% Clear Channel Worldwide Holdings, 15/01/2025 USD 9,297,000 8,164,978 0.03 Inc. 6.5% 15/11/2022 USD 2,412,000 2,105,259 0.01 Chesapeake Energy Corp. 8% Clear Channel Worldwide Holdings, 15/06/2027 USD 18,961,000 16,638,509 0.07 Inc. 6.5% 15/11/2022 USD 76,441,000 66,870,776 0.26 CHL Mortgage Pass-Through Trust, Clear Channel Worldwide Holdings, Series 2006-J2 ‘1A1’ 6% 25/04/2036 USD 114,182 90,218 0.00 Inc. 7.625% 15/03/2020 USD 25,000 21,391 0.00 CHL Mortgage Pass-Through Trust, Clear Channel Worldwide Holdings, Series 2006-10 ‘1A16’ 6% Inc. 7.625% 15/03/2020 USD 42,525,000 36,459,549 0.14 25/05/2036 USD 2,187,685 1,582,348 0.01 Clearwater Paper Corp., 144A 5.375% CHL Mortgage Pass-Through Trust, 01/02/2025 USD 3,676,000 2,877,005 0.01 FRN, Series 2003-58 ‘2A1’ 3.725% Cleveland-Cliffs, Inc. 5.75% 19/02/2034 USD 507,400 441,549 0.00 01/03/2025 USD 2,125,000 1,740,059 0.01 CHL Mortgage Pass-Through Trust, CNG Holdings, Inc., 144A 9.375% FRN, Series 2004-25 ‘2A1’ 2.64% 15/05/2020 USD 10,081,000 8,614,981 0.03 25/02/2035 USD 2,772,492 2,313,582 0.01 CNH Industrial Capital LLC 4.375% CHL Mortgage Pass-Through Trust, 05/04/2022 USD 4,115,000 3,560,564 0.01 Series 2007-18 ‘2A1’ 6.5% 25/11/2037 USD 152,085 102,224 0.00 CNX Midstream Partners LP, 144A CHL Mortgage Pass-Through Trust, 6.5% 15/03/2026 USD 1,870,000 1,563,575 0.01 FRN, Series 2006-HYB2 ‘2A1B’ Cogent Communications Finance, 3.422% 20/04/2036 1,241,745 USD 1,554,689 0.01 Inc., 144A 5.625% 15/04/2021 USD 4,775,000 4,136,991 0.02 CHL Mortgage Pass-Through Trust, Cogent Communications Group, Inc., FRN, Series 2006-HYB1 ‘2A2C’ 144A 5.375% 01/03/2022 USD 12,605,000 11,123,778 0.04 3.289% 20/03/2036 USD 4,090,247 3,257,652 0.01 COLT Mortgage Loan Trust, FRN, CHL Mortgage Pass-Through Trust, Series 2018-2 ‘A1’, 144A 3.47% Series 2006-18 ‘2A4’ 6% 25/12/2036 4,009,430 USD 5,214,594 0.02 27/07/2048 USD 7,912,207 6,812,732 0.03 CHL Mortgage Pass-Through Trust, COMM Mortgage Trust, FRN, Series FRN, Series 2003-27 ‘A1’ 3.838% 2015-CR23 ‘CMC’, 144A 3.81% 25/06/2033 86,215 USD 99,621 0.00 10/05/2048 USD 6,775,000 5,797,107 0.02 CHL Mortgage Pass-Through Trust, COMM Mortgage Trust, FRN, Series Series 2006-15 ‘A1’ 6.25% 2015-CR23 ‘CME’, 144A 3.81% 25/10/2036 66,194 USD 90,674 0.00 10/05/2048 USD 2,000,000 1,694,109 0.01 CHL Mortgage Pass-Through Trust, CommScope Technologies LLC, 144A Series 2007-16 ‘A1’ 6.5% 25/10/2037 2,629,470 USD 3,598,568 0.01 6% 15/06/2025 USD 36,664,000 32,198,142 0.13 CHL Mortgage Pass-Through Trust, CommScope Technologies LLC, 144A Series 2007-3 ‘A18’ 6% 25/04/2037 1,829,493 USD 2,525,330 0.01 5% 15/03/2027 USD 3,789,000 3,042,733 0.01 CHL Mortgage Pass-Through Trust, CommScope, Inc., 144A 5% FRN, Series 2004-HYB6 ‘A2’ 3.528% 15/06/2021 USD 3,872,000 3,334,110 0.01 20/11/2034 USD 484,425 426,227 0.00 CommScope, Inc., 144A 5.5% CHL Mortgage Pass-Through Trust, 15/06/2024 USD 3,711,000 3,220,725 0.01 Series 2006-17 ‘A2’ 6% 25/12/2036 USD 855,972 609,717 0.00 Community Health Systems, Inc., CHL Mortgage Pass-Through Trust, 144A 8.625% 15/01/2024 USD 14,708,000 12,679,637 0.05 Series 2007-2 ‘A2’ 6% 25/03/2037 USD 381,385 271,529 0.00 Community Health Systems, Inc., CHL Mortgage Pass-Through Trust, 144A 8.125% 30/06/2024 USD 14,567,000 10,306,073 0.04 Series 2007-10 ‘A4’ 5.5% 25/07/2037 USD 285,924 202,314 0.00 Consolidated Communications, Inc. CHL Mortgage Pass-Through Trust, 6.5% 01/10/2022 USD 4,506,000 3,636,144 0.01 Series 2007-13 ‘A4’ 6% 25/08/2037 USD 198,345 150,213 0.00 Continental Airlines Pass-Through CHL Mortgage Pass-Through Trust, Trust, Series 2004-ERJ1 9.558% Series 2005-30 ‘A5’ 5.5% 25/01/2036 224,962 USD 278,367 0.00 01/03/2021 USD 13,152 11,578 0.00 CHL Mortgage Pass-Through Trust, Continental Resources, Inc. 4.375% Series 2005-20 ‘A7’ 5.25% 15/01/2028 USD 7,455,000 6,369,328 0.03 25/12/2027 USD 99,252 81,629 0.00 Cooper-Standard Automotive, Inc., Cincinnati Bell, Inc., 144A 7% 144A 5.625% 15/11/2026 USD 10,495,000 8,923,707 0.04 15/07/2024 USD 11,793,000 9,343,688 0.04 Cornerstone Chemical Co., 144A CIT Group, Inc. 5.25% 07/03/2025 3,177,010 USD 3,650,000 0.01 6.75% 15/08/2024 USD 2,504,000 2,112,976 0.01 CIT Group, Inc. 6.125% 09/03/2028 1,695,040 USD 1,908,000 0.01 Coty, Inc., 144A 6.5% 15/04/2026 USD 13,590,000 11,282,961 0.04 CITGO Petroleum Corp., 144A 6.25% Countrywide, FRN, Series 2005-AB3 15/08/2022 3,803,078 USD 4,428,000 0.02 ‘1A1’ 2.46% 25/02/2036 USD 4,008,536 3,398,887 0.01 Citigroup Mortgage Loan Trust, FRN, Countrywide, FRN, Series 2005-AB4 Series 2005-3 ‘2A2A’ 3.608% ‘2A1’ 2.5% 25/03/2036 USD 2,256,621 1,797,333 0.01 25/08/2035 USD 351,746 304,375 0.00 Countrywide, FRN, Series 2003-3 ‘3A’ Citigroup Mortgage Loan Trust, FRN, 2.5% 25/11/2033 287,586 Series 2005-11 ‘A2A’ 3.63% USD 346,452 0.00 25/10/2035 USD 839,516 732,198 0.00 Countrywide, FRN, Series 2002-4 ‘M1’ 3.216% 25/12/2032 746,361 Citigroup Mortgage Loan Trust, Inc., USD 871,255 0.00 Series 2005-9 ‘2A2’ 5.5% 25/11/2035 USD 118,257 102,055 0.00 Countrywide, FRN, Series 2004-2 ‘M1’ 2.71% 25/05/2034 4,911,129 Citigroup Mortgage Loan Trust, Inc., USD 5,711,241 0.02 FRN, Series 2005-4 ‘A’ 3.576% Countrywide, FRN, Series 2004-3 ‘M1’ 25/08/2035 USD 320,368 279,193 0.00 2.71% 25/06/2034 USD 2,408,360 2,021,849 0.01 Citigroup Mortgage Loan Trust, Inc., Countrywide, FRN, Series 2004-BC4 FRN, Series 2005-6 ‘A1’ 3.41% ‘M1’ 3.01% 25/11/2034 USD 439,915 379,127 0.00 25/09/2035 USD 955,573 834,136 0.00 Countrywide, FRN, Series 2004-3 Citigroup Mortgage Loan Trust, Inc., ‘M2’ 2.785% 25/06/2034 USD 853,945 732,026 0.00 FRN, Series 2006-8 ‘A3’, 144A 2.31% Countrywide, FRN, Series 2004-ECC2 25/10/2035 USD 1,880,344 1,305,363 0.01 ‘M2’ 2.935% 25/12/2034 USD 167,898 144,748 0.00 Citigroup Mortgage Loan Trust, Inc., Countrywide, FRN, Series 2005-12 STEP, Series 2005-WF2 ‘AF7’ 5.249% ‘M2’ 2.45% 25/02/2036 USD 10,500,000 8,973,584 0.04 25/08/2035 USD 37,990 32,578 0.00 Countrywide, FRN, Series 2004-ECC2 Citigroup Mortgage Loan Trust, Inc., ‘M4’ 3.76% 25/11/2034 USD 353,037 302,662 0.00 FRN, Series 2005-OPT1 ‘M4’ 3.141% Countrywide Partnership Trust, FRN, 25/02/2035 USD 80,311 65,964 0.00 Series 2004-EC1 ‘M2’ 3.036% Citigroup, Inc., FRN 5.8% Perpetual USD 12,155,000 10,686,883 0.04 25/01/2035 USD 3,636,042 3,125,079 0.01 Citigroup, Inc., FRN 5.875% Perpetual USD 38,918,000 34,246,952 0.13 Covey Park Energy LLC, 144A 7.5% 15/05/2025 3,674,087 Citigroup, Inc., FRN 5.95% Perpetual USD 15,964,000 13,954,789 0.06 USD 4,225,000 0.01 Citigroup, Inc., FRN 5.95% Perpetual 19,267,520 Credit Suisse Commercial Mortgage USD 22,235,000 0.08 Trust, Series 2007-C1 ‘AM’ 5.416% Citigroup, Inc., FRN 6.125% Perpetual USD 16,290,000 14,533,151 0.06 15/02/2040 USD 2,438,354 2,116,994 0.01 Citigroup, Inc., FRN 6.25% Perpetual USD 14,625,000 13,020,523 0.05

106 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Credit Suisse First Boston Mortgage CWABS, Inc., FRN, Series 2003-BC1 Securities Corp., FRN, Series ‘A1’ 2.76% 25/03/2033 USD 90,324 76,765 0.00 2004-AR7 ‘3A1’ 3.623% 25/11/2034 USD 404,680 351,166 0.00 CWABS, Inc., FRN, Series 2004-1 ‘M2’ Credit Suisse First Boston Mortgage 2.785% 25/03/2034 USD 311,709 266,587 0.00 Securities Corp., FRN, Series CWABS, Inc., FRN, Series 2004-1 ‘M3’ 2004-AR3 ‘4A1’ 4.013% 25/04/2034 USD 1,530,913 1,338,819 0.01 2.935% 25/02/2034 USD 2,122,299 1,820,581 0.01 Credit Suisse First Boston Mortgage CWABS, Inc. Trust, FRN, Series Securities Corp., FRN, Series 2004-5 ‘M2’ 2.965% 25/07/2034 USD 3,127,131 2,695,329 0.01 2004-AR8 ‘5A1’ 3.771% 25/09/2034 USD 750,105 660,730 0.00 CWABS, Inc. Trust, FRN, Series Credit-Based Asset Servicing & 2004-6 ‘M2’ 2.935% 25/10/2034 USD 663,429 566,321 0.00 Securitization LLC, STEP, Series CyrusOne LP, REIT 5% 15/03/2024 USD 1,146,000 982,371 0.00 2005-CB8 ‘AF2’ 3.766% 25/12/2035 USD 35,826 30,768 0.00 CyrusOne LP, REIT 5.375% Credit-Based Asset Servicing & 15/03/2027 USD 8,388,000 7,183,925 0.03 Securitization LLC, FRN, Series DAE Funding LLC, 144A 4.5% 2004-CB6 ‘M2’ 3.816% 25/07/2035 399,107 USD 465,493 0.00 01/08/2022 USD 3,675,000 3,069,549 0.01 Crown Americas LLC, 144A 4.75% DAE Funding LLC, 144A 5% 01/02/2026 1,504,409 USD 1,842,000 0.01 01/08/2024 USD 3,685,000 3,032,026 0.01 CSC Holdings LLC, 144A 10.125% DBGS Mortgage Trust, FRN, Series 15/01/2023 USD 14,204,000 13,477,465 0.05 2018-BIOD ‘C’, 144A 2.85% CSC Holdings LLC, 144A 6.625% 15/05/2035 USD 3,250,000 2,766,358 0.01 15/10/2025 USD 9,190,000 8,095,002 0.03 DBGS Mortgage Trust, FRN, Series CSC Holdings LLC, 144A 10.875% 2018-5BP ‘D’, 144A 3.25% 15/10/2025 USD 6,216,000 6,189,173 0.02 15/06/2033 USD 8,700,000 7,441,836 0.03 CSC Holdings LLC, 144A 5.5% DBGS Mortgage Trust, FRN, Series 15/04/2027 USD 9,508,000 7,795,316 0.03 2018-BIOD ‘D’, 144A 3.2% CSC Holdings LLC, 144A 5.375% 15/05/2035 USD 6,500,000 5,533,441 0.02 01/02/2028 USD 4,400,000 3,500,988 0.01 DCP Midstream LP, FRN 7.375% CSC Holdings LLC 8.625% 15/02/2019 USD 636,000 562,659 0.00 Perpetual USD 5,595,000 4,621,694 0.02 CSC Holdings LLC 6.75% 15/11/2021 USD 7,273,000 6,560,954 0.03 DCP Midstream Operating LP, 144A CSC Holdings LLC 5.25% 01/06/2024 USD 10,501,000 8,545,862 0.03 6.75% 15/09/2037 USD 4,565,000 4,170,691 0.02 CSFB Mortgage-Backed Pass-Through Dean Foods Co., 144A 6.5% Trust, Series 2005-10 ‘11A1’ 5.5% 15/03/2023 USD 4,850,000 4,012,293 0.02 25/11/2020 USD 363,761 247,705 0.00 Delek Logistics Partners LP 6.75% CSFB Mortgage-Backed Pass-Through 15/05/2025 USD 9,924,000 8,568,775 0.03 Trust, Series 2005-10 ‘12A1’ 5.25% Dell International LLC, 144A 5.875% 25/11/2020 USD 9,742 7,603 0.00 15/06/2021 USD 8,922,000 7,812,536 0.03 CSFB Mortgage-Backed Pass-Through Dell International LLC, 144A 5.45% Trust, Series 2003-27 ‘1A4’ 5.5% 15/06/2023 USD 11,431,000 10,288,263 0.04 25/11/2033 USD 2,017,989 1,781,801 0.01 Dell International LLC, 144A 7.125% CSFB Mortgage-Backed Pass-Through 15/06/2024 USD 8,315,000 7,585,602 0.03 Trust, FRN, Series 2004-AR4 ‘2A1’ Dell International LLC, 144A 6.02% 3.829% 25/05/2034 USD 603,957 530,440 0.00 15/06/2026 USD 14,566,000 13,199,437 0.05 CSFB Mortgage-Backed Pass-Through Denbury Resources, Inc., 144A 9% Trust, FRN, Series 2005-4 ‘2A5’ 2.51% 15/05/2021 USD 2,529,000 2,313,269 0.01 25/06/2035 USD 5,059,190 3,722,115 0.01 Denbury Resources, Inc., 144A 9.25% CSFB Mortgage-Backed Pass-Through 31/03/2022 USD 7,331,000 6,669,345 0.03 Trust, Series 2003-29 ‘3A1’ 5.5% Deutsche Alt-A Securities, Inc. 25/12/2033 USD 437,244 392,362 0.00 Mortgage Loan Trust, FRN, Series CSFB Mortgage-Backed Pass-Through 2005-1 ‘2A1’ 5.599% 25/02/2020 USD 206,121 177,652 0.00 Trust, Series 2004-4 ‘4A1’ 5.5% Deutsche Alt-A Securities, Inc. 25/08/2034 USD 3,220,810 2,815,834 0.01 Mortgage Loan Trust, FRN, Series CSFB Mortgage-Backed Pass-Through 2005-2 ‘2A1’ 2.391% 25/03/2020 USD 51,412 43,574 0.00 Trust, FRN, Series 2004-AR4 ‘4A1’ Diamondback Energy, Inc., 144A 3.836% 25/05/2034 USD 3,612,658 3,171,462 0.01 5.375% 31/05/2025 USD 2,170,000 1,870,635 0.01 CSFB Mortgage-Backed Pass-Through Discover Financial Services, FRN Trust, Series 2004-8 ‘4A3’ 5.5% 5.5% Perpetual USD 32,198,000 26,966,434 0.11 25/12/2034 USD 277,153 241,973 0.00 DISH DBS Corp. 6.75% 01/06/2021 USD 22,219,000 19,133,813 0.08 CSFB Mortgage-Backed Pass-Through Trust, Series 2004-8 ‘5A1’ 6% DISH DBS Corp. 5.875% 15/07/2022 USD 24,853,000 20,083,774 0.08 25/12/2034 USD 1,228,057 1,126,257 0.00 DISH DBS Corp. 5% 15/03/2023 USD 37,905,000 28,260,439 0.11 CSFB Mortgage-Backed Pass-Through DISH DBS Corp. 7.75% 01/07/2026 USD 31,238,000 23,590,282 0.09 Trust, Series 2005-10 ‘5A3’ 5.5% DISH DBS Corp. 5.875% 15/11/2024 USD 43,291,000 31,459,334 0.12 25/11/2035 USD 113,129 94,812 0.00 DJO Finance LLC, 144A 8.125% CSFB Mortgage-Backed Pass-Through 15/06/2021 USD 12,600,000 11,007,902 0.04 Trust, FRN, Series 2004-AR5 ‘6A1’ Dole Food Co., Inc., 144A 7.25% 4.012% 25/06/2034 USD 530,285 466,200 0.00 15/06/2025 USD 7,677,000 6,560,581 0.03 CSFB Mortgage-Backed Trust, FRN, Dominion Energy, Inc., FRN 5.75% Series 2004-AR6 ‘6A1’ 3.672% 01/10/2054 USD 24,444,000 21,883,649 0.09 25/10/2034 USD 1,370,645 1,198,795 0.00 Downstream Development Authority CSFB Mortgage-Backed Trust, FRN, of the Quapaw Tribe of Oklahoma, Series 2004-AR6 ‘7A1’ 3.97% 144A 10.5% 15/02/2023 USD 9,261,000 8,152,849 0.03 25/10/2034 USD 2,509,343 2,205,041 0.01 DSLA Mortgage Loan Trust, FRN, CSI Compressco LP, 144A 7.5% Series 2005-AR4 ‘2A1A’ 2.208% 01/04/2025 USD 2,290,000 1,981,564 0.01 19/08/2045 USD 3,377,715 2,748,544 0.01 CSI Compressco LP 7.25% Eldorado Resorts, Inc. 7% 15/08/2022 USD 2,653,000 2,107,689 0.01 01/08/2023 USD 1,490,000 1,346,384 0.01 CSMC Mortgage-Backed Trust, Series Eldorado Resorts, Inc. 6% 2007-2 ‘3A13’ 5.5% 25/03/2037 USD 145,921 114,296 0.00 01/04/2025 USD 13,124,000 11,298,135 0.04 CSMC Mortgage-Backed Trust, Series EMI Music Publishing Group North 2007-3 ‘4A5’ 5% 25/04/2037 USD 75,492 63,061 0.00 America Holdings, Inc., 144A 7.625% CSMC Mortgage-Backed Trust, FRN, 15/06/2024 USD 4,865,000 4,532,107 0.02 Series 2006-8 ‘5A1’ 5.922% Endo Finance LLC, 144A 5.75% 25/10/2026 USD 43,394 36,278 0.00 15/01/2022 USD 6,014,000 4,584,156 0.02 Cumberland Farms, Inc., 144A 6.75% Endo Finance LLC, 144A 7.25% 01/05/2025 USD 1,147,000 1,004,827 0.00 15/01/2022 USD 3,300,000 2,603,378 0.01 CURO Financial Technologies Corp., Energizer Gamma Acquisition, Inc., 144A 12% 01/03/2022 USD 753,000 692,000 0.00 144A 6.375% 15/07/2026 USD 3,690,000 3,205,932 0.01 CURO Financial Technologies Corp., Energizer Holdings, Inc., 144A 5.5% 144A 12% 01/03/2022 USD 2,819,000 2,639,060 0.01 15/06/2025 USD 13,158,000 11,145,628 0.04 CVR Partners LP, 144A 9.25% Energy Transfer Equity LP 4.25% 15/06/2023 USD 22,503,000 19,979,453 0.08 15/03/2023 USD 4,242,000 3,539,238 0.01 CWABS Trust, FRN, Series 2005-11 Energy Transfer Partners LP, FRN ‘AF6’ 4.476% 25/02/2036 USD 28,165 24,820 0.00 6.25% Perpetual USD 32,650,000 25,800,012 0.10 107 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Energy Transfer Partners LP, FRN FHLMC Structured Agency Credit Risk 6.625% Perpetual USD 28,221,000 22,127,158 0.09 Debt Notes, FRN, Series 2017-DNA3 EnLink Midstream Partners LP, FRN ‘M2’ 4.46% 25/03/2030 USD 4,600,000 4,074,672 0.02 6% Perpetual USD 29,335,000 21,509,949 0.08 FHLMC Structured Agency Credit Risk Entegris, Inc., 144A 4.625% Debt Notes, FRN, Series 2018-HQA1 10/02/2026 USD 15,915,000 13,009,944 0.05 ‘M2’ 4.26% 25/09/2030 USD 5,100,000 4,365,102 0.02 Enterprise Products Operating LLC, Fidelity & Guaranty Life Holdings, FRN 4.875% 16/08/2077 USD 31,990,000 25,962,889 0.10 Inc., 144A 5.5% 01/05/2025 USD 3,543,000 2,982,118 0.01 Enterprise Products Operating LLC, Fifth Third Bancorp, FRN 5.1% FRN 5.25% 16/08/2077 USD 33,545,000 26,786,705 0.11 Perpetual USD 19,900,000 16,828,312 0.07 Enterprise Products Operating LLC, Fifth Third Bancorp, FRN 4.9% FRN 5.375% 15/02/2078 USD 3,578,000 2,824,952 0.01 Perpetual USD 6,230,000 5,357,638 0.02 Envision Healthcare Corp., 144A Finance America Mortgage Loan 5.125% 01/07/2022 USD 12,870,000 11,164,199 0.04 Trust, FRN, Series 2004-3 ‘M2’ Envision Healthcare Corp., 144A 3.036% 25/11/2034 USD 146,822 118,950 0.00 6.25% 01/12/2024 USD 2,200,000 2,016,150 0.01 First Data Corp., 144A 5.375% EP Energy LLC, 144A 9.375% 15/08/2023 USD 41,371,000 36,012,015 0.14 01/05/2024 USD 15,874,000 11,247,810 0.04 First Data Corp., 144A 7% 01/12/2023 USD 10,016,000 9,000,481 0.04 EP Energy LLC, 144A 8% 29/11/2024 USD 15,294,000 13,227,316 0.05 First Data Corp., 144A 5% EP Energy LLC, 144A 8% 15/02/2025 USD 8,235,000 5,446,054 0.02 15/01/2024 USD 11,912,000 10,202,218 0.04 EP Energy LLC, 144A 7.75% First Data Corp., 144A 5.75% 15/05/2026 USD 33,416,000 29,345,765 0.12 15/01/2024 USD 53,389,000 46,041,548 0.18 Equinix, Inc., REIT 5.375% First Franklin Mortgage Loan, FRN, 01/01/2022 USD 3,205,000 2,839,761 0.01 Series 2004-FF3 ‘M1’ 2.916% Equinix, Inc., REIT 5.375% 25/05/2034 USD 707,132 601,345 0.00 01/04/2023 USD 3,750,000 3,293,167 0.01 First Franklin Mortgage Loan Trust, FRN, Series 2004-FF5 ‘A1’ 2.811% Equinix, Inc., REIT 5.75% 01/01/2025 USD 5,317,000 4,637,602 0.02 25/08/2034 USD 3,372,436 2,834,580 0.01 Equinix, Inc., REIT 5.875% 15/01/2026 22,116,779 First Franklin Mortgage Loan Trust, USD 25,460,000 0.09 FRN, Series 2005-FF10 ‘A1’ 2.56% Equity One Mortgage Pass-Through 25/11/2035 USD 10,848,454 9,053,973 0.04 Trust, STEP, Series 2003-4 ‘M1’ 5.869% 25/10/2034 186,297 First Franklin Mortgage Loan Trust, USD 218,648 0.00 FRN, Series 2005-FF10 ‘A4’ 2.6% Equity One Mortgage Pass-Through 25/11/2035 USD 255,925 220,537 0.00 Trust, STEP, Series 2004-1 ‘M2’ 5.615% 25/04/2034 1,033,668 First Franklin Mortgage Loan Trust, USD 1,222,055 0.00 FRN, Series 2006-FF8 ‘IIA3’ 2.241% ESH Hospitality, Inc., REIT, 144A 25/07/2036 USD 789,715 676,143 0.00 5.25% 01/05/2025 13,917,481 USD 16,777,000 0.05 First Franklin Mortgage Loan Trust, EW Scripps Co. (The), 144A 5.125% FRN, Series 2003-FF5 ‘M1’ 2.991% 15/05/2025 USD 1,287,000 1,043,046 0.00 25/03/2034 USD 7,093,516 6,129,832 0.02 Exela Intermediate LLC, 144A 10% First Horizon Alternative Mortgage 15/07/2023 USD 13,615,000 12,015,093 0.05 Securities Trust, Series 2005-FA1 Fair Isaac Corp., 144A 5.25% ‘1A4’ 5.5% 25/03/2035 USD 23,194 19,226 0.00 15/05/2026 USD 3,115,000 2,692,102 0.01 First Horizon Alternative Mortgage FFMLT Trust, FRN, Series 2005-FF11 Securities Trust, Series 2005-FA10 ‘M1’ 2.736% 25/11/2035 USD 7,592,705 6,522,544 0.03 ‘1A5’ 5.5% 25/01/2036 USD 3,162,409 2,345,382 0.01 FGI Operating Co. LLC 7.875% First Horizon Alternative Mortgage 01/05/2020 USD 6,160,000 1,170,554 0.00 Securities Trust, Series 2006-FA6 FHLMC, IO, FRN, Series K033 ‘X1’ ‘3A1’ 5.75% 25/11/2021 USD 137,004 114,827 0.00 0.42% 25/07/2023 USD 81,559,360 974,913 0.00 First Horizon Mortgage Pass-Through FHLMC, IO, FRN, Series K054 ‘X3’ Trust, FRN, Series 2004-AR7 ‘4A1’ 1.599% 25/04/2043 USD 17,000,000 1,464,699 0.01 3.767% 25/02/2035 USD 321,403 277,087 0.00 FHLMC, IO, FRN, Series K072 ‘X3’ FirstCash, Inc., 144A 5.375% 2.138% 25/12/2045 USD 10,244,000 1,386,191 0.01 01/06/2024 USD 2,016,000 1,735,811 0.01 FHLMC, IO, FRN, Series K726 ‘X3’ Flex Acquisition Co., Inc., 144A 2.128% 25/07/2044 USD 19,811,000 1,826,802 0.01 6.875% 15/01/2025 USD 1,067,000 891,213 0.00 FHLMC G08737 3% 01/12/2046 USD 29,426,331 24,487,939 0.10 FNMA, FRN, Series 2017-C03 ‘1M1’ FHLMC G08756 3% 01/04/2047 USD 30,790,015 25,618,200 0.10 2.91% 25/10/2029 USD 5,801,675 5,011,877 0.02 FHLMC G08804 3.5% 01/03/2048 USD 31,132,334 26,610,406 0.10 FNMA, FRN, Series 2017-C05 ‘1M1’ FHLMC G60852 4% 01/08/2046 USD 49,249,299 43,388,125 0.17 2.51% 25/01/2030 USD 3,224,207 2,770,445 0.01 FHLMC G61096 3.5% 01/02/2047 USD 366,905 314,576 0.00 FNMA, FRN, Series 2018-C03 ‘1M1’ FHLMC G61214 3.5% 01/12/2047 USD 93,500,363 80,184,916 0.32 2.64% 25/10/2030 USD 3,451,658 2,964,230 0.01 FHLMC G67700 3.5% 01/08/2046 USD 72,400,963 62,267,715 0.24 FNMA, FRN, Series 2017-C06 ‘1M2’ 4.61% 25/02/2030 2,651,115 FHLMC G67703 3.5% 01/04/2047 USD 29,864,678 25,611,633 0.10 USD 3,000,000 0.01 FNMA, FRN, Series 2017-C07 ‘1M2’ FHLMC G67704 4% 01/08/2047 USD 6,290,853 5,553,036 0.02 4.36% 25/05/2030 USD 10,500,000 9,199,692 0.04 FHLMC G67706 3.5% 01/12/2047 152,089,981 USD 177,345,922 0.60 FNMA, FRN, Series 2018-C01 ‘1M2’ FHLMC G67708 3.5% 01/03/2048 USD 104,963,158 89,945,391 0.35 4.21% 25/07/2030 USD 5,000,000 4,333,834 0.02 FHLMC Q52307 3.5% 01/11/2047 USD 12,173,195 10,439,603 0.04 FNMA, FRN, Series 2018-C03 ‘1M2’ FHLMC Q53751 3.5% 01/01/2048 USD 68,219,157 58,305,333 0.23 4.11% 25/10/2030 USD 10,770,000 9,193,989 0.04 FHLMC REMIC, Series 4754 ‘QB’ 3% FNMA, FRN, Series 2018-C04 ‘2M1’ 15/02/2048 USD 7,952,704 6,592,649 0.03 0% 25/12/2030 USD 10,000,000 8,610,807 0.03 FHLMC Structured Agency Credit Risk FNMA AL9859 3% 01/03/2047 USD 31,345,319 26,106,715 0.10 Debt Notes, FRN, Series 2017-DNA2 FNMA AN3747 2.87% 01/02/2032 USD 10,488,000 8,373,167 0.03 ‘M1’ 3.16% 25/10/2029 USD 2,791,365 2,424,724 0.01 FNMA AN6122 3.06% 01/08/2032 USD 16,405,000 13,262,093 0.05 FHLMC Structured Agency Credit Risk Debt Notes, FRN, Series 2017-DNA3 FNMA AN7633 3.13% 01/12/2032 USD 6,660,000 5,458,555 0.02 ‘M1’ 2.71% 25/03/2030 USD 2,853,562 2,457,471 0.01 FNMA AN7845 3.08% 01/12/2029 USD 24,040,000 19,803,493 0.08 FHLMC Structured Agency Credit Risk FNMA AN8095 3.24% 01/01/2033 USD 15,582,000 12,884,988 0.05 Debt Notes, FRN, Series 2017-HQA3 FNMA AN8281 3.19% 01/02/2030 USD 9,155,000 7,600,424 0.03 ‘M1’ 2.51% 25/04/2030 USD 4,616,374 3,962,355 0.02 FNMA AN8572 3.55% 01/04/2030 USD 10,503,000 8,985,256 0.04 FHLMC Structured Agency Credit Risk FNMA AS4085 4% 01/12/2044 USD 6,847,489 6,049,570 0.02 Debt Notes, FRN, Series 2018-HQA1 FNMA AS8650 3% 01/01/2047 USD 17,329,851 14,433,842 0.06 ‘M1’ 2.66% 25/09/2030 USD 4,892,212 4,206,194 0.02 FNMA AS8784 3% 01/02/2047 USD 163,021,986 135,776,809 0.53 FHLMC Structured Agency Credit Risk FNMA AS9403 3.5% 01/04/2047 USD 3,341,112 2,872,010 0.01 Debt Notes, FRN, Series 2016-DNA3 FNMA AS9585 4% 01/05/2047 USD 53,132,371 46,837,912 0.18 ‘M2’ 4.091% 25/12/2028 USD 2,901,672 2,528,372 0.01 FNMA BD2446 3% 01/01/2047 USD 27,309,396 22,745,298 0.09 FHLMC Structured Agency Credit Risk Debt Notes, FRN, Series 2017-DNA1 FNMA BH9215 3.5% 01/01/2048 USD 22,239,959 19,036,176 0.08 ‘M2’ 5.21% 25/07/2029 USD 16,000,000 14,874,525 0.06 FNMA BH9285 3.5% 01/02/2048 USD 30,755,552 26,437,400 0.10 FHLMC Structured Agency Credit Risk FNMA BH9923 3.5% 01/09/2047 USD 48,606,541 41,614,354 0.16 Debt Notes, FRN, Series 2017-DNA2 FNMA BJ0645 3.5% 01/03/2048 USD 69,886,624 59,953,420 0.24 ‘M2’ 5.41% 25/10/2029 USD 7,500,000 7,077,383 0.03 FNMA BJ1069 4% 01/01/2048 USD 12,037,235 10,556,956 0.04

108 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

FNMA BM1909 4% 01/02/2045 USD 63,819,746 56,486,549 0.22 GMACM Mortgage Loan Trust, FRN, FNMA BM3100 4% 01/11/2037 USD 22,373,818 19,871,357 0.08 Series 2005-AR2 ‘2A’ 4.088% FNMA BM3141 3.5% 01/11/2047 USD 14,289,066 12,261,921 0.05 25/05/2035 USD 263,340 223,899 0.00 FNMA BM3357 3.5% 01/11/2047 USD 35,246,669 30,400,271 0.12 GMACM Mortgage Loan Trust, FRN, Series 2004-AR2 ‘3A’ 4.076% FNMA BM3569 3.5% 01/02/2038 USD 38,820,401 33,666,016 0.13 19/08/2034 USD 1,297,013 1,081,174 0.00 FNMA BM3628 3.5% 01/03/2048 27,209,724 USD 31,713,122 0.11 Golden Nugget, Inc., 144A 6.75% FNMA BM3778 3.5% 01/12/2047 USD 105,231,412 90,609,226 0.36 15/10/2024 USD 16,633,000 14,304,020 0.06 FNMA BM3788 3.5% 01/03/2048 USD 272,961,547 235,048,939 0.92 Goldman Sachs Group, Inc. (The), FRN FNMA BM3791 3.5% 01/04/2038 USD 36,981,363 32,015,001 0.13 5% Perpetual USD 49,180,000 39,784,725 0.16 FNMA BM4028 3.5% 01/10/2047 USD 13,918,954 11,945,706 0.05 Goldman Sachs Group, Inc. (The), FRN FNMA CA0906 3.5% 01/12/2047 USD 105,727,804 90,700,385 0.36 5.3% Perpetual USD 19,265,000 16,216,457 0.06 FNMA CA0995 3.5% 01/01/2048 USD 44,025,100 37,767,677 0.15 Goldman Sachs Group, Inc. (The), FRN FNMA CA1231 3.5% 01/02/2038 USD 3,936,099 3,409,095 0.01 5.7% Perpetual USD 36,626,000 31,959,671 0.13 FNMA MA2670 3% 01/07/2046 USD 23,557,175 19,620,516 0.08 Goldman Sachs Group, Inc. (The), FRN FNMA MA2863 3% 01/01/2047 USD 60,256,181 50,186,724 0.20 5.375% Perpetual USD 56,774,000 49,671,156 0.20 FNMA MA2920 3% 01/03/2047 USD 55,911,683 46,567,402 0.18 Goodman Networks, Inc. 8% FNMA MA3209 3% 01/12/2047 USD 34,064,810 28,369,791 0.11 11/05/2022 USD 1,188,183 709,244 0.00 FNMA MA3276 3.5% 01/02/2048 USD 38,653,578 33,081,141 0.13 Goodyear Tire & Rubber Co. (The) FREMF Mortgage Trust, FRN, Series 5.125% 15/11/2023 USD 2,175,000 1,857,657 0.01 2017-K729 ‘B’, 144A 3.675% Goodyear Tire & Rubber Co. (The) 5% 25/11/2049 USD 1,400,000 1,176,476 0.00 31/05/2026 USD 10,637,000 8,579,206 0.03 FREMF Mortgage Trust, FRN, Series Goodyear Tire & Rubber Co. (The) 2017-KF40 ‘B’, 144A 4.701% 4.875% 15/03/2027 USD 16,351,000 12,905,174 0.05 25/11/2027 USD 2,499,436 2,194,131 0.01 Graham Holdings Co., 144A 5.75% FREMF Mortgage Trust, FRN, Series 01/06/2026 USD 2,598,000 2,264,816 0.01 2013-K712 ‘C’, 144A 3.362% Gray Television, Inc., 144A 5.125% 25/05/2045 USD 3,490,000 2,997,321 0.01 15/10/2024 USD 6,855,000 5,642,988 0.02 FREMF Mortgage Trust, FRN, Series Gray Television, Inc., 144A 5.875% 2018-K730 ‘C’, 144A 3.93% 15/07/2026 USD 5,030,000 4,114,913 0.02 25/02/2050 USD 3,200,000 2,606,629 0.01 GS Mortgage Securities Trust, Series Fremont Home Loan Trust, FRN, 2006-GG8 ‘AJ’ 5.622% 10/11/2039 USD 3,440,121 2,746,332 0.01 Series 2003-A ‘M1’ 3.066% GS Mortgage Securities Trust, FRN, 25/08/2033 USD 3,589,159 3,000,548 0.01 Series 2007-GG10 ‘AM’ 5.832% Fremont Home Loan Trust, FRN, 10/08/2045 USD 2,237,838 1,950,929 0.01 Series 2004-C ‘M1’ 3.066% GS Mortgage Securities Trust, FRN, 25/08/2034 USD 1,239,679 1,068,050 0.00 Series 2017-GS5 ‘D’, 144A 3.509% Fremont Home Loan Trust, FRN, 10/03/2050 USD 2,000,000 1,447,615 0.01 Series 2004-D ‘M1’ 2.961% GSAA Home Equity Trust, FRN, Series 25/11/2034 USD 1,799,474 1,540,919 0.01 2005-6 ‘A3’ 2.461% 25/06/2035 USD 2,688,817 2,329,926 0.01 Fremont Home Loan Trust, FRN, GSAMP Trust, FRN, Series 2007-SEA1 Series 2004-2 ‘M2’ 3.021% ‘A’, 144A 2.391% 25/12/2036 USD 3,127,503 2,609,190 0.01 25/07/2034 USD 208,959 181,162 0.00 GSAMP Trust, FRN, Series 2003-SEA Fremont Home Loan Trust, FRN, ‘A1’ 2.297% 25/02/2033 USD 1,017,896 863,500 0.00 Series 2004-B ‘M2’ 3.036% GSAMP Trust, FRN, Series 2006-FM1 25/05/2034 USD 95,142 83,450 0.00 ‘A2C’ 2.251% 25/04/2036 USD 3,489,922 2,242,022 0.01 Fremont Home Loan Trust, FRN, GSAMP Trust, FRN, Series 2006-HE3 Series 2004-D ‘M2’ 2.991% ‘A2C’ 2.251% 25/05/2046 USD 3,704,091 3,155,186 0.01 25/11/2034 USD 515,305 437,001 0.00 GSAMP Trust, FRN, Series 2006-HE4 Fremont Home Loan Trust, FRN, ‘A2C’ 2.241% 25/06/2036 USD 2,447,653 2,087,719 0.01 Series 2005-A ‘M3’ 2.826% GSAMP Trust, FRN, Series 2003-HE1 25/01/2035 USD 5,937,600 5,040,592 0.02 ‘M1’ 3.193% 20/06/2033 USD 2,403,281 2,092,384 0.01 Fremont Home Loan Trust, FRN, GSAMP Trust, FRN, Series 2003-HE2 Series 2004-2 ‘M4’ 3.741% ‘M1’ 3.066% 25/08/2033 USD 758,924 630,772 0.00 25/07/2034 USD 262,265 224,152 0.00 GSAMP Trust, FRN, Series 2005-NC1 Frontier Communications Corp., 144A ‘M1’ 2.766% 25/02/2035 USD 2,570,875 2,222,860 0.01 8.5% 01/04/2026 USD 12,155,000 10,118,866 0.04 GSAMP Trust, FRN, Series 2005-HE3 Frontier Communications Corp. ‘M2’ 3.096% 25/06/2035 USD 897,725 772,958 0.00 7.125% 15/03/2019 USD 890,000 769,791 0.00 GSMSC Pass-Through Trust, FRN, Frontier Communications Corp. Series 2008-2R ‘2A1’, 144A 7.5% 10.5% 15/09/2022 USD 5,703,000 4,420,570 0.02 25/10/2036 USD 1,395,705 847,338 0.00 Frontier Communications Corp. GSR Mortgage Loan Trust, Series 7.125% 15/01/2023 USD 1,980,000 1,257,813 0.01 2004-15F ‘1A2’ 5.5% 25/12/2034 USD 184,657 169,517 0.00 Frontier Communications Corp. GSR Mortgage Loan Trust, Series 6.875% 15/01/2025 USD 7,180,000 4,000,640 0.02 2006-1F ‘2A16’ 6% 25/02/2036 USD 607,375 451,512 0.00 Frontier Communications Corp. 11% GSR Mortgage Loan Trust, Series 15/09/2025 USD 36,630,000 25,196,496 0.10 2005-1F ‘2A3’ 6% 25/02/2035 USD 192,454 161,217 0.00 FXI Holdings, Inc., 144A 7.875% GSR Mortgage Loan Trust, Series 01/11/2024 USD 9,064,000 7,648,568 0.03 2006-1F ‘2A9’ 6% 25/02/2036 USD 1,075,422 799,450 0.00 Gartner, Inc., 144A 5.125% GSR Mortgage Loan Trust, Series 01/04/2025 USD 11,687,000 9,962,337 0.04 2006-9F ‘3A1’ 6.25% 25/10/2036 USD 1,048,338 891,994 0.00 Gates Global LLC, 144A 6% GSR Mortgage Loan Trust, Series 15/07/2022 USD 12,735,000 11,074,436 0.04 2007-1F ‘3A13’ 6% 25/01/2037 USD 293,993 237,378 0.00 GCAT LLC, STEP, Series 2017-3 ‘A1’, GSR Mortgage Loan Trust, FRN, 144A 3.351% 25/04/2047 USD 2,269,735 1,951,305 0.01 Series 2005-AR4 ‘3A5’ 3.928% GCAT LLC, STEP, Series 2017-5 ‘A1’, 25/07/2035 USD 2,904,962 2,411,585 0.01 144A 3.228% 25/07/2047 USD 1,713,756 1,467,316 0.01 GSR Mortgage Loan Trust, FRN, GCI, Inc. 6.75% 01/06/2021 USD 8,718,000 7,571,868 0.03 Series 2005-AR3 ‘6A1’ 3.818% GCI, Inc. 6.875% 15/04/2025 USD 9,140,000 8,164,079 0.03 25/05/2035 USD 146,774 123,159 0.00 GCP Applied Technologies, Inc., 144A GSR Mortgage Loan Trust, FRN, 5.5% 15/04/2026 USD 8,500,000 7,200,018 0.03 Series 2005-AR7 ‘6A1’ 3.656% General Electric Co., FRN 5% 25/11/2035 USD 2,029,331 1,760,854 0.01 Perpetual USD 116,408,000 98,533,687 0.39 GSR Mortgage Loan Trust, Series General Motors Financial Co., Inc., 2006-9F ‘8A1’ 5.5% 25/08/2021 USD 67,096 55,521 0.00 FRN 5.75% Perpetual USD 26,963,000 22,228,636 0.09 GTT Communications, Inc., 144A Genesys Telecommunications 7.875% 31/12/2024 USD 814,000 699,121 0.00 Laboratories, Inc., 144A 10% Gulfport Energy Corp. 6% 30/11/2024 USD 12,682,000 12,172,028 0.05 15/10/2024 USD 11,661,000 9,634,056 0.04 GLP Capital LP 5.25% 01/06/2025 USD 10,614,000 9,140,527 0.04 Gulfport Energy Corp. 6.375% GLP Capital LP 5.375% 15/04/2026 USD 2,020,000 1,726,920 0.01 15/05/2025 USD 317,000 264,595 0.00 GLP Capital LP 5.75% 01/06/2028 USD 6,610,000 5,749,489 0.02 H&E Equipment Services, Inc. 5.625% 01/09/2025 USD 4,850,000 4,100,435 0.02

109 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Halcon Resources Corp. 6.75% Impac CMB Trust, FRN, Series 2004-5 15/02/2025 USD 6,175,000 4,969,827 0.02 ‘1A1’ 2.811% 25/10/2034 USD 287,112 247,304 0.00 Hanesbrands, Inc., 144A 4.625% Impac CMB Trust, FRN, Series 2004-9 15/05/2024 USD 4,500,000 3,778,034 0.02 ‘1A1’ 2.851% 25/01/2035 USD 3,774,892 3,200,896 0.01 Hanesbrands, Inc., 144A 4.875% Impac CMB Trust, FRN, Series 2005-1 15/05/2026 USD 9,910,000 8,271,852 0.03 ‘1A1’ 2.611% 25/04/2035 USD 741,234 610,723 0.00 HarborView Mortgage Loan Trust, Impac CMB Trust, FRN, Series 2005-4 FRN, Series 2005-11 ‘2A1A’ 2.705% ‘1A1A’ 2.631% 25/05/2035 USD 643,544 552,369 0.00 19/08/2045 USD 433,187 368,287 0.00 Impac CMB Trust, FRN, Series 2004-6 Hardwoods Acquisition, Inc., 144A ‘1A2’ 2.871% 25/10/2034 USD 1,872,601 1,581,278 0.01 7.5% 01/08/2021 USD 8,905,000 7,131,985 0.03 Impac CMB Trust, FRN, Series 2004-7 Harland Clarke Holdings Corp., 144A ‘1A2’ 3.011% 25/11/2034 USD 1,375,635 1,154,083 0.00 6.875% 01/03/2020 USD 2,575,000 2,195,004 0.01 Impac CMB Trust, FRN, Series 2005-1 Harland Clarke Holdings Corp., 144A ‘1A2’ 2.711% 25/04/2035 USD 811,570 652,252 0.00 8.375% 15/08/2022 USD 2,341,000 1,998,351 0.01 Impac CMB Trust, FRN, Series 2005-2 Herc Rentals, Inc. ‘A’, 144A 7.75% ‘1A2’ 2.711% 25/04/2035 USD 718,283 596,462 0.00 01/06/2024 USD 11,801,000 10,991,070 0.04 Impac CMB Trust, FRN, Series 2004-5 Herc Rentals, Inc., 144A 7.5% ‘1M2’ 2.961% 25/10/2034 USD 592,832 485,882 0.00 01/06/2022 USD 4,560,000 4,161,227 0.02 Impac CMB Trust, FRN, Series Hertz Corp. (The), 144A 7.625% 2004-10 ‘2A’ 2.731% 25/03/2035 USD 2,325,727 1,869,258 0.01 01/06/2022 USD 9,655,000 7,964,098 0.03 Impac CMB Trust, FRN, Series Hertz Corp. (The), 144A 5.5% 2004-10 ‘3A1’ 2.791% 25/03/2035 USD 595,110 483,948 0.00 15/10/2024 USD 34,589,000 23,543,169 0.09 Impac Secured Assets CMN Owner Hess Infrastructure Partners LP, Trust, Series 2003-2 ‘A4’ 3.75% 144A 5.625% 15/02/2026 USD 2,855,000 2,446,362 0.01 25/08/2033 USD 645,661 535,013 0.00 Hexion, Inc. 6.625% 15/04/2020 USD 21,966,000 17,781,156 0.07 Impac Secured Assets Trust, FRN, Hilcorp Energy I LP, 144A 5% Series 2007-3 ‘A1B’ 2.331% 01/12/2024 USD 19,952,000 16,793,459 0.07 25/09/2037 USD 3,862,083 2,785,327 0.01 Hillman Group, Inc. (The), 144A Impac Secured Assets Trust, FRN, 6.375% 15/07/2022 USD 1,355,000 1,123,037 0.00 Series 2007-3 ‘A1C’ 2.451% Hill-Rom Holdings, Inc., 144A 5.75% 25/09/2037 USD 6,471,599 4,696,261 0.02 01/09/2023 USD 12,997,000 11,413,901 0.05 IndyMac INDX Mortgage Loan Trust, Hill-Rom Holdings, Inc., 144A 5% FRN, Series 2005-AR14 ‘2A1A’ 2.391% 15/02/2025 USD 3,035,000 2,541,505 0.01 25/07/2035 USD 505,987 413,821 0.00 Hilton Domestic Operating Co., Inc., IndyMac INDX Mortgage Loan Trust, 144A 5.125% 01/05/2026 USD 11,460,000 9,637,534 0.04 FRN, Series 2005-AR3 ‘3A1’ 3.443% Holly Energy Partners LP, 144A 6% 25/04/2035 USD 432,304 365,582 0.00 01/08/2024 USD 5,166,000 4,503,478 0.02 Infor Software Parent LLC, 144A Hologic, Inc., 144A 4.375% 7.125% 01/05/2021 USD 16,621,000 14,328,818 0.06 15/10/2025 USD 18,135,000 14,876,426 0.06 Infor US, Inc., 144A 5.75% Hologic, Inc., 144A 4.625% 15/08/2020 USD 2,879,000 2,503,597 0.01 01/02/2028 USD 2,010,000 1,629,224 0.01 Infor US, Inc. 6.5% 15/05/2022 USD 45,183,000 38,958,075 0.15 Home Equity Asset Trust, FRN, Series Informatica LLC, 144A 7.125% 2003-3 ‘M1’ 3.381% 25/08/2033 USD 502,603 434,899 0.00 15/07/2023 USD 14,135,000 12,352,586 0.05 Home Equity Asset Trust, FRN, Series Ingevity Corp., 144A 4.5% 2005-7 ‘M1’ 2.541% 25/01/2036 USD 6,473,262 5,593,047 0.02 01/02/2026 USD 4,879,000 3,988,660 0.02 Home Equity Asset Trust, FRN, Series Interval Acquisition Corp. 5.625% 2004-6 ‘M2’ 2.991% 25/12/2034 USD 87,577 74,204 0.00 15/04/2023 USD 6,357,000 5,528,087 0.02 Home Equity Mortgage Loan inVentiv Group Holdings, Inc., 144A Asset-Backed Trust INABS, FRN, 7.5% 01/10/2024 USD 2,070,000 1,880,089 0.01 Series 2006-B ‘2A3’ 2.281% IQVIA, Inc., 144A 4.875% 15/05/2023 USD 3,425,000 2,971,048 0.01 25/06/2036 USD 2,994,502 2,514,015 0.01 IQVIA, Inc., 144A 5% 15/10/2026 USD 13,505,000 11,229,732 0.04 Home Equity Mortgage Loan IRB Holding Corp., 144A 6.75% Asset-Backed Trust SPMD, FRN, 15/02/2026 USD 9,722,000 8,036,816 0.03 Series 2004-C ‘M1’ 2.931% Iron Mountain, Inc., REIT, 144A 25/03/2035 USD 3,732,339 3,216,644 0.01 4.875% 15/09/2027 USD 7,548,000 5,941,185 0.02 Home Equity Mortgage Loan Iron Mountain, Inc., REIT, 144A 5.25% Asset-Backed Trust SPMD, FRN, 15/03/2028 USD 3,811,000 3,045,344 0.01 Series 2004-C ‘M2’ 2.991% Itron, Inc., 144A 5% 15/01/2026 USD 563,000 463,433 0.00 25/03/2035 USD 256,248 219,090 0.00 J.P. Morgan Alternative Loan Trust, Home Equity Mortgage Loan FRN, Series 2006-A2 ‘1A1’ 2.271% Asset-Backed Trust SPMD, FRN, 25/05/2036 USD 5,402,421 4,449,685 0.02 Series 2004-C ‘M3’ 3.066% J.P. Morgan Alternative Loan Trust, 25/03/2035 USD 446,333 371,431 0.00 STEP, Series 2006-S2 ‘A5’ 6.38% Hughes Satellite Systems Corp. 6.5% 25/05/2036 USD 3,565,095 2,557,367 0.01 15/06/2019 USD 4,984,000 4,385,357 0.02 J.P. Morgan Chase Commercial Hughes Satellite Systems Corp. Mortgage Securities Trust, FRN, 7.625% 15/06/2021 USD 885,000 813,106 0.00 Series 2007-LD11 ‘AM’ 6.005% Hughes Satellite Systems Corp. 5.25% 15/06/2049 USD 2,107,884 1,814,635 0.01 01/08/2026 USD 14,419,000 11,649,988 0.05 J.P. Morgan Mortgage Trust, FRN, Hughes Satellite Systems Corp. Series 2004-A6 ‘1A1’ 3.49% 6.625% 01/08/2026 USD 3,695,000 2,959,234 0.01 25/12/2034 USD 285,323 242,206 0.00 Huntington Bancshares, Inc., FRN J.P. Morgan Mortgage Trust, FRN, 5.7% Perpetual USD 10,475,000 8,894,511 0.04 Series 2005-A8 ‘1A1’ 3.557% Icahn Enterprises LP 6% 01/08/2020 USD 2,750,000 2,393,023 0.01 25/11/2035 USD 56,822 47,467 0.00 Icahn Enterprises LP 6.25% J.P. Morgan Mortgage Trust, FRN, 01/02/2022 USD 3,758,000 3,295,448 0.01 Series 2005-A6 ‘1A2’ 3.671% Icahn Enterprises LP 6.75% 25/09/2035 USD 872,862 760,752 0.00 01/02/2024 USD 8,058,000 7,005,350 0.03 J.P. Morgan Mortgage Trust, Series Icahn Enterprises LP 6.375% 2006-S2 ‘2A1’ 5% 25/06/2021 USD 18,554 14,973 0.00 15/12/2025 USD 7,515,000 6,423,882 0.03 J.P. Morgan Mortgage Trust, FRN, Icahn Enterprises LP 5.875% Series 2007-S1 ‘2A17’ 2.421% 01/02/2022 USD 1,715,000 1,480,939 0.01 25/03/2037 USD 5,720,586 2,681,047 0.01 iHeartCommunications, Inc. 9% J.P. Morgan Mortgage Trust, FRN, 15/12/2019§ USD 26,755,000 17,693,890 0.07 Series 2007-A1 ‘2A2’ 3.619% iHeartCommunications, Inc. 9% 25/07/2035 USD 172,765 150,709 0.00 01/03/2021§ USD 2,365,000 1,564,046 0.01 J.P. Morgan Mortgage Trust, Series ILFC E-Capital Trust I, FRN, 144A 2007-S3 ‘2A3’ 6% 25/08/2022 USD 11,286 9,202 0.00 4.57% 21/12/2065 USD 15,204,000 12,242,124 0.05 J.P. Morgan Mortgage Trust, FRN, ILFC E-Capital Trust II, FRN, 144A Series 2006-A7 ‘2A4’ 3.603% 4.82% 21/12/2065 USD 8,202,000 6,551,343 0.03 25/01/2037 USD 1,142,474 935,975 0.00

110 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

J.P. Morgan Mortgage Trust, Series Live Nation Entertainment, Inc., 144A 2006-S3 ‘2A4’ 5.5% 25/08/2021 USD 13,992 12,013 0.00 5.625% 15/03/2026 USD 1,528,000 1,315,635 0.01 J.P. Morgan Mortgage Trust, FRN, LKQ Corp. 4.75% 15/05/2023 USD 7,304,000 6,248,693 0.02 Series 2005-A8 ‘4A1’ 3.649% Long Beach Mortgage Loan Trust, 25/11/2035 USD 3,022,014 2,610,230 0.01 FRN, Series 2001-2 ‘M1’ 2.651% J.P. Morgan Mortgage Trust, FRN, 25/07/2031 USD 200,481 173,670 0.00 Series 2007-A1 ‘5A1’ 3.69% Long Beach Mortgage Loan Trust, 25/07/2035 USD 378,211 334,222 0.00 FRN, Series 2002-5 ‘M1’ 3.336% J.P. Morgan Mortgage Trust, FRN, 25/11/2032 USD 4,531,660 3,884,470 0.02 Series 2005-A3 ‘6A6’ 3.823% Long Beach Mortgage Loan Trust, 25/06/2035 USD 435,520 377,488 0.00 FRN, Series 2003-4 ‘M1’ 3.111% j2 Cloud Services LLC, 144A 6% 25/08/2033 USD 2,569,740 2,221,776 0.01 15/07/2025 USD 2,722,000 2,372,913 0.01 Long Beach Mortgage Loan Trust, Jack Ohio Finance LLC, 144A 6.75% FRN, Series 2004-4 ‘M1’ 2.991% 15/11/2021 USD 22,601,000 20,042,199 0.08 25/10/2034 USD 4,742,674 4,087,856 0.02 Jack Ohio Finance LLC, 144A 10.25% Long Beach Mortgage Loan Trust, 15/11/2022 USD 2,150,000 2,003,530 0.01 FRN, Series 2004-3 ‘M2’ 2.991% Jagged Peak Energy LLC, 144A 25/07/2034 USD 1,200,885 1,031,908 0.00 5.875% 01/05/2026 USD 3,125,000 2,676,026 0.01 Long Beach Mortgage Loan Trust, Jaguar Holding Co. II, 144A 6.375% FRN, Series 2004-2 ‘M3’ 3.816% 01/08/2023 USD 5,120,000 4,390,820 0.02 25/06/2034 USD 1,014,755 859,651 0.00 JB Poindexter & Co., Inc., 144A Long Beach Mortgage Loan Trust, 7.125% 15/04/2026 USD 1,407,000 1,241,663 0.01 FRN, Series 2004-3 ‘M4’ 3.704% JC Penney Corp., Inc., 144A 5.875% 25/07/2034 USD 452,426 390,471 0.00 01/07/2023 USD 2,425,000 1,958,712 0.01 Long Beach Mortgage Loan Trust, JC Penney Corp., Inc., 144A 8.625% FRN, Series 2004-3 ‘M6’ 4.229% 15/03/2025 USD 2,486,000 1,825,555 0.01 25/07/2034 USD 558,588 474,739 0.00 Jeld-Wen, Inc., 144A 4.625% LPL Holdings, Inc., 144A 5.75% 15/12/2025 USD 4,902,000 4,020,725 0.02 15/09/2025 USD 7,050,000 5,903,661 0.02 Jeld-Wen, Inc., 144A 4.875% LSB Industries, Inc., 144A 9.625% 15/12/2027 USD 1,625,000 1,288,268 0.01 01/05/2023 USD 435,000 377,812 0.00 Kaiser Aluminum Corp. 5.875% LSTAR Securities Investment Ltd., 15/05/2024 USD 2,537,000 2,239,300 0.01 FRN, Series 2017-7 ‘A’, 144A 3.732% Kennedy-Wilson, Inc., 144A 5.875% 01/10/2022 USD 1,188,696 1,041,115 0.00 01/04/2024 USD 3,468,000 2,902,797 0.01 LTF Merger Sub, Inc., 144A 8.5% 15/06/2023 8,168,212 KeyCorp, FRN 5% Perpetual USD 24,610,000 20,578,684 0.08 USD 9,090,000 0.03 KFC Holding Co., 144A 4.75% Martin Midstream Partners LP 7.25% 15/02/2021 8,167,608 01/06/2027 USD 10,322,000 8,420,535 0.03 USD 9,578,000 0.03 Kindred Healthcare, Inc. 8.75% MASTR Alternative Loan Trust, Series 2005-3 ‘1A1’ 5.5% 25/04/2035 191,944 15/01/2023 USD 11,525,000 10,542,279 0.04 USD 217,893 0.00 Kinetic Concepts, Inc., 144A 7.875% MASTR Alternative Loan Trust, Series 2005-6 ‘1A2’ 5.5% 25/12/2035 366,089 15/02/2021 USD 7,260,000 6,427,138 0.03 USD 442,670 0.00 MASTR Alternative Loan Trust, Series KLX, Inc., 144A 5.875% 01/12/2022 USD 15,506,000 13,883,645 0.05 2004-12 ‘3A1’ 6% 25/12/2034 USD 1,832,478 1,646,667 0.01 Koppers, Inc., 144A 6% 15/02/2025 1,613,255 USD 1,869,000 0.01 MASTR Alternative Loan Trust, Series Kratos Defense & Security Solutions, 2005-5 ‘3A1’ 5.75% 25/08/2035 USD 87,517 64,138 0.00 Inc., 144A 6.5% 30/11/2025 3,033,316 USD 3,400,000 0.01 MASTR Alternative Loan Trust, Series Kronos Acquisition Holdings, Inc., 2006-3 ‘3A1’ 5.5% 25/06/2021 USD 161,763 137,228 0.00 144A 9% 15/08/2023 4,057,428 USD 5,163,000 0.02 Mastr Asset-Backed Securities Trust, Ladder Capital Finance Holdings FRN, Series 2004-OPT2 ‘M1’ 2.991% LLLP, 144A 5.25% 15/03/2022 USD 4,650,000 4,003,732 0.02 25/09/2034 USD 1,062,719 893,903 0.00 Ladder Capital Finance Holdings Mastr Asset-Backed Securities Trust, LLLP, 144A 5.25% 01/10/2025 USD 2,532,000 2,033,307 0.01 FRN, Series 2004-WMC2 ‘M1’ 2.991% Lamar Media Corp. 5.375% 25/04/2034 USD 1,397,605 1,188,598 0.00 15/01/2024 USD 1,090,000 955,767 0.00 Mastr Asset-Backed Securities Trust, Lamar Media Corp. 5.75% FRN, Series 2004-OPT2 ‘M2’ 3.066% 01/02/2026 USD 9,740,000 8,532,497 0.03 25/09/2034 USD 371,217 314,248 0.00 LB Commercial Mortgage Trust, FRN, Mastr Asset-Backed Securities Trust, Series 2007-C3 ‘AJ’ 6.094% FRN, Series 2005-NC1 ‘M2’ 2.841% 15/07/2044 USD 395,630 342,115 0.00 25/12/2034 USD 692,275 599,785 0.00 LB-UBS Commercial Mortgage Trust, Mastr Asset-Backed Securities Trust, FRN, Series 2006-C6 ‘AJ’ 5.452% FRN, Series 2003-OPT1 ‘M3’ 6.216% 15/09/2039 USD 7,947,625 5,254,482 0.02 25/12/2032 USD 2,562,940 2,307,013 0.01 LB-UBS Commercial Mortgage Trust, Mastr Asset-Backed Securities Trust, FRN, Series 2007-C6 ‘AJ’ 6.288% FRN, Series 2005-NC1 ‘M4’ 3.231% 15/07/2040 USD 9,100,000 7,944,315 0.03 25/12/2034 USD 907,579 762,290 0.00 LB-UBS Commercial Mortgage Trust, Match Group, Inc., 144A 5% FRN, Series 2006-C6 ‘B’ 5.472% 15/12/2027 USD 727,000 587,553 0.00 15/09/2039 USD 4,388,000 591,397 0.00 Match Group, Inc. 6.375% Lehman Mortgage Trust, Series 01/06/2024 USD 2,604,000 2,345,651 0.01 2006-3 ‘1A2’ 6% 25/07/2036 USD 3,057,316 2,079,553 0.01 Mattel, Inc., 144A 6.75% 31/12/2025 USD 31,716,000 26,560,979 0.10 Lehman XS Trust, FRN, Series Mattel, Inc. 3.15% 15/03/2023 2,067,188 2005-7N ‘1A1A’ 2.23% 25/12/2035 1,069,014 USD 2,750,000 0.01 USD 1,253,141 0.00 Meredith Corp., 144A 6.875% Lehman XS Trust, FRN, Series 01/02/2026 4,484,416 2005-5N ‘3A1A’ 2.391% 25/11/2035 4,434,153 USD 5,300,000 0.02 USD 5,249,981 0.02 Merrill Lynch Mortgage Investors Lennar Corp., 144A 5.25% Trust, FRN, Series 2005-1 ‘2A1’ 01/06/2026 USD 4,657,000 3,939,763 0.02 3.417% 25/04/2035 USD 215,833 182,884 0.00 Lennar Corp. 8.375% 15/01/2021 USD 585,000 551,427 0.00 Merrill Lynch Mortgage Investors Lennar Corp. 5.375% 01/10/2022 USD 1,861,000 1,642,313 0.01 Trust, FRN, Series 2005-1 ‘2A2’ Lennar Corp. 5.875% 15/11/2024 USD 5,143,000 4,593,389 0.02 3.417% 25/04/2035 USD 543,243 455,896 0.00 Lennar Corp. 4.75% 29/11/2027 USD 5,720,000 4,630,256 0.02 Merrill Lynch Mortgage Investors Levi Strauss & Co. 5% 01/05/2025 USD 1,175,000 1,006,978 0.00 Trust, Series 2006-AF2 ‘AF2’ 6.25% Liberty Interactive LLC 8.25% 25/10/2036 USD 80,847 58,088 0.00 01/02/2030 USD 280,000 256,715 0.00 Merrill Lynch Mortgage Investors Liberty Mutual Group, Inc., 144A Trust, FRN, Series 2003-OPT1 ‘M1’ 7.8% 07/03/2087 USD 3,917,000 3,990,777 0.02 3.066% 25/07/2034 USD 507,837 427,421 0.00 LifePoint Health, Inc. 5.5% Merrill Lynch Mortgage Investors 01/12/2021 USD 4,634,000 4,007,866 0.02 Trust, FRN, Series 2004-HE2 ‘M1’ LIN Television Corp. 5.875% 3.16% 25/08/2035 USD 293,316 254,019 0.00 15/11/2022 USD 2,541,000 2,231,657 0.01 Merrill Lynch Mortgage Investors Live Nation Entertainment, Inc., 144A Trust, FRN, Series 2005-FM1 ‘M1’ 4.875% 01/11/2024 USD 7,474,000 6,226,622 0.02 2.68% 25/05/2036 USD 1,459,182 1,233,035 0.01

111 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Merrill Lynch Mortgage Investors Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2005-WMC1 ‘M3’ Trust, FRN, Series 2004-WMC3 ‘M2’ 3.085% 25/09/2035 USD 75,449 64,321 0.00 2.886% 25/01/2035 USD 3,247,755 2,791,048 0.01 Merrill Lynch Mortgage Investors Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2004-WMC5 ‘M5’ Trust, FRN, Series 2005-HE1 ‘M2’ 3.685% 25/07/2035 USD 753,695 649,963 0.00 2.796% 25/12/2034 USD 566,014 453,017 0.00 Merrill Lynch Mortgage Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2007-C1 ‘AM’ 5.775% Trust, FRN, Series 2004-HE2 ‘M3’ 12/06/2050 USD 476,682 409,130 0.00 4.266% 25/03/2034 USD 223,629 126,589 0.00 Metlife Securitization Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2017-1A ‘A’, 144A 3% Trust, FRN, Series 2004-HE6 ‘M3’ 25/04/2055 USD 9,860,411 8,353,429 0.03 3.066% 25/08/2034 USD 561,987 484,695 0.00 MetLife, Inc., FRN 5.25% Perpetual USD 36,404,000 31,845,371 0.13 Morgan Stanley ABS Capital I, Inc. MetLife, Inc., FRN 5.875% Perpetual USD 23,620,000 20,616,277 0.08 Trust, FRN, Series 2004-HE7 ‘M3’ MFA LLC, STEP, Series 2018-NPL1 3.111% 25/08/2034 USD 20,277 17,474 0.00 ‘A1’, 144A 3.875% 25/05/2048 USD 14,745,940 12,674,352 0.05 Morgan Stanley ABS Capital I, Inc. MFA Trust, STEP, Series 2017-NPL1 Trust, FRN, Series 2004-HE8 ‘M3’ ‘A1’, 144A 3.351% 25/11/2047 USD 7,445,102 6,368,448 0.03 3.085% 25/09/2034 USD 109,422 94,567 0.00 MGM Growth Properties Operating Morgan Stanley ABS Capital I, Inc. Partnership LP, REIT 4.5% Trust, FRN, Series 2004-NC8 ‘M3’ 15/01/2028 USD 1,200,000 938,711 0.00 3.201% 25/09/2034 USD 151,193 128,347 0.00 MGM Resorts International 5.75% Morgan Stanley ABS Capital I, Inc. 15/06/2025 USD 7,780,000 6,677,067 0.03 Trust, FRN, Series 2004-OP1 ‘M3’ Michaels Stores, Inc., 144A 5.875% 3.111% 25/11/2034 USD 1,032,782 882,518 0.00 15/12/2020 USD 3,175,000 2,737,140 0.01 Morgan Stanley ABS Capital I, Inc. Midcontinent Communications, 144A Trust, FRN, Series 2005-HE1 ‘M3’ 2.871% 25/12/2034 389,142 6.875% 15/08/2023 USD 6,590,000 5,969,556 0.02 USD 477,917 0.00 Mill City Mortgage Loan Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2018-2 ‘A1’, 144A 3.5% Trust, FRN, Series 2005-NC1 ‘M3’ 2.725% 25/01/2035 59,941 25/05/2058 USD 7,000,000 5,986,664 0.02 USD 72,377 0.00 Molina Healthcare, Inc., 144A 4.875% Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2004-OP1 ‘M4’ 15/06/2025 USD 1,920,000 1,606,775 0.01 3.516% 25/11/2034 USD 674,140 572,794 0.00 Morgan Stanley, FRN 5.45% Perpetual 35,387,787 Morgan Stanley ABS Capital I, Inc. USD 40,600,000 0.14 Trust, FRN, Series 2004-OP1 ‘M5’ Morgan Stanley, FRN 5.55% 3.666% 25/11/2034 USD 500,790 409,904 0.00 Perpetual 64,899,149 USD 73,447,000 0.26 Morgan Stanley Capital I Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2006-HQ10 ‘AJ’ 5.389% Trust, FRN, Series 2003-HE3 ‘M1’ 12/11/2041 USD 4,352,845 3,732,101 0.01 3.111% 25/10/2033 323,938 USD 376,319 0.00 Morgan Stanley Capital I Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2007-HQ11 ‘B’ 5.538% Trust, FRN, Series 2003-NC10 ‘M1’ 12/02/2044 USD 3,112,042 2,664,469 0.01 3.111% 25/10/2033 1,310,681 USD 1,536,737 0.01 Morgan Stanley Capital I Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2007-T27 ‘B’, 144A 5.933% Trust, FRN, Series 2003-NC7 ‘M1’ 11/06/2042 USD 2,500,000 2,287,473 0.01 3.141% 25/06/2033 521,878 USD 612,604 0.00 Morgan Stanley Capital I Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2007-T27 ‘C’, 144A 5.933% Trust, FRN, Series 2004-HE1 ‘M1’ 11/06/2042 USD 2,000,000 1,796,177 0.01 2.946% 25/01/2034 3,416,769 USD 4,005,448 0.01 Morgan Stanley Capital I Trust, FRN, Morgan Stanley ABS Capital I, Inc. Series 2006-HQ8 ‘D’ 5.603% Trust, FRN, Series 2004-HE3 ‘M1’ 12/03/2044 USD 530,211 460,053 0.00 2.946% 25/03/2034 2,293,004 USD 2,729,439 0.01 Morgan Stanley Mortgage Loan Trust, Morgan Stanley ABS Capital I, Inc. FRN, Series 2004-9 ‘1A’ 5.388% Trust, FRN, Series 2004-HE6 ‘M1’ 25/11/2034 USD 235,422 212,813 0.00 2.916% 25/08/2034 1,418,395 USD 1,636,406 0.01 Morgan Stanley Mortgage Loan Trust, Morgan Stanley ABS Capital I, Inc. Series 2005-4 ‘1A’ 5% 25/08/2035 USD 18,975 16,351 0.00 Trust, FRN, Series 2004-HE8 ‘M1’ Morgan Stanley Mortgage Loan Trust, 2.92% 25/09/2034 USD 1,389,874 1,208,806 0.01 Series 2006-2 ‘1A’ 5.25% 25/02/2021 USD 1,618,204 1,364,384 0.01 Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2004-NC3 ‘M1’ Morgan Stanley Mortgage Loan Trust, FRN, Series 2007-5AX ‘2A2’ 2.241% 2.886% 25/03/2034 USD 2,615,720 2,221,801 0.01 25/02/2037 USD 4,321,940 1,895,319 0.01 Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2004-NC5 ‘M1’ Morgan Stanley Mortgage Loan Trust, FRN, Series 2004-8AR ‘4A1’ 3.608% 2.991% 25/05/2034 USD 7,936,497 6,797,125 0.03 25/10/2034 USD 1,053,080 925,662 0.00 Morgan Stanley ABS Capital I, Inc. Trust, FRN, Series 2004-WMC2 ‘M1’ MortgageIT Trust, FRN, Series 2005-3 ‘A1’ 2.56% 25/08/2035 6,425,923 2.875% 25/07/2034 USD 548,315 471,280 0.00 USD 7,626,821 0.03 Morgan Stanley ABS Capital I, Inc. MortgageIT Trust, FRN, Series 2005-5 Trust, FRN, Series 2004-HE2 ‘M2’ ‘A1’ 2.22% 25/12/2035 USD 861,501 737,031 0.00 3.891% 25/03/2034 USD 319,584 253,914 0.00 MPH Acquisition Holdings LLC, 144A Morgan Stanley ABS Capital I, Inc. 7.125% 01/06/2024 USD 9,929,000 8,762,237 0.03 Trust, FRN, Series 2004-HE3 ‘M2’ MSCI, Inc., 144A 5.25% 15/11/2024 USD 3,127,000 2,725,973 0.01 3.966% 25/03/2034 USD 2,075,922 1,739,732 0.01 MSCI, Inc., 144A 5.375% 15/05/2027 USD 8,110,000 7,017,680 0.03 Morgan Stanley ABS Capital I, Inc. Mueller Water Products, Inc., 144A Trust, FRN, Series 2004-HE6 ‘M2’ 5.5% 15/06/2026 USD 3,445,000 2,973,603 0.01 2.991% 25/08/2034 USD 1,293,800 1,113,007 0.00 Nabors Industries, Inc., 144A 5.75% Morgan Stanley ABS Capital I, Inc. 01/02/2025 USD 11,163,000 9,077,224 0.04 Trust, FRN, Series 2004-HE7 ‘M2’ National Rural Utilities Cooperative 3.036% 25/08/2034 USD 162,591 141,912 0.00 Finance Corp., FRN 5.25% Morgan Stanley ABS Capital I, Inc. 20/04/2046 USD 3,576,000 3,157,533 0.01 Trust, FRN, Series 2004-HE8 ‘M2’ Navistar International Corp., 144A 2.98% 25/09/2034 USD 361,718 316,559 0.00 6.625% 01/11/2025 USD 11,583,000 10,257,340 0.04 Morgan Stanley ABS Capital I, Inc. Neiman Marcus Group Ltd. LLC, 144A Trust, FRN, Series 2004-NC6 ‘M2’ 8% 15/10/2021 USD 13,946,000 7,965,242 0.03 3.966% 25/07/2034 USD 1,088,014 924,342 0.00 Neiman Marcus Group Ltd. LLC, 144A Morgan Stanley ABS Capital I, Inc. 8.75% 15/10/2021 USD 12,784,763 7,302,002 0.03 Trust, FRN, Series 2004-NC7 ‘M2’ Netflix, Inc., 144A 4.875% 3.021% 25/07/2034 USD 908,133 788,385 0.00 15/04/2028 USD 13,700,000 11,216,381 0.04 Morgan Stanley ABS Capital I, Inc. Netflix, Inc., 144A 5.875% 15/11/2028 USD 13,662,000 11,904,675 0.05 Trust, FRN, Series 2004-OP1 ‘M2’ Netflix, Inc. 5.5% 15/02/2022 USD 1,845,000 1,634,309 0.01 3.006% 25/11/2034 293,874 USD 344,139 0.00 Netflix, Inc. 5.75% 01/03/2024 USD 1,120,000 981,174 0.00 Morgan Stanley ABS Capital I, Inc. Netflix, Inc. 4.375% 15/11/2026 3,790,951 Trust, FRN, Series 2004-WMC2 ‘M2’ USD 4,678,000 0.02 3.76% 25/07/2034 USD 666,621 562,883 0.00

112 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

New Century Home Equity Loan Opteum Mortgage Acceptance Corp., Trust, FRN, Series 2006-2 ‘A2B’ FRN, Series 2005-4 ‘1A2’ 2.35% 2.251% 25/08/2036 USD 2,235,167 1,831,686 0.01 25/11/2035 USD 1,496,415 1,271,154 0.01 New Century Home Equity Loan Opteum Mortgage Acceptance Corp., Trust, FRN, Series 2003-3 ‘M1’ FRN, Series 2005-5 ‘1APT’ 2.24% 3.276% 25/07/2033 USD 234,678 201,450 0.00 25/12/2035 USD 7,514,781 6,346,360 0.03 New Century Home Equity Loan Opteum Mortgage Acceptance Corp. Trust, FRN, Series 2004-1 ‘M1’ Trust, FRN, Series 2006-1 ‘1AC1’ 2.976% 25/05/2034 USD 4,857,429 4,156,070 0.02 2.26% 25/04/2036 USD 3,571,810 2,973,661 0.01 New Century Home Equity Loan Opteum Mortgage Acceptance Corp. Trust, FRN, Series 2004-4 ‘M1’ Trust, FRN, Series 2006-1 ‘1APT’ 2.856% 25/02/2035 USD 4,436,925 3,797,666 0.02 2.17% 25/04/2036 USD 814,764 660,607 0.00 New Century Home Equity Loan Option One Mortgage Accept Corp., Trust, FRN, Series 2003-B ‘M2’ FRN, Series 2003-5 ‘A1’ 2.731% 4.566% 25/11/2033 USD 230,743 199,571 0.00 25/08/2033 USD 3,614,265 3,050,654 0.01 New Century Home Equity Loan Option One Mortgage Accept Corp., Trust, FRN, Series 2004-2 ‘M2’ FRN, Series 2003-5 ‘A2’ 2.731% 3.021% 25/08/2034 USD 52,488 45,006 0.00 25/08/2033 USD 262,365 221,694 0.00 New Century Home Equity Loan Option One Mortgage Accept Corp., Trust, FRN, Series 2004-3 ‘M2’ FRN, Series 2003-5 ‘M1’ 3.066% 3.066% 25/11/2034 USD 731,637 627,768 0.00 25/08/2033 USD 1,664,019 1,401,206 0.01 New Century Home Equity Loan Option One Mortgage Accept Corp., Trust, FRN, Series 2004-4 ‘M2’ FRN, Series 2003-5 ‘M2’ 4.416% 2.886% 25/02/2035 USD 107,447 91,850 0.00 25/08/2033 USD 137,795 109,062 0.00 New Century Home Equity Loan Option One Mortgage Loan Trust, Trust, FRN, Series 2004-3 ‘M3’ FRN, Series 2002-3 ‘A1’ 2.591% 3.156% 25/11/2034 USD 332,429 288,273 0.00 25/08/2032 USD 2,711,559 2,283,742 0.01 New Century Home Equity Loan Option One Mortgage Loan Trust, Trust, FRN, Series 2005-1 ‘M3’ FRN, Series 2002-3 ‘A2’ 2.631% 2.871% 25/03/2035 USD 61,904 50,172 0.00 25/08/2032 USD 470,860 396,896 0.00 New Century Home Equity Loan Option One Mortgage Loan Trust, Trust, FRN, Series 2004-2 ‘M4’ FRN, Series 2004-3 ‘M2’ 2.946% 3.891% 25/08/2034 USD 1,115,736 962,185 0.00 25/11/2034 USD 689,528 593,900 0.00 New Century Home Equity Loan Owens-Brockway Glass Container, Trust, FRN, Series 2004-2 ‘M6’ Inc., 144A 5% 15/01/2022 USD 1,720,000 1,468,187 0.01 4.341% 25/08/2034 USD 398,997 343,584 0.00 Owens-Brockway Glass Container, New Residential Mortgage Loan Inc., 144A 5.875% 15/08/2023 USD 2,000,000 1,734,523 0.01 Trust, FRN, Series 2018-2A ‘A1’, 144A Owens-Brockway Glass Container, 4.5% 25/02/2058 USD 10,498,032 9,287,801 0.04 Inc., 144A 5.375% 15/01/2025 USD 4,621,000 3,915,737 0.02 New Residential Mortgage Trust, FRN, Parsley Energy LLC, 144A 5.375% Series 2018-1A ‘A1A’, 144A 4% 15/01/2025 USD 4,216,000 3,577,510 0.01 25/12/2057 USD 6,947,302 6,022,163 0.02 Parsley Energy LLC, 144A 5.25% Nexstar Broadcasting, Inc., 144A 15/08/2025 USD 5,075,000 4,315,528 0.02 6.125% 15/02/2022 USD 3,840,000 3,384,637 0.01 Parsley Energy LLC, 144A 5.625% Nexstar Broadcasting, Inc., 144A 15/10/2027 USD 2,475,000 2,115,076 0.01 5.625% 01/08/2024 USD 6,420,000 5,348,530 0.02 Party City Holdings, Inc., 144A NextEra Energy Operating Partners 6.125% 15/08/2023 USD 2,782,000 2,423,283 0.01 LP, 144A 4.25% 15/09/2024 USD 2,889,000 2,397,869 0.01 PBF Holding Co. LLC 7% 15/11/2023 USD 4,447,000 3,978,627 0.02 NextEra Energy Operating Partners PBF Holding Co. LLC 7.25% LP, 144A 4.5% 15/09/2027 USD 2,151,000 1,727,948 0.01 15/06/2025 USD 7,487,000 6,766,317 0.03 NGPL PipeCo LLC, 144A 4.375% Peabody Energy Corp., 144A 6% 15/08/2022 USD 3,600,000 3,080,339 0.01 31/03/2022 USD 2,411,000 2,109,521 0.01 NGPL PipeCo LLC, 144A 4.875% Peabody Energy Corp., 144A 6.375% 15/08/2027 USD 2,657,000 2,261,903 0.01 31/03/2025 USD 855,000 760,954 0.00 Nielsen Finance LLC, 144A 5% People’s Choice Home Loan 15/04/2022 USD 20,308,000 17,243,539 0.07 Securities Trust, FRN, Series 2004-2 NiSource, Inc., FRN, 144A 5.65% ‘M3’ 3.816% 25/10/2034 USD 1,050,705 899,085 0.00 Perpetual USD 12,315,000 10,510,883 0.04 PetSmart, Inc., 144A 7.125% Nomura Asset Acceptance Corp. 15/03/2023 USD 24,064,000 13,795,795 0.05 Alternative Loan Trust, STEP, Series PetSmart, Inc., 144A 5.875% 2005-WF1 ‘2A5’ 5.159% 25/03/2035 USD 9,259 8,284 0.00 01/06/2025 USD 17,607,000 11,659,163 0.05 Northern Trust Corp., FRN 4.6% PetSmart, Inc., 144A 8.875% Perpetual USD 16,951,000 14,252,616 0.06 01/06/2025 USD 9,496,000 5,272,502 0.02 NovaStar Mortgage Funding Trust, Pilgrim’s Pride Corp., 144A 5.75% FRN, Series 2003-3 ‘M2’ 4.372% 15/03/2025 USD 14,884,000 12,308,140 0.05 25/12/2033 USD 1,998 1,721 0.00 Pilgrim’s Pride Corp., 144A 5.875% NovaStar Mortgage Funding Trust, 30/09/2027 USD 5,205,000 4,166,794 0.02 FRN, Series 2004-2 ‘M4’ 3.76% Plains All American Pipeline LP, FRN 25/09/2034 3,602,160 USD 4,251,195 0.01 6.125% Perpetual USD 43,220,000 35,353,264 0.14 Novelis Corp., 144A 6.25% Plantronics, Inc., 144A 5.5% 15/08/2024 10,393,855 USD 12,095,000 0.04 31/05/2023 USD 10,930,000 9,422,647 0.04 Novelis Corp., 144A 5.875% PNC Financial Services Group, Inc. 30/09/2026 11,431,060 USD 13,860,000 0.05 (The), FRN 5% Perpetual USD 15,260,000 12,961,996 0.05 NRG Energy, Inc., 144A 5.75% PNC Financial Services Group, Inc. 15/01/2028 2,694,431 USD 3,165,000 0.01 (The), FRN 6.75% Perpetual USD 14,024,000 13,022,415 0.05 Nuance Communications, Inc., 144A PNC Financial Services Group, Inc. 5.375% 15/08/2020 1,791,336 USD 2,084,000 0.01 (The), FRN 4.85% Perpetual USD 20,115,000 17,114,128 0.07 Nuance Communications, Inc. 5.625% Polaris Intermediate Corp., 144A 15/12/2026 6,163,427 USD 7,363,000 0.02 8.5% 01/12/2022 USD 8,352,000 7,379,518 0.03 NVA Holdings, Inc., 144A 6.875% Post Holdings, Inc., 144A 5.5% 01/04/2026 2,751,812 USD 3,208,000 0.01 01/03/2025 USD 10,764,000 9,028,274 0.04 NWH Escrow Corp., 144A 7.5% Post Holdings, Inc., 144A 5% 01/08/2021 1,021,143 USD 1,275,000 0.00 15/08/2026 USD 7,507,000 6,010,042 0.02 Oak Hill Advisors Residential Loan Post Holdings, Inc., 144A 5.75% Trust, STEP, Series 2017-NPL1 ‘A1’, 01/03/2027 USD 15,008,000 12,547,893 0.05 144A 3% 25/06/2057 USD 5,836,412 5,013,390 0.02 Post Holdings, Inc., 144A 5.625% Oak Hill Advisors Residential Loan 15/01/2028 2,531,633 Trust, STEP, Series 2017-NPL2 ‘A1’, USD 3,130,000 0.01 144A 3% 25/07/2057 USD 4,634,563 3,951,017 0.02 PQ Corp., 144A 5.75% 15/12/2025 USD 4,432,000 3,749,416 0.02 Oasis Petroleum, Inc., 144A 6.25% Prestige Brands, Inc., 144A 6.375% 01/05/2026 USD 8,859,000 7,696,614 0.03 01/03/2024 USD 5,575,000 4,768,954 0.02

113 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, FRN, Series 2017-NPL5 ‘A1’, STEP, Series 2005-4 ‘A3’ 5.565% 144A 3.327% 30/12/2032 USD 11,270,822 9,662,203 0.04 25/02/2036 USD 145,246 124,986 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2017-NPL2 ‘A1’, STEP, Series 2005-1 ‘AF6’ 4.97% 144A 3.25% 28/03/2057 USD 7,103,207 6,092,761 0.02 25/05/2035 USD 316,893 279,760 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2017-NPL3 ‘A1’, FRN, Series 2004-1 ‘AV3’ 2.9% 144A 3.25% 29/06/2032 USD 4,468,679 3,824,212 0.02 25/05/2034 USD 6,669,673 5,636,340 0.02 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2017-NPL4 ‘A1’, FRN, Series 2005-2 ‘AV3’ 2.33% 144A 3.25% 27/08/2032 USD 12,183,851 10,395,428 0.04 25/08/2035 USD 277,660 230,560 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2018-NPL1 ‘A1’, FRN, Series 2002-3 ‘M1’ 3.46% 144A 3.375% 27/01/2033 USD 6,296,430 5,372,350 0.02 25/12/2032 USD 1,889,052 1,627,887 0.01 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2018-NPL2 ‘A1’, FRN, Series 2003-1 ‘M1’ 3.46% 144A 3.7% 27/03/2033 USD 12,896,320 11,055,637 0.04 25/06/2033 USD 571,778 482,376 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2018-NPL3 ‘A1’, FRN, Series 2003-3 ‘M1’ 2.69% 144A 0%27/08/2033 USD 10,000,000 8,588,704 0.03 25/12/2033 USD 914,276 770,317 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2017-NPL1 ‘A2’, FRN, Series 2003-4 ‘M1’ 2.81% 144A 5.5% 29/04/2032 USD 6,118,000 5,241,027 0.02 25/03/2034 USD 1,143,367 976,637 0.00 Pretium Mortgage Credit Partners I Renaissance Home Equity Loan Trust, LLC, STEP, Series 2017-NPL2 ‘A2’, STEP, Series 2003-3 ‘M2F’ 5.681% 144A 5.5% 28/03/2057 USD 2,500,000 2,111,181 0.01 25/12/2033 USD 410,675 366,080 0.00 Prime Security Services Borrower Renaissance Home Equity Loan Trust, LLC, 144A 9.25% 15/05/2023 USD 22,775,000 20,856,382 0.08 STEP, Series 2003-4 ‘M2F’ 6.244% Progressive Corp. (The), FRN 5.375% 25/03/2034 USD 566,897 463,607 0.00 Perpetual USD 14,385,000 12,290,112 0.05 Residential Asset Securitization Trust, Prudential Financial, Inc., FRN Series 2006-A8 ‘3A1’ 6% 25/08/2036 USD 4,158,613 3,066,788 0.01 5.875% 15/09/2042 USD 30,185,000 27,477,004 0.11 Residential Asset Securitization Trust, Prudential Financial, Inc., FRN Series 2004-A6 ‘A1’ 5% 25/08/2019 USD 43,008 36,809 0.00 5.625% 15/06/2043 USD 36,025,000 32,090,104 0.13 Residential Asset Securitization Trust, Prudential Financial, Inc., FRN 5.2% Series 2005-A14 ‘A1’ 5.5% 15/03/2044 USD 17,708,000 15,224,239 0.06 25/12/2035 USD 64,866 48,354 0.00 Prudential Financial, Inc., FRN Residential Asset Securitization Trust, 5.375% 15/05/2045 USD 14,167,000 12,140,119 0.05 Series 2005-A8CB ‘A11’ 6% Qorvo, Inc. 6.75% 01/12/2023 USD 3,615,000 3,302,749 0.01 25/07/2035 USD 920,675 731,686 0.00 Qorvo, Inc. 7% 01/12/2025 USD 975,000 908,310 0.00 Residential Asset Securitization Trust, Quicken Loans, Inc., 144A 5.75% Series 2005-A3 ‘A2’ 5.5% 25/04/2035 582,200 01/05/2025 USD 14,294,000 12,123,235 0.05 USD 770,529 0.00 Quicken Loans, Inc., 144A 5.25% Reynolds Group Issuer, Inc., 144A 5.125% 15/07/2023 433,701 15/01/2028 USD 5,074,000 4,035,205 0.02 USD 510,000 0.00 Reynolds Group Issuer, Inc., 144A 7% Qwest Corp. 7.25% 15/09/2025 USD 1,195,000 1,096,660 0.00 15/07/2024 USD 2,700,000 2,368,715 0.01 RAAC Trust, FRN, Series 2005-RP3 Reynolds Group Issuer, Inc. 6.875% ‘M1’, 144A 2.76% 25/05/2039 USD 1,219,196 1,049,512 0.00 15/02/2021 USD 3,243,589 2,824,239 0.01 Rackspace Hosting, Inc., 144A RFMSI Trust, Series 2006-S10 ‘1A1’ 8.625% 15/11/2024 USD 19,470,000 16,796,203 0.07 6% 25/10/2036 USD 9,289,595 7,482,604 0.03 Rain CII Carbon LLC, 144A 7.25% RFMSI Trust, Series 2004-S9 ‘2A1’ 01/04/2025 USD 8,195,000 7,179,212 0.03 4.75% 25/12/2019 USD 137,899 118,807 0.00 RALI Trust, Series 2006-QS3 ‘1A10’ RFMSI Trust, FRN, Series 2006-SA4 6% 25/03/2036 USD 2,159,844 1,749,587 0.01 ‘2A1’ 4.819% 25/11/2036 USD 3,105,060 2,557,859 0.01 RALI Trust, Series 2005-QS2 ‘A1’ RFMSI Trust, Series 2006-S6 ‘A14’ 5.5% 25/02/2035 USD 97,210 81,942 0.00 6% 25/07/2036 USD 4,249,184 3,620,481 0.01 RALI Trust, Series 2005-QS6 ‘A1’ 5% RFMSI Trust, Series 2005-S7 ‘A6’ 25/05/2035 USD 3,780,461 3,101,961 0.01 5.5% 25/11/2035 USD 257,309 216,469 0.00 RALI Trust, FRN, Series 2006-QS10 Rite Aid Corp., 144A 6.375% ‘A13’ 2.491% 25/08/2036 USD 3,355,753 2,268,060 0.01 01/04/2023 USD 14,622,000 12,762,477 0.05 RALI Trust, FRN, Series 2005-QO1 Riverbed Technology, Inc., 144A ‘A16’ 2.26% 25/08/2035 USD 3,101,715 2,351,486 0.01 8.875% 01/03/2023 USD 1,865,000 1,533,717 0.01 RALI Trust, FRN, Series 2005-QA5 Sabine Pass Liquefaction LLC 5.625% ‘A2’ 4.873% 25/04/2035 USD 946,296 780,890 0.00 01/02/2021 USD 5,500,000 4,940,609 0.02 RALI Trust, Series 2006-QS4 ‘A2’ 6% Sabine Pass Liquefaction LLC 5.625% 25/04/2036 USD 511,284 404,538 0.00 15/04/2023 USD 9,650,000 8,806,355 0.03 RALI Trust, FRN, Series 2007-QS5 ‘A2’ Sabine Pass Liquefaction LLC 5.875% 2.611% 25/03/2037 USD 3,127,103 2,120,997 0.01 30/06/2026 USD 3,736,000 3,461,139 0.01 RALI Trust, Series 2005-QS17 ‘A3’ 6% Sabine Pass Liquefaction LLC 5% 25/12/2035 USD 244,402 203,241 0.00 15/03/2027 USD 2,070,000 1,816,344 0.01 RALI Trust, Series 2006-QS1 ‘A7’ Sabine Pass Liquefaction LLC 6.25% 5.75% 25/01/2036 USD 3,197,598 2,655,144 0.01 15/03/2022 USD 1,020,000 944,161 0.00 RALI Trust, Series 2003-QS20 ‘CB’ 5% Sabre GLBL, Inc., 144A 5.375% 25/11/2018 USD 2,577 2,219 0.00 15/04/2023 USD 17,406,000 15,140,852 0.06 RAMP Trust, FRN, Series 2002-RS2 Sabre GLBL, Inc., 144A 5.25% ‘AI5’ 5.934% 25/03/2032 USD 274,075 238,895 0.00 15/11/2023 USD 3,211,000 2,788,803 0.01 RAMP Trust, FRN, Series 2006-RZ3 Sanchez Energy Corp., 144A 7.25% ‘M1’ 2.441% 25/08/2036 USD 5,500,000 4,651,924 0.02 15/02/2023 USD 1,891,000 1,602,767 0.01 RASC Trust, FRN, Series 2006-KS5 ‘A3’ 2.251% 25/07/2036 277,101 SASCO Mortgage Loan Trust, FRN, USD 321,940 0.00 Series 2004-GEL3 ‘M1’ 3.666% RASC Trust, FRN, Series 2001-KS3 25/08/2034 USD 633,031 541,590 0.00 ‘AII’ 2.551% 25/09/2031 792,562 USD 937,099 0.00 Saxon Asset Securities Trust, FRN, RASC Trust, FRN, Series 2005-EMX1 Series 2004-2 ‘AF3’ 4.211% ‘M1’ 2.736% 25/03/2035 USD 4,937,585 4,262,849 0.02 25/08/2035 USD 236,885 205,348 0.00 RASC Trust, FRN, Series 2005-KS2 Saxon Asset Securities Trust, FRN, ‘M1’ 2.736% 25/03/2035 USD 261,820 225,559 0.00 Series 2003-3 ‘M1’ 3.066% RBS Global, Inc., 144A 4.875% 25/12/2033 USD 2,527,314 2,106,124 0.01 15/12/2025 USD 3,760,000 3,067,885 0.01 Saxon Asset Securities Trust, FRN, Renaissance Home Equity Loan Trust, Series 2004-2 ‘MV2’ 3.319% FRN, Series 2003-3 ‘A’ 2.46% 25/08/2035 USD 1,123,158 970,893 0.00 25/12/2033 USD 1,662,940 1,409,222 0.01 SBA Communications Corp., REIT, 144A 4% 01/10/2022 USD 1,594,000 1,318,495 0.01 114 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

SBA Communications Corp., REIT Sprint Communications, Inc., 144A 4.875% 15/07/2022 USD 3,291,000 2,812,481 0.01 9% 15/11/2018 USD 3,931,000 3,448,977 0.01 SBA Communications Corp., REIT Sprint Communications, Inc., 144A 4.875% 01/09/2024 USD 18,066,000 14,924,482 0.06 7% 01/03/2020 USD 7,589,000 6,746,097 0.03 Scientific Games International, Inc., Sprint Corp. 7.625% 01/03/2026 USD 7,187,000 6,315,785 0.03 144A 5% 15/10/2025 USD 13,558,000 11,084,112 0.04 SPX FLOW, Inc., 144A 5.625% Scientific Games International, Inc. 15/08/2024 USD 5,470,000 4,686,276 0.02 10% 01/12/2022 USD 6,435,000 5,900,307 0.02 SPX FLOW, Inc., 144A 5.875% Sealed Air Corp., 144A 6.5% 15/08/2026 USD 4,745,000 4,073,425 0.02 01/12/2020 USD 960,000 871,925 0.00 STACR Trust, FRN, Series 2018-DNA2 Sealed Air Corp., 144A 4.875% ‘M1’, 144A 2.857% 25/12/2030 USD 15,000,000 12,883,748 0.05 01/12/2022 USD 2,460,000 2,144,387 0.01 STACR Trust, FRN, Series 2018-DNA2 Sealed Air Corp., 144A 5.25% ‘M2’, 144A 4.207% 25/12/2030 USD 6,800,000 5,808,923 0.02 01/04/2023 USD 867,000 761,395 0.00 Standard Industries, Inc., 144A 6% Sealed Air Corp., 144A 5.125% 15/10/2025 USD 8,290,000 7,178,064 0.03 01/12/2024 USD 1,992,000 1,732,256 0.01 Standard Industries, Inc., 144A 5% Sealed Air Corp., 144A 5.5% 15/02/2027 USD 2,135,000 1,719,083 0.01 15/09/2025 USD 565,000 499,820 0.00 Standard Industries, Inc., 144A 4.75% Securitized Asset-Backed Receivables 15/01/2028 USD 21,558,000 17,008,550 0.07 LLC Trust, FRN, Series 2004-NC1 ‘M1’ Stanwich Mortgage Loan Co. LLC, 2.871% 25/02/2034 USD 787,865 683,534 0.00 STEP, Series 2017-NPA1 ‘A1’, 144A Securitized Asset-Backed Receivables 3.598% 16/03/2022 USD 520,582 446,625 0.00 LLC Trust, FRN, Series 2004-OP2 ‘M1’ Stanwich Mortgage Loan Trust, STEP, 3.066% 25/08/2034 USD 8,458,822 7,195,807 0.03 Series 2018-NPB1 ‘A1’, 144A 4.016% Securitized Asset-Backed Receivables 16/05/2023 USD 8,846,418 7,619,502 0.03 LLC Trust, FRN, Series 2004-OP1 ‘M2’ Staples, Inc., 144A 8.5% 15/09/2025 USD 33,570,000 27,058,951 0.11 3.61% 25/02/2034 USD 527,005 447,541 0.00 State Street Corp., FRN 5.25% Securitized Asset-Backed Receivables Perpetual USD 16,835,000 14,865,962 0.06 LLC Trust, FRN, Series 2005-FR2 ‘M2’ Station Casinos LLC, 144A 5% 3.066% 25/03/2035 USD 1,556,449 1,342,484 0.01 01/10/2025 USD 6,489,000 5,257,293 0.02 Securitized Asset-Backed Receivables Steel Dynamics, Inc. 5.25% LLC Trust, FRN, Series 2005-OP1 ‘M2’ 15/04/2023 USD 2,199,000 1,904,946 0.01 2.766% 25/01/2035 USD 3,648,136 3,077,024 0.01 Steel Dynamics, Inc. 4.125% SemGroup Corp. 6.375% 15/03/2025 USD 3,937,000 3,229,211 0.01 15/09/2025 USD 3,395,000 2,802,248 0.01 SemGroup Corp. 7.25% 15/03/2026 USD 5,552,000 4,685,001 0.02 Steel Dynamics, Inc. 5.125% Seminole Hard Rock Entertainment, 01/10/2021 USD 4,345,000 3,776,853 0.02 Inc., 144A 5.875% 15/05/2021 USD 14,304,000 12,408,135 0.05 Steel Dynamics, Inc. 5.5% Sequoia Mortgage Trust, FRN, Series 01/10/2024 USD 591,000 518,940 0.00 2007-3 ‘1A1’ 2.148% 20/07/2036 USD 2,515,189 2,074,683 0.01 Structured Adjustable Rate Mortgage Sequoia Mortgage Trust, FRN, Series Loan Trust, FRN, Series 2005-1 ‘1A1’ 2018-2 ‘A4’, 144A 3.5% 25/02/2048 USD 8,227,487 7,045,592 0.03 3.543% 25/02/2035 USD 1,153,346 992,832 0.00 Sinclair Television Group, Inc., 144A Structured Adjustable Rate Mortgage 5.625% 01/08/2024 USD 8,059,000 6,869,725 0.03 Loan Trust, FRN, Series 2004-20 Sinclair Television Group, Inc., 144A ‘3A1’ 3.397% 25/01/2035 USD 162,860 139,049 0.00 5.875% 15/03/2026 USD 5,000,000 4,213,833 0.02 Structured Adjustable Rate Mortgage Sinclair Television Group, Inc., 144A Loan Trust, FRN, Series 2005-1 ‘5A1’ 5.125% 15/02/2027 USD 5,067,000 4,061,756 0.02 3.639% 25/02/2035 USD 726,843 628,630 0.00 Sinclair Television Group, Inc. 5.375% Structured Adjustable Rate Mortgage 01/04/2021 USD 8,750,000 7,563,852 0.03 Loan Trust, FRN, Series 2004-16 Sinclair Television Group, Inc. 6.125% ‘5A2’ 3.625% 25/11/2034 USD 1,538,855 1,338,077 0.01 01/10/2022 USD 6,314,000 5,529,360 0.02 Structured Asset Investment Loan Sirius XM Radio, Inc., 144A 4.625% Trust, FRN, Series 2004-BNC1 ‘A5’ 15/05/2023 USD 4,871,000 4,100,368 0.02 3.2% 25/09/2034 USD 180,979 156,949 0.00 Sirius XM Radio, Inc., 144A 6% Structured Asset Investment Loan 15/07/2024 USD 31,939,000 28,064,306 0.11 Trust, FRN, Series 2003-BC12 ‘M1’ Sirius XM Radio, Inc., 144A 5.375% 3.066% 25/11/2033 USD 339,613 282,241 0.00 15/04/2025 USD 20,750,000 17,509,684 0.07 Structured Asset Investment Loan Sirius XM Radio, Inc., 144A 5.375% Trust, FRN, Series 2003-BC3 ‘M1’ 15/07/2026 USD 5,745,000 4,784,827 0.02 3.516% 25/04/2033 USD 39,753 34,145 0.00 Sirius XM Radio, Inc., 144A 5% Structured Asset Investment Loan 01/08/2027 USD 8,614,000 6,929,072 0.03 Trust, FRN, Series 2003-BC6 ‘M1’ Six Flags Entertainment Corp., 144A 3.216% 25/07/2033 USD 1,788,456 1,537,763 0.01 4.875% 31/07/2024 USD 11,748,000 9,824,239 0.04 Structured Asset Investment Loan Trust, FRN, Series 2003-BC7 ‘M1’ Solera LLC, 144A 10.5% 01/03/2024 USD 8,202,000 7,836,956 0.03 3.216% 25/07/2033 USD 1,158,710 998,095 0.00 Sotera Health Holdings LLC, 144A 6.5% 15/05/2023 3,293,231 Structured Asset Investment Loan USD 3,750,000 0.01 Trust, FRN, Series 2004-1 ‘M1’ Sotheby’s, 144A 4.875% 15/12/2025 USD 7,415,000 6,145,626 0.02 3.066% 25/02/2034 USD 433,700 369,046 0.00 Soundview Home Loan Trust, FRN, Structured Asset Investment Loan Series 2006-OPT3 ‘2A3’ 2.261% Trust, FRN, Series 2004-6 ‘M1’ 25/06/2036 USD 2,145,762 1,838,650 0.01 2.991% 25/07/2034 USD 1,723,767 1,467,411 0.01 Soundview Home Loan Trust, FRN, Structured Asset Investment Loan Series 2006-OPT2 ‘A3’ 2.271% Trust, FRN, Series 2004-7 ‘M1’ 3.01% 25/05/2036 USD 899,819 773,149 0.00 25/08/2034 USD 289,130 244,362 0.00 Soundview Home Loan Trust, FRN, Structured Asset Investment Loan Series 2004-WMC1 ‘M2’ 2.886% Trust, FRN, Series 2005-HE2 ‘M1’ 25/01/2035 USD 199,028 161,666 0.00 2.68% 25/07/2035 USD 1,719,987 1,484,911 0.01 Specialty Underwriting & Residential Structured Asset Investment Loan Finance Trust, FRN, Series 2004-BC3 Trust, FRN, Series 2003-BC11 ‘M2’ ‘M1’ 3.021% 25/07/2035 USD 1,033,426 885,844 0.00 4.641% 25/10/2033 USD 323,546 285,359 0.00 Specialty Underwriting & Residential Structured Asset Investment Loan Finance Trust, FRN, Series 2004-BC1 Trust, FRN, Series 2004-1 ‘M2’ ‘M2’ 3.696% 25/02/2035 USD 448,581 383,252 0.00 4.791% 25/02/2034 USD 20 17 0.00 Springleaf Finance Corp. 7.75% Structured Asset Investment Loan 01/10/2021 USD 3,247,000 3,013,832 0.01 Trust, FRN, Series 2004-8 ‘M2’ Springleaf Finance Corp. 6.125% 3.021% 25/09/2034 USD 131,640 113,058 0.00 15/05/2022 USD 9,330,000 8,213,392 0.03 Structured Asset Investment Loan Springleaf Finance Corp. 5.625% Trust, FRN, Series 2004-5 ‘M3’ 15/03/2023 USD 10,653,000 9,102,244 0.04 3.021% 25/05/2034 USD 1,663,983 1,390,271 0.01 Springleaf Finance Corp. 6.875% Structured Asset Mortgage 15/03/2025 USD 2,415,000 2,069,132 0.01 Investments II Trust, FRN, Series Springleaf Finance Corp. 7.125% 2005-AR5 ‘A3’ 2.198% 19/07/2035 USD 1,020,629 856,528 0.00 15/03/2026 USD 3,065,000 2,629,805 0.01

115 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Structured Asset Securities Corp., United States Steel Corp. 6.25% FRN, Series 2004-10 ‘1A1’ 5.266% 15/03/2026 USD 7,459,000 6,365,218 0.03 25/06/2034 USD 3,581,156 3,149,786 0.01 Uniti Group LP, REIT, 144A 6% Structured Asset Securities Corp., 15/04/2023 USD 11,128,000 9,222,997 0.04 Series 2002-AL1 ‘A3’ 3.45% Uniti Group LP, REIT, 144A 7.125% 25/02/2032 USD 3,427,887 2,894,968 0.01 15/12/2024 USD 2,395,000 1,877,008 0.01 Structured Asset Securities Corp., Uniti Group LP, REIT 8.25% FRN, Series 2003-35 ‘B1’ 5.465% 15/10/2023 USD 11,839,000 9,659,759 0.04 25/12/2033 USD 235,255 186,389 0.00 Univar USA, Inc., 144A 6.75% Structured Asset Securities Corp. 15/07/2023 USD 3,294,000 2,921,066 0.01 Mortgage Loan Trust, FRN, Series Univision Communications, Inc., 144A 2006-BC4 ‘A4’ 2.13% 25/12/2036 USD 3,386,422 2,824,157 0.01 6.75% 15/09/2022 USD 1,571,000 1,383,018 0.01 Structured Asset Securities Corp. Univision Communications, Inc., 144A Mortgage Loan Trust, FRN, Series 5.125% 15/05/2023 USD 5,085,000 4,213,931 0.02 2006-BC6 ‘A4’ 2.261% 25/01/2037 USD 2,132,482 1,798,482 0.01 Univision Communications, Inc., 144A Summit Materials LLC, 144A 5.125% 5.125% 15/02/2025 USD 4,772,000 3,810,403 0.02 01/06/2025 4,172,443 USD 5,130,000 0.02 US Bancorp, FRN 5.125% Perpetual USD 18,325,000 16,174,057 0.06 Sunoco LP, 144A 4.875% 15/01/2023 4,922,738 USD 5,960,000 0.02 US Bancorp, FRN 5.3% Perpetual USD 9,019,000 7,733,604 0.03 Sunoco LP, 144A 5.5% 15/02/2026 USD 4,575,000 3,757,424 0.02 US Concrete, Inc. 6.375% Sunoco LP, 144A 5.875% 15/03/2028 USD 1,059,000 859,819 0.00 01/06/2024 USD 7,199,000 6,236,553 0.02 SunTrust Banks, Inc., FRN 5.05% USA Compression Partners LP, 144A Perpetual USD 37,633,000 31,783,550 0.13 6.875% 01/04/2026 USD 4,884,000 4,350,599 0.02 SunTrust Banks, Inc., FRN 5.125% USG Corp., 144A 4.875% 01/06/2027 USD 1,150,000 1,004,057 0.00 Perpetual USD 23,790,000 19,445,126 0.08 USIS Merger Sub, Inc., 144A 6.875% SunTrust Banks, Inc., FRN 5.625% 01/05/2025 USD 1,698,000 1,454,716 0.01 Perpetual USD 20,261,000 17,906,219 0.07 Valeant Pharmaceuticals SUPERVALU, Inc. 6.75% 01/06/2021 USD 8,711,000 7,606,975 0.03 International, Inc., 144A 6.75% Symantec Corp., 144A 5% 15/08/2021 USD 19,966,000 17,341,124 0.07 15/04/2025 USD 7,819,000 6,514,009 0.03 Valeant Pharmaceuticals Talen Energy Supply LLC 6.5% International, Inc., 144A 7.25% 01/06/2025 USD 9,970,000 6,550,648 0.03 15/07/2022 USD 21,748,000 19,129,992 0.08 Tallgrass Energy Partners LP, 144A Valeant Pharmaceuticals 5.5% 15/09/2024 USD 3,775,000 3,320,831 0.01 International, Inc., 144A 9.25% Tallgrass Energy Partners LP, 144A 01/04/2026 USD 6,056,000 5,426,510 0.02 5.5% 15/01/2028 USD 9,935,000 8,404,885 0.03 Valeant Pharmaceuticals Talos Production LLC, 144A 11% International, Inc., 144A 8.5% 03/04/2022 USD 314,486 284,958 0.00 31/01/2027 USD 10,135,000 8,823,688 0.03 Targa Resources Partners LP, 144A Vantiv LLC, 144A 4.375% 15/11/2025 USD 5,634,000 4,602,981 0.02 5.875% 15/04/2026 USD 5,630,000 4,834,425 0.02 Versum Materials, Inc., 144A 5.5% Targa Resources Partners LP, 144A 30/09/2024 USD 2,975,000 2,597,044 0.01 5% 15/01/2028 USD 9,885,000 7,895,469 0.03 Vertiv Group Corp., 144A 9.25% Targa Resources Partners LP 4.25% 15/10/2024 USD 26,385,000 22,427,885 0.09 15/11/2023 USD 9,130,000 7,525,318 0.03 Verus Securitization Trust, FRN, Targa Resources Partners LP 5.125% Series 2018-INV1 ‘A2’, 144A 3.849% 01/02/2025 USD 7,396,000 6,308,312 0.03 25/03/2058 USD 1,923,886 1,658,704 0.01 Team Health Holdings, Inc., 144A Verus Securitization Trust, FRN, 6.375% 01/02/2025 USD 14,804,000 10,864,536 0.04 Series 2018-INV1 ‘A3’, 144A 4.052% TEGNA, Inc., 144A 4.875% 25/03/2058 USD 2,940,296 2,531,598 0.01 15/09/2021 USD 2,730,000 2,350,578 0.01 Viacom, Inc., FRN 5.875% TEGNA, Inc., 144A 5.5% 15/09/2024 USD 5,360,000 4,620,809 0.02 28/02/2057 USD 13,130,000 10,676,639 0.04 Tenet Healthcare Corp., 144A 7.5% Viacom, Inc., FRN 6.25% 28/02/2057 USD 26,531,000 21,781,798 0.09 01/01/2022 USD 9,295,000 8,360,686 0.03 Viacom, Inc. 4.375% 15/03/2043 USD 2,097,000 1,507,255 0.01 Tenet Healthcare Corp., 144A 4.625% ViaSat, Inc., 144A 5.625% 15/07/2024 USD 14,626,000 11,940,216 0.05 15/09/2025 USD 2,480,000 2,006,459 0.01 Tenet Healthcare Corp., 144A 5.125% VICI Properties 1 LLC, REIT 8% 01/05/2025 USD 16,722,000 13,766,653 0.05 15/10/2023 USD 14,904,763 14,273,405 0.06 Tenet Healthcare Corp., 144A 7% Vistra Energy Corp., 144A 8% 01/08/2025 USD 7,213,000 6,166,256 0.02 15/01/2025 USD 2,415,000 2,249,046 0.01 Tennant Co. 5.625% 01/05/2025 USD 6,963,000 6,046,218 0.02 Vistra Energy Corp., 144A 8.125% Terex Corp., 144A 5.625% 30/01/2026 USD 4,582,000 4,298,478 0.02 01/02/2025 USD 11,137,000 9,523,631 0.04 VOLT LIV LLC, STEP, Series Terraform Global Operating LLC, 2017-NPL1 ‘A1’, 144A 3.5% 144A 6.125% 01/03/2026 USD 1,940,000 1,669,041 0.01 25/02/2047 USD 522,013 449,077 0.00 TerraForm Power Operating LLC, VOLT LIX LLC, STEP, Series 144A 4.25% 31/01/2023 USD 4,464,000 3,705,501 0.01 2017-NPL6 ‘A1’, 144A 3.25% TerraForm Power Operating LLC, 25/05/2047 USD 6,554,259 5,602,036 0.02 144A 5% 31/01/2028 USD 5,622,000 4,569,034 0.02 VOLT LIX LLC, STEP, Series TerraForm Power Operating LLC, 2017-NPL6 ‘A2’, 144A 5.375% STEP, 144A 6.625% 15/06/2025 USD 4,000,000 3,671,671 0.01 25/05/2047 USD 4,000,000 3,430,989 0.01 TI Group Automotive Systems LLC, VOLT LVI LLC, STEP, Series 144A 8.75% 15/07/2023 USD 14,894,000 13,377,251 0.05 2017-NPL3 ‘A1’, 144A 3.5% 25/03/2047 3,184,842 T-Mobile USA, Inc. 6% 01/03/2023 USD 2,584,000 2,291,871 0.01 USD 3,707,509 0.01 T-Mobile USA, Inc. 6.5% 15/01/2024 4,893,723 VOLT LVII LLC, STEP, Series USD 5,464,000 0.02 2017-NPL4 ‘A1’, 144A 3.375% T-Mobile USA, Inc. 6% 15/04/2024 USD 6,264,000 5,584,376 0.02 25/04/2047 USD 3,782,692 3,247,466 0.01 T-Mobile USA, Inc. 6.375% VOLT LVIII LLC, STEP, Series 01/03/2025 USD 21,185,000 18,912,242 0.07 2017-NPL5 ‘A1’, 144A 3.375% T-Mobile USA, Inc. 6.5% 15/01/2026 USD 39,226,000 34,988,803 0.14 28/05/2047 USD 3,666,950 3,152,012 0.01 T-Mobile USA, Inc. 4.5% 01/02/2026 USD 3,099,000 2,482,751 0.01 VOLT LX LLC, STEP, Series 2017-NPL7 T-Mobile USA, Inc. 4.75% 01/02/2028 USD 7,234,000 5,758,179 0.02 ‘A1’, 144A 3.25% 25/06/2047 USD 5,521,987 4,728,129 0.02 TreeHouse Foods, Inc., 144A 6% VOLT LX LLC, STEP, Series 2017-NPL7 15/02/2024 USD 9,705,000 8,533,302 0.03 ‘A2’, 144A 5.375% 25/06/2047 USD 14,000,000 12,012,822 0.05 TriMas Corp., 144A 4.875% VOLT LXI LLC, STEP, Series 15/10/2025 USD 5,343,000 4,379,574 0.02 2017-NPL8 ‘A1’, 144A 3.125% Tronox, Inc., 144A 6.5% 15/04/2026 USD 4,557,000 3,909,176 0.02 25/06/2047 USD 4,423,447 3,782,154 0.02 Tutor Perini Corp., 144A 6.875% VOLT LXI LLC, STEP, Series 01/05/2025 USD 13,991,000 12,061,518 0.05 2017-NPL8 ‘A2’, 144A 5% Ultra Resources, Inc., 144A 6.875% 25/06/2047 USD 8,500,000 7,294,284 0.03 15/04/2022 USD 22,955,000 14,860,461 0.06 VOLT LXII LLC, STEP, Series Ultra Resources, Inc., 144A 7.125% 2017-NPL9 ‘A1’, 144A 3.125% 15/04/2025 USD 9,073,000 5,454,772 0.02 25/09/2047 USD 5,636,026 4,812,870 0.02

116 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

VOLT LXIII LLC, STEP, Series Wells Fargo & Co., FRN 5.875% 2017-NP10 ‘A1’, 144A 3% 25/10/2047 USD 2,643,222 2,256,028 0.01 Perpetual USD 18,599,000 16,477,955 0.06 VOLT LXIV LLC, STEP, Series Wells Fargo Home Equity 2017-NP11 ‘A1’, 144A 3.375% Asset-Backed Securities Trust, FRN, 25/10/2047 USD 5,012,387 4,296,039 0.02 Series 2004-2 ‘M1’ 2.86% VOLT LXV LLC, STEP, Series 25/10/2034 USD 1,561,589 1,344,565 0.01 2018-NPL1 ‘A1’, 144A 3.75% Wells Fargo Home Equity 25/04/2048 USD 3,989,215 3,431,953 0.01 Asset-Backed Securities Trust, FRN, VOLT XXXVIII LLC, STEP, Series Series 2004-2 ‘M5’ 3.835% 2015-NP12 ‘A1’, 144A 3.875% 25/10/2034 USD 496,793 417,755 0.00 25/09/2045 USD 3,714,439 3,197,359 0.01 Wells Fargo Home Equity Voya Financial, Inc., FRN 5.65% Asset-Backed Securities Trust, FRN, 15/05/2053 USD 23,139,000 20,046,401 0.08 Series 2004-2 ‘M8A’, 144A 6.46% W.R. Grace & Co., 144A 5.625% 25/10/2034 USD 182,680 152,822 0.00 01/10/2024 USD 2,398,000 2,159,975 0.01 Wells Fargo Home Equity Wabash National Corp., 144A 5.5% Asset-Backed Securities Trust, FRN, 01/10/2025 USD 5,466,000 4,516,567 0.02 Series 2004-2 ‘M8B’, 144A 5% Wachovia Bank Commercial 25/10/2034 USD 182,680 145,485 0.00 Mortgage Trust, FRN, Series Wells Fargo Home Equity Trust, FRN, 2007-C31 ‘AJ’ 5.66% 15/04/2047 USD 3,807,757 3,286,692 0.01 Series 2004-1 ‘M2’ 2.905% Wachovia Bank Commercial 25/04/2034 USD 530,067 435,559 0.00 Mortgage Trust, FRN, Series Wells Fargo Home Equity Trust, FRN, 2007-C33 ‘AJ’ 6.008% 15/02/2051 USD 2,830,000 2,421,944 0.01 Series 2004-1 ‘M4’ 3.685% Wachovia Bank Commercial 25/04/2034 USD 149,189 116,114 0.00 Mortgage Trust, FRN, Series Wells Fargo Mortgage Backed 2007-C34 ‘AJ’ 6.122% 15/05/2046 USD 3,151,789 2,755,975 0.01 Securities Trust, FRN, Series Wachovia Bank Commercial 2004-DD ‘1A1’ 3.78% 25/01/2035 USD 6,904,293 6,196,933 0.02 Mortgage Trust, FRN, Series Wells Fargo Mortgage Backed 2007-C33 ‘B’ 6.008% 15/02/2051 USD 1,605,000 1,051,096 0.00 Securities Trust, FRN, Series Wachovia Bank Commercial 2005-AR10 ‘1A1’ 3.846% 25/06/2035 USD 1,977,240 1,793,410 0.01 Mortgage Trust, FRN, Series Wells Fargo Mortgage Backed 2007-C34 ‘B’ 6.197% 15/05/2046 USD 3,500,000 3,062,500 0.01 Securities Trust, FRN, Series Wachovia Bank Commercial 2005-AR11 ‘1A1’ 3.704% 25/06/2035 USD 498,487 434,286 0.00 Mortgage Trust, FRN, Series Wells Fargo Mortgage Backed 2007-C31 ‘C’ 5.981% 15/04/2047 USD 5,850,000 5,033,838 0.02 Securities Trust, FRN, Series Wachovia Bank Commercial 2005-AR5 ‘1A1’ 4.086% 25/04/2035 USD 1,918,591 1,658,821 0.01 Mortgage Trust, FRN, Series Wells Fargo Mortgage Backed 2007-C33 ‘C’ 6.008% 15/02/2051 USD 5,025,000 453,161 0.00 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2005-AR8 ‘1A1’ 4.02% 25/06/2035 USD 1,971,097 1,738,619 0.01 FRN, Series 2005-AR16 ‘1A1’ 3.391% Wells Fargo Mortgage Backed 25/12/2035 USD 835,624 721,881 0.00 Securities Trust, Series 2007-2 ‘1A13’ WaMu Mortgage Pass-Through Trust, 6% 25/03/2037 USD 51,527 44,042 0.00 FRN, Series 2006-AR2 ‘1A1’ 3.403% Wells Fargo Mortgage Backed 25/03/2036 USD 814,064 665,398 0.00 Securities Trust, FRN, Series 2004-Q WaMu Mortgage Pass-Through Trust, ‘1A2’ 3.601% 25/09/2034 USD 263,844 232,074 0.00 FRN, Series 2005-AR14 ‘1A3’ 3.402% Wells Fargo Mortgage Backed 25/12/2035 USD 3,651,178 3,169,133 0.01 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2005-AR15 ‘1A6’ 3.553% 25/09/2035 USD 1,416,723 1,177,420 0.00 FRN, Series 2005-AR18 ‘1A3A’ Wells Fargo Mortgage Backed 3.419% 25/01/2036 USD 190,580 168,177 0.00 Securities Trust, Series 2006-4 ‘1A9’ WaMu Mortgage Pass-Through Trust, 5.75% 25/04/2036 USD 181,149 155,513 0.00 FRN, Series 2005-AR14 ‘1A4’ 3.402% Wells Fargo Mortgage Backed 25/12/2035 USD 2,693,359 2,337,770 0.01 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2005-AR3 ‘2A1’ 3.731% 25/03/2035 USD 576,338 504,506 0.00 FRN, Series 2004-AR11 ‘A’ 3.288% Wells Fargo Mortgage Backed 25/10/2034 USD 1,063,971 920,266 0.00 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2005-AR7 ‘2A1’ 4.238% 25/05/2035 USD 76,502 65,759 0.00 FRN, Series 2004-AR10 ‘A1B’ 2.38% Wells Fargo Mortgage Backed 25/07/2044 USD 2,789,240 2,408,731 0.01 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2006-AR2 ‘2A1’ 3.787% 25/03/2036 USD 1,125,660 984,812 0.00 FRN, Series 2005-AR7 ‘A3’ 3.327% Wells Fargo Mortgage Backed 25/08/2035 USD 267,574 232,001 0.00 Securities Trust, FRN, Series WaMu Mortgage Pass-Through Trust, 2005-AR2 ‘2A2’ 3.912% 25/03/2035 USD 1,349,009 1,187,585 0.00 FRN, Series 2005-AR5 ‘A6’ 3.915% Wells Fargo Mortgage Backed 25/05/2035 USD 4,771,526 4,135,997 0.02 Securities Trust, FRN, Series Washington Mutual Mortgage 2005-AR4 ‘2A2’ 3.961% 25/04/2035 USD 2,380,198 2,062,765 0.01 Pass-Through Certificates WMALT Wells Fargo Mortgage Backed Trust, Series 2005-1 ‘1A3’ 5.5% Securities Trust, FRN, Series 25/03/2035 USD 243,267 203,530 0.00 2006-AR2 ‘2A3’ 3.787% 25/03/2036 USD 597,002 519,573 0.00 Washington Mutual Mortgage Wells Fargo Mortgage Backed Pass-Through Certificates WMALT Securities Trust, FRN, Series Trust, FRN, Series 2007-1 ‘1A7’ 2004-DD ‘2A6’ 3.768% 25/01/2035 USD 210,630 187,272 0.00 2.691% 25/02/2037 USD 5,768,363 3,855,458 0.02 Wells Fargo Mortgage Backed Washington Mutual Mortgage Securities Trust, FRN, Series Pass-Through Certificates WMALT 2005-AR2 ‘3A1’ 3.873% 25/03/2035 USD 350,537 307,579 0.00 Trust, Series 2005-10 ‘2A5’ 5.75% Wells Fargo Mortgage Backed 25/11/2035 USD 3,817,210 3,126,399 0.01 Securities Trust, Series 2007-2 ‘3A2’ Washington Mutual Mortgage 5.25% 25/03/2037 USD 77,909 68,592 0.00 Pass-Through Certificates WMALT Wells Fargo Mortgage Backed Trust, Series 2006-5 ‘2CB5’ 6.5% Securities Trust, FRN, Series 25/07/2036 USD 66,039 48,721 0.00 2006-AR6 ‘5A1’ 3.758% 25/03/2036 USD 788,116 680,745 0.00 Washington Mutual Mortgage Wells Fargo Mortgage Backed Pass-Through Certificates WMALT Securities Trust, FRN, Series Trust, Series 2005-10 ‘4CB1’ 5.75% 2005-AR16 ‘6A3’ 3.981% 25/10/2035 USD 2,532,579 2,198,895 0.01 25/12/2035 USD 329,560 278,938 0.00 Wells Fargo Mortgage Backed Washington Mutual Mortgage Securities Trust, FRN, Series Pass-Through Certificates WMALT 2005-AR16 ‘7A1’ 3.636% 25/10/2035 USD 403,716 340,647 0.00 Trust, Series 2005-4 ‘CB7’ 5.5% Wells Fargo Mortgage Backed 25/06/2035 USD 244,691 203,999 0.00 Securities Trust, FRN, Series 2004-M Weatherford International LLC, 144A ‘A1’ 3.527% 25/08/2034 USD 4,520,388 4,025,921 0.02 9.875% 01/03/2025 USD 1,700,000 1,464,372 0.01 Wells Fargo Mortgage Backed Wells Fargo & Co., FRN 5.9% Securities Trust, Series 2007-15 ‘A1’ Perpetual USD 71,176,000 61,404,523 0.24 6% 25/11/2037 USD 134,499 114,936 0.00

117 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Wells Fargo Mortgage Backed Colony NorthStar, Inc., REIT 3.875% Securities Trust, FRN, Series 15/01/2021 USD 2,627,000 2,143,440 0.01 2006-AR19 ‘A3’ 3.707% 25/12/2036 USD 315,070 255,462 0.00 Colony NorthStar, Inc., REIT 5% Wells Fargo Mortgage Backed 15/04/2023 USD 7,417,000 6,034,785 0.02 Securities Trust, FRN, Series 2004-BB DISH Network Corp. 2.375% ‘A5’ 3.726% 25/01/2035 USD 992,142 868,872 0.00 15/03/2024 USD 21,203,000 16,095,174 0.06 Wells Fargo Mortgage Backed DISH Network Corp. 3.375% Securities Trust, FRN, Series 2004-N 15/08/2026 USD 5,135,000 4,271,397 0.02 ‘A6’ 3.483% 25/08/2034 USD 6,139,712 5,356,169 0.02 Electronics For Imaging, Inc. 0.75% Wells Fargo Mortgage Backed 01/09/2019 USD 6,249,000 5,329,270 0.02 Securities Trust, FRN, Series 2004-N Finisar Corp. 0.5% 15/12/2036 USD 9,742,000 7,606,545 0.03 ‘A7’ 3.483% 25/08/2034 5,906,528 USD 6,770,582 0.02 FireEye, Inc. 1.625% 01/06/2035 USD 13,854,000 10,943,592 0.04 West Street Merger Sub, Inc., 144A Hercules Capital, Inc. 4.375% 6.375% 01/09/2025 687,912 USD 832,000 0.00 01/02/2022 USD 6,033,000 5,164,710 0.02 Whiting Petroleum Corp., 144A Intercept Pharmaceuticals, Inc. 6.625% 15/01/2026 8,278,707 USD 9,299,000 0.03 3.25% 01/07/2023 USD 2,313,000 1,733,355 0.01 WildHorse Resource Development Liberty Expedia Holdings, Inc., 144A Corp., 144A 6.875% 01/02/2025 3,331,752 USD 3,780,000 0.01 1% 30/06/2047 USD 6,303,000 5,335,772 0.02 Williams Cos., Inc. (The) 7.75% Liberty Interactive LLC, 144A 1.75% 15/06/2031 1,817,060 USD 1,754,000 0.01 30/09/2046 USD 2,947,000 2,776,291 0.01 Windstream Services LLC, 144A Liberty Interactive LLC 4% 6.375% 01/08/2023 1,296,358 USD 2,415,000 0.01 15/11/2029 USD 13,788,000 8,391,728 0.03 Windstream Services LLC, 144A Liberty Interactive LLC 3.75% 8.75% 15/12/2024 23,470,545 USD 43,035,000 0.09 15/02/2030 USD 1,383,000 822,847 0.00 Windstream Services LLC, 144A Live Nation Entertainment, Inc., 144A 8.625% 31/10/2025 1,051,257 USD 1,275,000 0.00 2.5% 15/03/2023 USD 3,094,000 2,730,900 0.01 Windstream Services LLC 6.375% Macquarie Infrastructure Corp. 2% 01/08/2023 158,354 USD 295,000 0.00 01/10/2023 USD 10,059,000 7,685,461 0.03 WMG Acquisition Corp., 144A 5.625% Nabors Industries, Inc. 0.75% 15/04/2022 7,375,846 USD 8,358,000 0.03 15/01/2024 USD 13,040,000 8,836,092 0.04 WMG Acquisition Corp., 144A 5% NRG Yield, Inc., 144A 3.25% 01/08/2023 3,168,139 USD 3,719,000 0.01 01/06/2020 USD 9,132,000 7,812,914 0.03 WMG Acquisition Corp., 144A 4.875% Nuance Communications, Inc. 1% 01/11/2024 5,278,257 USD 6,271,000 0.02 15/12/2035 USD 808,000 623,306 0.00 WMG Acquisition Corp., 144A 5.5% Pandora Media, Inc. 1.75% 15/04/2026 6,706,823 USD 7,858,000 0.03 01/12/2020 USD 6,707,000 5,534,923 0.02 WPX Energy, Inc. 5.75% 01/06/2026 9,472,236 USD 10,992,000 0.04 Rovi Corp. 0.5% 01/03/2020 USD 6,315,000 5,168,638 0.02 Wyndham Hotels & Resorts, Inc., RWT Holdings, Inc. 5.625% 144A 5.375% 15/04/2026 1,575,514 USD 1,839,000 0.01 15/11/2019 USD 6,484,000 5,661,287 0.02 Wyndham Worldwide Corp. 4.15% Spirit Realty Capital, Inc., REIT 01/04/2024 1,673,344 USD 1,984,000 0.01 2.875% 15/05/2019 USD 1,935,000 1,657,610 0.01 Wyndham Worldwide Corp. 4.5% Spirit Realty Capital, Inc., REIT 3.75% 01/04/2027 1,638,527 USD 1,962,000 0.01 15/05/2021 USD 8,857,000 7,648,702 0.03 Wynn Las Vegas LLC, 144A 5.5% Starwood Property Trust, Inc., REIT 01/03/2025 15,397,324 USD 18,300,000 0.06 4.375% 01/04/2023 USD 5,060,000 4,376,653 0.02 XPO Logistics, Inc., 144A 6.5% SunPower Corp. 0.875% 01/06/2021 USD 6,907,000 4,690,919 0.02 15/06/2022 USD 17,664,000 15,557,798 0.06 TCP Capital Corp. 5.25% 15/12/2019 3,752,569 XPO Logistics, Inc., 144A 6.125% USD 4,308,000 0.02 01/09/2023 USD 4,065,000 3,585,155 0.01 TCP Capital Corp. 4.625% 01/03/2022 968,282 Zayo Group LLC, 144A 5.75% USD 1,121,000 0.00 15/01/2027 USD 7,714,000 6,509,383 0.03 TPG Specialty Lending, Inc. 4.5% 01/08/2022 2,105,123 ZF North America Capital, Inc., 144A USD 2,457,000 0.01 4.5% 29/04/2022 USD 8,819,000 7,718,875 0.03 Twitter, Inc. 0.25% 15/09/2019 USD 9,614,000 8,017,846 0.03 ZF North America Capital, Inc., 144A Twitter, Inc. 1% 15/09/2021 USD 10,932,000 9,141,485 0.04 4.75% 29/04/2025 USD 2,396,000 2,076,580 0.01 Veeco Instruments, Inc. 2.7% 15/01/2023 USD 10,654,000 8,076,459 0.03 8,371,451,451 32.87 VEREIT, Inc., REIT 3% 01/08/2018 USD 1,090,000 937,456 0.00 VEREIT, Inc., REIT 3.75% 15/12/2020 USD 11,904,000 10,331,765 0.04 Verint Systems, Inc. 1.5% 01/06/2021 5,344,268 Total Bonds 9,599,072,668 37.69 USD 6,311,000 0.02 Vishay Intertechnology, Inc., 144A Convertible Bonds 2.25% 15/06/2025 USD 3,054,000 2,573,258 0.01 Whiting Petroleum Corp. 1.25% Bermuda 01/04/2020 USD 12,704,000 10,413,031 0.04 Jazz Investments I Ltd. 1.875% 15/08/2021 USD 6,000,000 5,626,340 0.02 215,514,281 0.84 Weatherford International Ltd. 5.875% 01/07/2021 USD 8,001,000 6,805,235 0.03 Total Convertible Bonds 246,716,441 0.97 12,431,575 0.05 Equities Jersey Bermuda Ensco Jersey Finance Ltd. 3% Bunge Ltd. Preference 4.875% USD 27,451 2,540,406 0.01 31/01/2024 USD 14,852,000 11,885,019 0.05 2,540,406 0.01 11,885,019 0.05 Cayman Islands Marshall Islands XLIT Ltd. Preference, FRN 5.468% USD 2,870 2,471,120 0.01 Scorpio Tankers, Inc., 144A 2.375% 01/07/2019 4,911,552 USD 5,871,000 0.02 2,471,120 0.01 4,911,552 0.02 China Fuyao Glass Industry Group Co. Ltd. CNH 9,568,296 31,878,231 0.12 Netherlands Henan Shuanghui Investment & Yandex NV 1.125% 15/12/2018 USD 2,332,000 1,974,014 0.01 Development Co. Ltd. ‘A’ CNH 2,280,437 7,804,440 0.03 Huayu Automotive Systems Co. Ltd. 1,974,014 0.01 ‘A’ CNH 8,357,798 25,701,247 0.10 United States of America Inner Mongolia Yili Industrial Group Co. Ltd. ‘A’ 12,245,254 Ares Capital Corp. 3.75% 01/02/2022 USD 8,985,000 7,806,352 0.03 CNH 3,385,767 0.05 BlackRock Capital Investment Corp. Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. ‘A’ 12,211,288 5% 15/06/2022 USD 2,230,000 1,947,994 0.01 CNH 716,061 0.05 Chesapeake Energy Corp. 5.5% Midea Group Co. Ltd. ‘A’ CNH 4,831,738 32,686,750 0.13 15/09/2026 USD 5,755,000 5,022,082 0.02 SAIC Motor Corp. Ltd. ‘A’ CNH 6,656,703 30,181,322 0.12

118 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Zhengzhou Yutong Bus Co. Ltd. ‘A’ CNH 3,984,297 9,903,452 0.04 Units of authorised UCITS or other collective investment undertakings

162,611,984 0.64 Collective Investment Schemes - UCITS Israel Luxembourg Teva Pharmaceutical Industries Ltd. JPMorgan US Dollar Liquidity Fund - Preference 7% USD 5,139 1,942,043 0.01 JPM US Dollar Liquidity X (dist.)† USD 1,113,828,763 956,634,589 3.75

1,942,043 0.01 956,634,589 3.75 United States of America Total Collective Investment Schemes - UCITS 956,634,589 3.75 Mandatory Exchangeable Trust Preference, 144A 5.75% USD 52,935 9,628,144 0.04 Total Units of authorised UCITS or other collective investment 956,634,589 3.75 New Cotai Participation Corp. USD 2 344 0.00 undertakings Penn Virginia Corp. USD 21,103 1,551,387 0.00 VICI Properties, Inc., REIT USD 139,150 2,441,627 0.01 Total Investments 25,383,674,158 99.66

13,621,502 0.05 Cash 77,721,899 0.31

Total Equities 183,187,055 0.72 Other Assets/(Liabilities) 7,724,820 0.03

Total Transferable securities and money market instruments 10,028,976,164 39.38 Total Net Assets 25,469,120,877 100.00 dealt in on another regulated market § Security is currently in default. Other transferable securities and money market instruments * Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund. Bonds United States of America Avaya, Inc. 7% 01/04/2019* USD 20,675,000 1,776 0.00 Momentive Performance Materials USA LLC 8.875% 15/10/2020§* USD 1,975,000 0 0.00 NewPage Corp. 11.375% 31/12/2014§* USD 839,309 0 0.00 Penn Virginia Corp. 8.5% 01/05/2020§* USD 2,785,000 2,990 0.00 Seasoned Credit Risk Transfer Trust, IO, FRN, Series 2017-3 ‘AIO’, 144A 0.212% 25/07/2056* USD 335,603,541 1,323,338 0.00 Texas Competitive Electric Holdings Co. LLC 11.5% 01/10/2020* USD 40,352,000 259,928 0.00

1,588,032 0.00

Total Bonds 1,588,032 0.00 Equities Cayman Islands Telford Offshore Holdings Ltd.* USD 63,154 108,482 0.00

108,482 0.00 United States of America Computershare, Inc.* USD 79,527 1,314,840 0.01 Goodman Private* USD 74,750 0 0.00 Goodman Private Preference* USD 88,935 254,358 0.00 Vistra Energy Corp. Rights Perpetual* USD 691,068 317,543 0.00

1,886,741 0.01

Total Equities 1,995,223 0.01 Warrants United States of America Jack Cooper Enterprises, Inc. 30/07/2027* USD 618 0 0.00 Nebraska Book Co., Inc. 29/06/2019* USD 1,162 0 0.00 Nebraska Book Holdings, Inc. 29/06/2019* USD 542 0 0.00 Total Warrants 0 0.00

Total Other transferable securities and money market 3,583,255 0.01 instruments

119 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets (continued) United States of America 54.48 Armenia 0.02 United Kingdom 6.10 Marshall Islands 0.02 Luxembourg 5.00 Trinidad and Tobago 0.02 France 3.47 Malaysia 0.02 Canada 2.82 Zambia 0.01 Netherlands 2.30 Cyprus 0.01 Switzerland 1.87 Tunisia 0.01 Germany 1.78 Israel 0.01 Spain 1.17 Tajikistan 0.01 Taiwan 1.15 Senegal - Japan 1.07 Total Investments 99.66 China 1.04 Cash and Other Assets/(Liabilities) 0.34 Cayman Islands 0.91 Mexico 0.89 Total 100.00 Italy 0.86 Sweden 0.80 Hong Kong 0.74 Brazil 0.73 Australia 0.68 Supranational 0.67 Norway 0.64 Russia 0.64 Ireland 0.59 Finland 0.59 South Africa 0.57 South Korea 0.48 Jersey 0.47 India 0.40 Turkey 0.38 Indonesia 0.33 Argentina 0.30 Bermuda 0.29 Belgium 0.28 Singapore 0.27 Lebanon 0.26 Thailand 0.26 Hungary 0.25 Denmark 0.24 Saudi Arabia 0.23 United Arab Emirates 0.21 Colombia 0.17 El Salvador 0.16 Oman 0.14 Azerbaijan 0.14 Czech Republic 0.13 Dominican Republic 0.13 Kazakhstan 0.13 Egypt 0.12 Uruguay 0.12 Ecuador 0.11 Chile 0.11 Ukraine 0.11 Sri Lanka 0.10 Panama 0.10 Nigeria 0.09 Belarus 0.09 Morocco 0.09 Serbia 0.09 Costa Rica 0.09 Peru 0.08 Austria 0.08 Croatia 0.07 Bahrain 0.07 Mongolia 0.07 Ivory Coast 0.06 Jordan 0.05 Angola 0.05 Kenya 0.05 Pakistan 0.05 Iraq 0.05 Paraguay 0.05 Honduras 0.04 Ghana 0.04 Portugal 0.04 Jamaica 0.04 Qatar 0.04 Malta 0.03 Virgin Islands, British 0.03 Gabon 0.03 Ethiopia 0.03 Romania 0.03 Philippines 0.02

120 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets (continued) United States of America 48.21 Cyprus 0.02 United Kingdom 7.78 Slovenia 0.02 Luxembourg 4.78 Tunisia 0.02 France 3.77 Austria 0.02 Canada 2.40 Malaysia 0.02 Germany 2.24 Namibia 0.01 Netherlands 2.20 Armenia 0.01 Switzerland 2.01 Aruba 0.01 Spain 1.77 Qatar 0.01 Taiwan 1.25 Israel 0.01 Japan 1.10 Trinidad and Tobago 0.01 Sweden 1.09 Cameroon - Mexico 1.06 Guernsey - Finland 1.05 Total Investments 98.45 Brazil 1.03 Cash and Other Assets/(Liabilities) 1.55 Ireland 0.99 Hong Kong 0.98 Total 100.00 Italy 0.94 South Africa 0.85 Russia 0.84 Cayman Islands 0.77 China 0.71 Australia 0.65 Indonesia 0.56 Jersey 0.55 Turkey 0.53 Denmark 0.49 South Korea 0.49 India 0.45 Argentina 0.37 Norway 0.37 Singapore 0.34 Thailand 0.32 Bermuda 0.31 Supranational 0.30 Belgium 0.28 Lebanon 0.27 Hungary 0.27 Ukraine 0.25 Czech Republic 0.24 United Arab Emirates 0.19 Dominican Republic 0.18 Colombia 0.18 Saudi Arabia 0.16 Chile 0.16 Ecuador 0.15 Egypt 0.14 Kazakhstan 0.14 Sri Lanka 0.12 Costa Rica 0.11 Morocco 0.11 Portugal 0.10 Panama 0.10 Oman 0.10 Uruguay 0.10 Belarus 0.10 Peru 0.09 El Salvador 0.09 Pakistan 0.09 Serbia 0.09 Croatia 0.09 Azerbaijan 0.06 Jordan 0.06 Ghana 0.05 Ivory Coast 0.05 Jamaica 0.05 Honduras 0.05 Paraguay 0.05 Nigeria 0.04 Ethiopia 0.04 Mongolia 0.04 Angola 0.04 Gabon 0.04 Iraq 0.04 Romania 0.03 Zambia 0.03 Malta 0.03 Virgin Islands, British 0.03 Bahrain 0.03 Marshall Islands 0.03 Philippines 0.03 Kenya 0.02

121 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

AUD 5,077 EUR 3,217 11/07/2018 ANZ 2 - AUD 970,511 EUR 613,795 11/07/2018 HSBC 1,574 - AUD 2,129,227 EUR 1,348,310 11/07/2018 Merrill Lynch 1,764 - CAD 2,844 EUR 1,849 18/07/2018 ANZ 2 - CHF 114,497 EUR 98,544 18/07/2018 BNP Paribas 442 - CHF 53,419,331 EUR 46,056,230 18/07/2018 Goldman Sachs 126,607 - EUR 1,189,247 AUD 1,870,723 02/07/2018 National Australia Bank 2,403 - EUR 1,217,208 AUD 1,916,455 03/07/2018 National Australia Bank 1,351 - EUR 144,386 AUD 227,125 11/07/2018 ANZ 374 - EUR 2,290 AUD 3,583 11/07/2018 National Australia Bank 18 - EUR 4,026,350 AUD 6,244,780 11/07/2018 Standard Chartered 66,735 - EUR 67,152,022 AUD 104,281,181 18/07/2018 Morgan Stanley 1,064,024 0.01 EUR 202,920,792 BRL 896,168,898 03/07/2018 Citibank 3,709,423 0.02 EUR 7,513,343 BRL 32,750,660 02/08/2018 Citibank 268,871 - EUR 57,640,701 CAD 88,536,751 18/07/2018 BNP Paribas 19,294 - EUR 47,678 CAD 72,608 18/07/2018 HSBC 423 - EUR 11,405 CHF 13,139 18/07/2018 ANZ 47 - EUR 25,397 CHF 29,318 18/07/2018 BNP Paribas 50 - EUR 245,853 CHF 283,278 18/07/2018 Merrill Lynch 950 - EUR 2,587 CNH 19,836 03/07/2018 HSBC 17 - EUR 136,139 CNH 1,049,073 18/07/2018 Citibank 429 - EUR 1,564 CZK 40,404 03/08/2018 Citibank 12 - EUR 143,540,073 DKK 1,069,242,925 18/07/2018 Merrill Lynch 30,151 - EUR 209,538 GBP 184,881 02/07/2018 National Australia Bank 588 - EUR 1,440,818,099 GBP 1,270,207,946 18/07/2018 Merrill Lynch 5,849,997 0.02 EUR 188,917 GBP 167,118 18/07/2018 National Australia Bank 121 - EUR 435,143 GBP 382,613 18/07/2018 Standard Chartered 2,901 - EUR 15,714,376 JPY 2,007,800,003 03/07/2018 HSBC 143,108 - EUR 14,093,964 JPY 1,803,900,906 10/07/2018 Deutsche Bank 104,435 - EUR 10,335,197 JPY 1,327,502,309 10/07/2018 Standard Chartered 40,212 - EUR 65,447,729 NOK 619,516,159 18/07/2018 Merrill Lynch 436,322 - EUR 72,966 PLN 313,681 18/07/2018 BNP Paribas 1,311 - EUR 56,037 PLN 240,000 18/07/2018 Citibank 1,214 - EUR 139,186 PLN 607,665 18/07/2018 Goldman Sachs 377 - EUR 8,164 PLN 35,285 18/07/2018 National Australia Bank 103 - EUR 213,082,069 SEK 2,170,348,484 18/07/2018 Citibank 5,597,408 0.02 EUR 1,006,865 SGD 1,592,996 02/07/2018 HSBC 3,538 - EUR 1,228,682 SGD 1,945,539 03/07/2018 HSBC 3,310 - EUR 6,585,988 SGD 10,323,156 18/07/2018 Citibank 89,034 - EUR 1,083,590 SGD 1,704,960 18/07/2018 Goldman Sachs 10,561 - EUR 185,257 SGD 291,133 18/07/2018 Merrill Lynch 2,030 - EUR 676,548 SGD 1,067,464 18/07/2018 National Australia Bank 4,731 - EUR 3,764,722 SGD 5,980,854 18/07/2018 Standard Chartered 627 - EUR 13,058 USD 15,137 03/07/2018 National Australia Bank 57 - EUR 19,408 USD 22,481 05/07/2018 BNP Paribas 102 - EUR 6,771 USD 7,876 18/07/2018 ANZ 14 - EUR 756,465 USD 874,840 18/07/2018 BNP Paribas 5,917 - EUR 43,192,820 USD 50,139,962 18/07/2018 Citibank 176,462 - EUR 1,470,151 USD 1,706,391 18/07/2018 Merrill Lynch 6,194 - EUR 901,500 USD 1,050,424 18/07/2018 Morgan Stanley 314 - EUR 11,622,579 USD 13,495,121 18/07/2018 National Australia Bank 44,769 - EUR 5,305,445 USD 6,144,399 18/07/2018 Standard Chartered 34,008 - EUR 1,105,875 USD 1,283,672 18/07/2018 State Street 4,580 - JPY 1,803,591,549 EUR 13,875,115 10/07/2018 ANZ 112,015 - JPY 319,250,094,074 EUR 2,439,764,215 10/07/2018 State Street 36,069,365 0.14 SGD 653,125 EUR 409,238 18/07/2018 Citibank 1,811 - SGD 482,195 EUR 302,910 18/07/2018 HSBC 563 - USD 7,111 EUR 6,097 18/07/2018 ANZ 4 - USD 21,764 EUR 18,669 18/07/2018 BNP Paribas 3 - USD 2,409,251,000 EUR 2,038,370,506 18/07/2018 Goldman Sachs 28,587,662 0.11 USD 13,218 EUR 11,322 18/07/2018 Merrill Lynch 18 - USD 13,653 EUR 11,501 18/07/2018 Morgan Stanley 213 - USD 100,247 EUR 85,712 18/07/2018 National Australia Bank 292 - USD 154,258,471 EUR 131,680,844 18/07/2018 State Street 661,451 - USD 2,409,251,186 EUR 2,039,882,174 18/07/2018 Toronto-Dominion Bank 27,076,154 0.11 USD 463,705 HKD 3,638,172 05/07/2018 HSBC 5 -

Total Unrealised Gain on Forward Currency Exchange Contracts 110,368,864 0.43

AUD 7,981,366 EUR 5,092,142 11/07/2018 ANZ (31,414) - AUD 15,260 EUR 9,737 11/07/2018 Citibank (61) - AUD 3,408,622 EUR 2,192,462 11/07/2018 HSBC (31,164) - AUD 1,307,598,430 EUR 834,199,962 11/07/2018 Merrill Lynch (5,093,770) (0.02) AUD 5,242,716 EUR 3,333,160 11/07/2018 National Australia Bank (8,922) - AUD 2,645,352 EUR 1,690,733 11/07/2018 Standard Chartered (13,401) - BRL 896,168,898 EUR 207,782,442 03/07/2018 Citibank (8,571,073) (0.03) BRL 879,118,298 EUR 198,222,841 02/08/2018 Citibank (3,761,194) (0.02) CAD 12,679,776 EUR 8,255,003 18/07/2018 BNP Paribas (2,763) - CHF 94,935 EUR 82,154 18/07/2018 BNP Paribas (80) - CHF 14,190 EUR 12,321 18/07/2018 Citibank (53) - CHF 7,814 EUR 6,762 18/07/2018 Societe Generale (6) - CHF 98,378 EUR 85,088 18/07/2018 State Street (37) -

122 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

CNH 187,761,162 EUR 24,776,310 18/07/2018 HSBC (487,106) - CNH 19,836 EUR 2,632 18/07/2018 Merrill Lynch (66) - CNH 8,083 EUR 1,069 18/07/2018 Standard Chartered (24) - CZK 8,246,040 EUR 319,425 03/08/2018 Citibank (2,679) - EUR 4,663,935 AUD 7,374,293 11/07/2018 Merrill Lynch (11,867) - EUR 44,850 CAD 69,057 18/07/2018 Goldman Sachs (94) - EUR 40,540 CAD 62,479 18/07/2018 Merrill Lynch (123) - EUR 179,402 CHF 208,134 18/07/2018 BNP Paribas (538) - EUR 442,575,150 CHF 513,330,524 18/07/2018 Goldman Sachs (1,216,620) (0.01) EUR 227,391 CHF 263,077 18/07/2018 State Street (48) - EUR 354,928 GBP 314,290 18/07/2018 HSBC (129) - EUR 462,091,354 HKD 4,285,933,351 18/07/2018 Merrill Lynch (6,642,286) (0.03) EUR 11,418,459 JPY 1,492,538,804 10/07/2018 Deutsche Bank (156,409) - EUR 275,842,940 JPY 35,844,079,784 18/07/2018 Citibank (2,118,721) (0.01) EUR 1,346 SGD 2,145 18/07/2018 HSBC (4) - EUR 8,364,571 USD 9,794,509 18/07/2018 Barclays (38,389) - EUR 30,352,972 USD 35,549,848 18/07/2018 BNP Paribas (146,154) - EUR 8,743,031 USD 10,329,142 18/07/2018 Citibank (118,605) - EUR 9,078,915,808 USD 10,730,820,000 18/07/2018 Goldman Sachs (127,329,637) (0.50) EUR 161,004,991 USD 190,378,098 18/07/2018 HSBC (2,325,257) (0.01) EUR 5,414,833 USD 6,387,916 18/07/2018 Merrill Lynch (65,524) - EUR 6,609,416 USD 7,801,620 18/07/2018 National Australia Bank (83,795) - EUR 42,758,444 USD 50,668,152 18/07/2018 Standard Chartered (711,062) - EUR 5,901,814 USD 6,884,587 18/07/2018 State Street (4,650) - EUR 9,085,647,243 USD 10,730,819,006 18/07/2018 Toronto-Dominion Bank (120,597,350) (0.47) GBP 167,118 EUR 188,994 03/07/2018 National Australia Bank (118) - GBP 163,673 EUR 185,791 18/07/2018 ANZ (888) - GBP 297,297 EUR 338,084 18/07/2018 Barclays (2,224) - GBP 2,475,970 EUR 2,830,734 18/07/2018 BNP Paribas (33,604) - GBP 111,868,233 EUR 127,205,321 18/07/2018 HSBC (826,529) - GBP 59,201,185 EUR 67,152,893 18/07/2018 Merrill Lynch (272,654) - GBP 695,900 EUR 789,905 18/07/2018 National Australia Bank (3,739) - GBP 87,353 EUR 99,953 18/07/2018 Standard Chartered (1,269) - GBP 526,746 EUR 599,888 18/07/2018 State Street (4,817) - JPY 1,955,492,504 EUR 15,380,297 10/07/2018 ANZ (215,152) - JPY 2,007,800,003 EUR 15,714,183 10/07/2018 HSBC (143,385) - PLN 607,665 EUR 139,313 03/07/2018 Goldman Sachs (379) - PLN 7,570,086 EUR 1,767,551 18/07/2018 HSBC (38,304) - SGD 1,200,844,796 EUR 761,812,343 18/07/2018 ANZ (6,051,805) (0.02) SGD 1,589,551 EUR 1,007,023 18/07/2018 Barclays (6,628) - SGD 482,485 EUR 305,420 18/07/2018 Goldman Sachs (1,765) - SGD 8,522,656 EUR 5,394,062 18/07/2018 HSBC (30,265) - SGD 408,983 EUR 259,507 18/07/2018 Merrill Lynch (2,110) - SGD 3,413 EUR 2,155 18/07/2018 Societe Generale (7) - SGD 3,020 EUR 1,916 18/07/2018 State Street (15) - USD 1,699,086 EUR 1,465,568 02/07/2018 Merrill Lynch (6,273) - USD 4,245,623 EUR 3,667,412 03/07/2018 National Australia Bank (20,971) - USD 4,900 EUR 4,204 18/07/2018 ANZ (1) - USD 22,481 EUR 19,389 18/07/2018 BNP Paribas (102) - USD 63,522 EUR 54,597 18/07/2018 Citibank (100) - USD 1,020 EUR 876 18/07/2018 Merrill Lynch (1) - USD 7,361 EUR 6,362 18/07/2018 Morgan Stanley (47) - USD 170,341 EUR 146,293 18/07/2018 National Australia Bank (154) -

Total Unrealised Loss on Forward Currency Exchange Contracts (287,234,381) (1.12)

Net Unrealised Loss on Forward Currency Exchange Contracts (176,865,517) (0.69)

123 JPMorgan Investment Funds - Global Income Fund Schedule of Investments (continued) As at 30 June 2018 Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

EURO STOXX 50 Index, 21/09/2018 390 EUR 13,261,950 193,050 - FTSE 100 Index, 21/09/2018 152 GBP 13,081,695 109,945 -

Total Unrealised Gain on Financial Futures Contracts 302,995 -

US 5 Year Note, 28/09/2018 (12,876) USD (1,256,341,939) (2,553,998) (0.01)

Total Unrealised Loss on Financial Futures Contracts (2,553,998) (0.01)

Net Unrealised Loss on Financial Futures Contracts (2,251,003) (0.01)

124 JPMorgan Investment Funds - Global Macro Balanced Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange China Petroleum & Chemical Corp. ‘H’ HKD 1,340,000 1,027,513 0.56 listing Industrial & Commercial Bank of China Ltd. ‘H’ HKD 1,480,000 950,176 0.52 Bonds PetroChina Co. Ltd. ‘H’ HKD 2,942,000 1,921,000 1.04 Ping An Insurance Group Co. of China Australia Ltd. ‘H’ HKD 178,500 1,410,261 0.77 Australia Government Bond 2.25% 21/11/2022 AUD 8,600,000 5,461,185 2.97 7,954,409 4.32 5,461,185 2.97 Germany Siemens AG EUR 4,531 513,997 0.28 France France Government Bond OAT, Reg. S 0% 25/03/2023 EUR 3,600,000 3,628,806 1.97 513,997 0.28 France Government Bond OAT, Reg. S Hong Kong 2.75% 25/10/2027 EUR 2,940,000 3,544,616 1.93 China Mobile Ltd. HKD 166,500 1,269,889 0.69 France Government Bond OAT, Reg. S CNOOC Ltd. HKD 1,887,000 2,794,757 1.52 4.75% 25/04/2035 EUR 910,000 1,431,591 0.78 France Government Bond OAT, Reg. S 4,064,646 2.21 3.25% 25/05/2045 EUR 1,020,000 1,428,938 0.78 Ireland 10,033,951 5.46 Accenture plc ‘A’ USD 2,710 380,774 0.21 Germany 380,774 0.21 Bundesrepublik Deutschland, Reg. S 0.5% 15/02/2028 EUR 7,190,000 7,320,409 3.98 Italy Enel SpA EUR 458,369 2,185,045 1.19 7,320,409 3.98 Italy 2,185,045 1.19 Italy Buoni Poliennali Del Tesoro 2% Japan 01/02/2028 EUR 3,890,000 3,666,446 1.99 Mitsubishi Electric Corp. JPY 81,800 934,616 0.51 Italy Buoni Poliennali Del Tesoro, Reg. S, SUMCO Corp. JPY 141,700 2,456,677 1.33 144A 3.5% 01/03/2030 EUR 2,710,000 2,858,719 1.56 THK Co. Ltd. JPY 21,400 526,940 0.29 Italy Buoni Poliennali Del Tesoro, Reg. S, Tokyo Electron Ltd. JPY 20,200 2,980,826 1.62 144A 4.75% 01/09/2044 EUR 862,000 1,053,640 0.57 6,899,059 3.75 7,578,805 4.12 Singapore Japan DBS Group Holdings Ltd. SGD 69,700 1,168,608 0.64 Japan Government Thirty Year Bond Oversea-Chinese Banking Corp. Ltd. 559,859 0.8% 20/03/2048 JPY 75,000,000 595,226 0.32 SGD 76,300 0.30 Japan Government Twenty Year Bond United Overseas Bank Ltd. SGD 60,900 1,026,626 0.56 0.5% 20/03/2038 JPY 160,000,000 1,242,374 0.68 2,755,093 1.50 1,837,600 1.00 South Korea Spain Samsung Electronics Co. Ltd. KRW 18,504 666,359 0.36 Spain Government Bond, Reg. S, 144A SK Hynix, Inc. KRW 18,764 1,239,970 0.68 4.4% 31/10/2023 EUR 11,800,000 14,240,822 7.75 1,906,329 1.04 14,240,822 7.75 United Kingdom United Kingdom Prudential plc GBP 104,497 2,058,209 1.12 UK Treasury, Reg. S 1.75% 22/07/2019 GBP 2,500,000 2,857,234 1.56 Royal Dutch Shell plc ‘A’ EUR 64,779 1,944,989 1.06 UK Treasury, Reg. S 1.5% 22/01/2021 GBP 3,670,000 4,228,007 2.30 UK Treasury, Reg. S 1.5% 22/07/2026 GBP 8,250,000 9,520,913 5.18 4,003,198 2.18 UK Treasury, Reg. S 1.5% 22/07/2047 GBP 950,000 1,016,029 0.55 United States of America AbbVie, Inc. USD 18,111 1,455,559 0.79 17,622,183 9.59 Alphabet, Inc. ‘A’ USD 809 791,407 0.43 United States of America Applied Materials, Inc. USD 63,164 2,520,983 1.37 US Treasury 2.375% 30/04/2020 USD 13,800,000 11,821,623 6.43 Bank of America Corp. USD 57,056 1,414,982 0.77 US Treasury 2.375% 15/04/2021 USD 16,600,000 14,166,470 7.70 Broadcom, Inc. USD 6,161 1,295,889 0.70 US Treasury 1.625% 15/08/2022 USD 4,600,000 3,784,747 2.06 Chevron Corp. USD 12,802 1,401,126 0.76 US Treasury 1.75% 15/05/2023 USD 4,050,000 3,323,119 1.81 Citigroup, Inc. USD 22,569 1,316,260 0.72 US Treasury 2.125% 15/05/2025 USD 5,725,000 4,706,139 2.56 Cognizant Technology Solutions Corp. ‘A’ USD 10,864 745,062 0.41 US Treasury 2.25% 15/08/2027 USD 3,950,000 3,229,537 1.76 DXC Technology Co. USD 47,287 3,257,195 1.77 US Treasury 6.125% 15/08/2029 USD 2,105,000 2,368,096 1.29 Facebook, Inc. ‘A’ USD 4,642 783,800 0.43 US Treasury 3.75% 15/08/2041 USD 12,200,000 11,886,230 6.46 Global Payments, Inc. USD 12,402 1,184,683 0.64 Lam Research Corp. USD 14,300 2,135,875 1.16 55,285,961 30.07 Morgan Stanley USD 31,565 1,309,289 0.71 Texas Instruments, Inc. USD 8,661 823,462 0.45 Total Bonds 119,380,916 64.94 Worldpay, Inc. USD 18,246 1,287,447 0.70

Equities 21,723,019 11.81 Canada Manulife Financial Corp. CAD 74,969 1,154,628 0.63 Total Equities 56,191,431 30.56 Total Transferable securities and money market instruments 1,154,628 0.63 175,572,347 95.50 admitted to an official exchange listing Cayman Islands Total Investments 175,572,347 95.50 Alibaba Group Holding Ltd., ADR USD 4,215 672,893 0.36 Baidu, Inc., ADR USD 3,287 693,030 0.38 6,590,799 3.59 CK Hutchison Holdings Ltd. HKD 141,000 1,285,311 0.70 Cash

2,651,234 1.44 Other Assets/(Liabilities) 1,675,074 0.91 China Total Net Assets 183,838,220 100.00 Agricultural Bank of China Ltd. ‘H’ HKD 1,840,000 740,201 0.40 Bank of China Ltd. ‘H’ HKD 2,177,000 925,814 0.50 China Construction Bank Corp. ‘H’ HKD 1,235,000 979,444 0.53

125 JPMorgan Investment Funds - Global Macro Balanced Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

United States of America 41.88 United Kingdom 11.77 Spain 7.75 France 5.46 Italy 5.31 Japan 4.75 China 4.32 Germany 4.26 Australia 2.97 Hong Kong 2.21 Singapore 1.50 Cayman Islands 1.44 South Korea 1.04 Canada 0.63 Ireland 0.21 Total Investments 95.50 Cash and Other Assets/(Liabilities) 4.50 Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United States of America 31.40 United Kingdom 14.66 Japan 11.32 Canada 9.79 Spain 7.27 France 5.32 Italy 2.95 China 2.71 Singapore 2.18 South Korea 2.13 Cayman Islands 1.35 Russia 1.19 Taiwan 0.87 Brazil 0.66 Hong Kong 0.63 Germany 0.61 Ireland 0.47 Israel 0.01 Total Investments 95.52 Cash and Other Assets/(Liabilities) 4.48 Total 100.00

126 JPMorgan Investment Funds - Global Macro Balanced Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

CAD 1,319,794 EUR 848,796 18/07/2018 Merrill Lynch 10,152 0.01 CAD 430,234 EUR 279,718 18/07/2018 Standard Chartered 286 - EUR 6,319,127 AUD 9,832,694 18/07/2018 Standard Chartered 87,676 0.05 EUR 2,430,025 CAD 3,712,399 18/07/2018 Standard Chartered 13,925 0.01 EUR 29,125,593 GBP 25,468,155 18/07/2018 Standard Chartered 353,933 0.19 EUR 226,141 JPY 28,960,498 18/07/2018 Merrill Lynch 1,560 - EUR 13,511,873 JPY 1,733,292,315 18/07/2018 Standard Chartered 70,635 0.04 EUR 27,669 SEK 285,000 18/07/2018 BNP Paribas 423 - EUR 16,043 SEK 164,528 18/07/2018 Goldman Sachs 314 - EUR 37,821 SEK 384,000 18/07/2018 Merrill Lynch 1,111 - EUR 25,256 SEK 256,371 18/07/2018 National Australia Bank 747 - EUR 701 SEK 7,239 18/07/2018 RBC 9 - EUR 5,570 SEK 57,497 18/07/2018 Societe Generale 74 - EUR 2,051,518 SEK 20,927,411 18/07/2018 State Street 50,864 0.03 EUR 3,111,543 SGD 4,914,719 18/07/2018 Standard Chartered 18,429 0.01 EUR 4,221,592 USD 4,905,202 18/07/2018 BNP Paribas 13,294 0.01 EUR 102,166,745 USD 118,882,451 18/07/2018 Merrill Lynch 174,445 0.10 EUR 18,754 USD 21,711 18/07/2018 RBC 127 - HKD 11,123,397 EUR 1,211,730 18/07/2018 HSBC 4,787 - HKD 1,372,110 EUR 149,968 18/07/2018 RBC 93 - JPY 66,170,358 EUR 509,209 18/07/2018 ANZ 3,925 - JPY 59,242,372 EUR 455,780 18/07/2018 National Australia Bank 3,630 - KRW 611,577,935 USD 548,914 18/07/2018 BNP Paribas 362 - KRW 1,047,228,306 USD 934,675 18/07/2018 Merrill Lynch 5,125 - SGD 205,309 EUR 129,000 18/07/2018 Merrill Lynch 213 - USD 1,016,014 BRL 3,856,280 18/07/2018 Goldman Sachs 16,601 0.01 USD 2,677,917 CNY 17,148,482 18/07/2018 Standard Chartered 75,661 0.04 USD 733,875 EUR 626,771 18/07/2018 BNP Paribas 2,839 - USD 577,525 EUR 493,873 18/07/2018 Goldman Sachs 1,600 - USD 759,149 EUR 644,280 18/07/2018 HSBC 7,013 - USD 878,910 EUR 740,336 18/07/2018 Merrill Lynch 13,703 0.01 USD 172,358 EUR 147,651 18/07/2018 Morgan Stanley 219 - USD 7,189,026 EUR 6,141,348 18/07/2018 National Australia Bank 26,302 0.01 USD 3,576,597 EUR 3,023,709 18/07/2018 RBC 44,745 0.03 USD 3,561,994 KRW 3,895,503,186 18/07/2018 J.P. Morgan 54,007 0.03 USD 5,849,744 KRW 6,294,265,519 18/07/2018 Standard Chartered 168,212 0.09

Total Unrealised Gain on Forward Currency Exchange Contracts 1,227,041 0.67

AUD 701,939 EUR 445,767 18/07/2018 HSBC (914) - BRL 311,350 USD 83,404 18/07/2018 BNP Paribas (2,518) - BRL 2,304,095 USD 619,964 18/07/2018 Goldman Sachs (20,990) (0.01) BRL 1,240,835 USD 328,785 18/07/2018 HSBC (6,940) - CNY 5,939,764 USD 912,322 18/07/2018 Goldman Sachs (13,136) (0.01) EUR 419,828 HKD 3,869,791 18/07/2018 Citibank (3,394) - EUR 175,755 HKD 1,632,371 18/07/2018 Merrill Lynch (2,770) - EUR 14,571,135 HKD 135,463,329 18/07/2018 Standard Chartered (243,892) (0.13) EUR 15,863 USD 18,768 18/07/2018 ANZ (239) - EUR 2,101,780 USD 2,469,409 18/07/2018 BNP Paribas (16,789) (0.01) EUR 445,331 USD 527,519 18/07/2018 Citibank (7,241) (0.01) EUR 366,656 USD 435,247 18/07/2018 Merrill Lynch (6,754) - EUR 215,397 USD 254,479 18/07/2018 Morgan Stanley (2,927) - EUR 809,885 USD 953,480 18/07/2018 State Street (8,130) (0.01) GBP 118,349 EUR 134,216 18/07/2018 Citibank (516) - GBP 8,082,920 EUR 9,170,778 18/07/2018 National Australia Bank (39,413) (0.02) HKD 2,337,737 EUR 256,725 18/07/2018 HSBC (1,057) - HKD 2,346,661 EUR 257,980 18/07/2018 Standard Chartered (1,336) - HKD 3,988,638 EUR 437,741 18/07/2018 State Street (1,521) - JPY 40,100,628 EUR 311,303 18/07/2018 BNP Paribas (333) - JPY 21,382,680 EUR 167,000 18/07/2018 Goldman Sachs (1,183) - JPY 33,622,078 EUR 264,595 18/07/2018 HSBC (3,864) - JPY 186,708,556 EUR 1,458,364 18/07/2018 Morgan Stanley (10,487) (0.01) JPY 163,165,251 EUR 1,275,375 18/07/2018 National Australia Bank (10,070) (0.01) JPY 39,620,618 EUR 307,397 18/07/2018 RBC (149) - JPY 48,826,563 EUR 380,581 18/07/2018 Standard Chartered (1,944) - KRW 430,342,812 USD 402,773 18/07/2018 Merrill Lynch (13,922) (0.01) KRW 301,663,963 USD 272,841 18/07/2018 Standard Chartered (1,612) - SEK 22,927,682 EUR 2,251,283 18/07/2018 Barclays (59,404) (0.03) SEK 55,897 EUR 5,464 18/07/2018 Standard Chartered (121) - SEK 124,797 EUR 12,198 18/07/2018 State Street (267) - SGD 367,053 EUR 234,049 18/07/2018 Merrill Lynch (3,042) - USD 258,499 EUR 222,080 18/07/2018 ANZ (307) - USD 453,316 EUR 390,285 18/07/2018 Barclays (1,374) - USD 284,111 EUR 244,784 18/07/2018 BNP Paribas (1,038) - USD 222,382 EUR 191,832 18/07/2018 Merrill Lynch (1,045) - USD 13,414,557 EUR 11,571,479 18/07/2018 Standard Chartered (62,787) (0.04) USD 8,375,189 EUR 7,249,524 18/07/2018 State Street (64,234) (0.04)

Total Unrealised Loss on Forward Currency Exchange Contracts (617,660) (0.34)

Net Unrealised Gain on Forward Currency Exchange Contracts 609,381 0.33

127 JPMorgan Investment Funds - Global Macro Balanced Fund Schedule of Investments (continued) As at 30 June 2018 Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

Canada 10 Year Bond, 19/09/2018 (76) CAD (6,774,784) 11,633 - MSCI Singapore Index, 30/07/2018 60 SGD 1,383,121 6,613 0.01 S&P 500 Emini Index, 21/09/2018 80 USD 9,400,766 57,974 0.03 SPI 200 Index, 20/09/2018 (47) AUD (4,583,061) 17,891 0.01

Total Unrealised Gain on Financial Futures Contracts 94,111 0.05

Australia 10 Year Bond, 17/09/2018 44 AUD 3,611,123 (4,855) - Euro-Bund, 06/09/2018 (56) EUR (9,099,160) (1,400) - US 10 Year Note, 19/09/2018 (94) USD (9,703,827) (631) -

Total Unrealised Loss on Financial Futures Contracts (6,886) -

Net Unrealised Gain on Financial Futures Contracts 87,225 0.05

128 JPMorgan Investment Funds - Global Macro Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Singapore listing DBS Group Holdings Ltd. SGD 242,600 4,735,863 0.48 Oversea-Chinese Banking Corp. Ltd. SGD 265,500 2,268,249 0.23 Bonds United Overseas Bank Ltd. SGD 211,900 4,159,091 0.42 France 11,163,203 1.13 France Treasury Bill BTF, Reg. S 0% 08/08/2018 EUR 32,000,000 37,307,698 3.78 South Korea France Treasury Bill BTF, Reg. S 0% Samsung Electronics Co. Ltd. KRW 64,409 2,700,608 0.27 15/08/2018 EUR 32,000,000 37,314,678 3.78 SK Hynix, Inc. KRW 65,246 5,020,096 0.51 France Treasury Bill BTF, Reg. S 0% 22/08/2018 EUR 26,500,000 30,899,931 3.13 7,720,704 0.78 France Treasury Bill BTF, Reg. S 0% 29/08/2018 EUR 33,000,000 38,489,751 3.90 United Kingdom France Treasury Bill BTF, Reg. S 0% Prudential plc GBP 363,198 8,329,164 0.84 12/09/2018 EUR 27,500,000 32,078,741 3.25 Royal Dutch Shell plc ‘A’ EUR 225,263 7,874,903 0.80 France Treasury Bill BTF, Reg. S 0% 19/09/2018 EUR 6,000,000 6,996,546 0.71 16,204,067 1.64

183,087,345 18.55 United States of America AbbVie, Inc. USD 63,048 5,899,717 0.60 Germany Alphabet, Inc. ‘A’ USD 2,809 3,199,451 0.32 Germany Treasury Bill, Reg. S 0% Applied Materials, Inc. USD 219,628 10,206,113 1.03 15/08/2018 EUR 36,000,000 41,954,865 4.25 Bank of America Corp. USD 198,634 5,735,557 0.58 Germany Treasury Bill, Reg. S 0% Broadcom, Inc. USD 21,439 5,250,411 0.53 10/10/2018 EUR 36,000,000 41,996,635 4.26 Chevron Corp. USD 44,496 5,670,125 0.57 Citigroup, Inc. USD 78,441 5,326,536 0.54 83,951,500 8.51 Cognizant Technology Solutions Corp. United States of America ‘A’ USD 37,761 3,015,216 0.30 US Treasury 2.875% 30/04/2025 USD 57,000,000 57,231,562 5.80 DXC Technology Co. USD 164,421 13,186,564 1.34 US Treasury 2.875% 31/05/2025 USD 87,600,000 87,949,032 8.91 Facebook, Inc. ‘A’ USD 16,126 3,170,291 0.32 Global Payments, Inc. USD 43,193 4,803,926 0.49 145,180,594 14.71 Lam Research Corp. USD 49,703 8,643,600 0.88 Morgan Stanley USD 109,710 5,298,444 0.54 Total Bonds 412,219,439 41.77 Texas Instruments, Inc. USD 30,104 3,332,513 0.34 Worldpay, Inc. USD 63,545 5,220,540 0.53 Equities Canada 87,959,004 8.91 Manulife Financial Corp. CAD 260,694 4,674,809 0.47 Total Equities 227,485,792 23.05 4,674,809 0.47 Total Transferable securities and money market instruments 639,705,231 64.82 Cayman Islands admitted to an official exchange listing Alibaba Group Holding Ltd., ADR USD 14,657 2,724,370 0.28 Baidu, Inc., ADR USD 11,431 2,806,139 0.28 Transferable securities and money market instruments dealt in on another regulated CK Hutchison Holdings Ltd. HKD 490,500 5,205,954 0.53 market

10,736,463 1.09 Bonds China Japan Agricultural Bank of China Ltd. ‘H’ HKD 6,394,000 2,994,861 0.30 Japan Treasury Bill 0% 17/07/2018 JPY 4,100,000,000 37,037,413 3.75 Bank of China Ltd. ‘H’ HKD 7,568,000 3,747,303 0.38 Japan Treasury Bill 0% 20/07/2018 JPY 1,250,000,000 11,287,801 1.14 China Construction Bank Corp. ‘H’ HKD 4,294,000 3,965,036 0.40 Japan Treasury Bill 0% 23/07/2018 JPY 4,150,000,000 37,487,580 3.80 China Petroleum & Chemical Corp. ‘H’ HKD 4,662,000 4,162,240 0.42 Japan Treasury Bill 0% 30/07/2018 JPY 3,700,000,000 33,421,078 3.39 Industrial & Commercial Bank of China Japan Treasury Bill 0% 06/08/2018 JPY 2,600,000,000 23,485,105 2.38 Ltd. ‘H’ HKD 5,145,000 3,845,919 0.39 Japan Treasury Bill 0% 20/08/2018 JPY 3,212,200,000 29,015,148 2.94 PetroChina Co. Ltd. ‘H’ HKD 10,228,000 7,775,850 0.79 Japan Treasury Bill 0% 03/09/2018 JPY 388,000,000 3,504,648 0.35 Ping An Insurance Group Co. of China Japan Treasury Bill 0% 25/09/2018 JPY 500,000,000 4,516,398 0.46 Ltd. ‘H’ HKD 620,000 5,703,287 0.58 179,755,171 18.21 32,194,496 3.26 Germany Total Bonds 179,755,171 18.21 Siemens AG EUR 15,775 2,083,569 0.21 Total Transferable securities and money market instruments 179,755,171 18.21 dealt in on another regulated market 2,083,569 0.21 Hong Kong Units of authorised UCITS or other collective investment undertakings China Mobile Ltd. HKD 578,500 5,137,207 0.52 CNOOC Ltd. HKD 6,558,000 11,308,784 1.15 Collective Investment Schemes - UCITS Luxembourg 16,445,991 1.67 JPMorgan Euro Liquidity Fund - JPM † Ireland Euro Liquidity X (flex dist.) EUR 52,844,003 61,527,328 6.24 Accenture plc ‘A’ USD 9,364 1,531,904 0.16 61,527,328 6.24 1,531,904 0.16 Total Collective Investment Schemes - UCITS 61,527,328 6.24 Italy Enel SpA EUR 1,595,703 8,856,652 0.90 Total Units of authorised UCITS or other collective investment 61,527,328 6.24 undertakings 8,856,652 0.90 Total Investments 880,987,730 89.27 Japan Mitsubishi Electric Corp. JPY 284,500 3,784,727 0.38 Cash 25,911,424 2.63 SUMCO Corp. JPY 492,500 9,941,611 1.01 THK Co. Ltd. JPY 74,200 2,127,275 0.22 Other Assets/(Liabilities) 79,988,170 8.10 Tokyo Electron Ltd. JPY 70,200 12,061,317 1.22 Total Net Assets 986,887,324 100.00 27,914,930 2.83 † Related Party Fund.

129 JPMorgan Investment Funds - Global Macro Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

United States of America 23.62 Japan 21.04 France 18.55 Germany 8.72 Luxembourg 6.24 China 3.26 Hong Kong 1.67 United Kingdom 1.64 Singapore 1.13 Cayman Islands 1.09 Italy 0.90 South Korea 0.78 Canada 0.47 Ireland 0.16 Total Investments 89.27 Cash and Other Assets/(Liabilities) 10.73 Total 100.00

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

United States of America 44.96 Japan 18.74 United Kingdom 5.17 China 4.38 Singapore 3.53 South Korea 3.43 France 2.52 Cayman Islands 2.19 Russia 1.92 Canada 1.88 Taiwan 1.42 Brazil 1.07 Hong Kong 1.01 Germany 0.99 Ireland 0.77 Italy 0.48 Israel 0.01 Total Investments and Cash Equivalents 94.47 Cash and Other Assets/(Liabilities) 5.53 Total 100.00

130 JPMorgan Investment Funds - Global Macro Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

CAD 4,792,374 USD 3,598,875 18/07/2018 Merrill Lynch 36,604 - CAD 33,294,348 USD 25,229,388 18/07/2018 Standard Chartered 27,594 - EUR 15,543 USD 17,994 03/07/2018 Goldman Sachs 103 - EUR 16,647 USD 19,253 18/07/2018 BNP Paribas 151 - EUR 3,411,712 USD 3,959,080 18/07/2018 Citibank 17,622 - EUR 13,000,000 USD 15,081,261 18/07/2018 HSBC 71,578 0.01 EUR 309,248 USD 358,944 18/07/2018 Merrill Lynch 1,516 - EUR 5,173 USD 6,017 18/07/2018 National Australia Bank 13 - EUR 10,042,719 USD 11,659,260 18/07/2018 Standard Chartered 46,563 0.01 HKD 31,118,635 USD 3,966,000 18/07/2018 BNP Paribas 906 - HKD 31,993,215 USD 4,077,262 18/07/2018 Deutsche Bank 1,133 - MXN 128,332,379 USD 6,171,686 18/07/2018 National Australia Bank 331,685 0.03 USD 17,726,335 AUD 23,345,074 18/07/2018 Goldman Sachs 481,360 0.05 USD 7,315,940 BRL 27,580,814 18/07/2018 HSBC 187,619 0.02 USD 34,108,050 CAD 44,416,123 18/07/2018 Standard Chartered 414,125 0.04 USD 7,262,209 CNY 46,602,323 18/07/2018 HSBC 224,423 0.02 USD 2,675,664 EUR 2,258,757 18/07/2018 Barclays 42,850 0.01 USD 8,896,443 EUR 7,525,131 18/07/2018 HSBC 125,128 0.01 USD 79,815,284 EUR 68,294,307 18/07/2018 Morgan Stanley 211,233 0.02 USD 270,482,244 EUR 229,662,687 18/07/2018 National Australia Bank 2,786,722 0.28 USD 175,764 EUR 150,673 18/07/2018 Standard Chartered 139 - USD 265,756 GBP 200,000 18/07/2018 ANZ 2,397 - USD 212,403 GBP 161,245 18/07/2018 Barclays 76 - USD 137,025 GBP 101,867 18/07/2018 Citibank 2,888 - USD 8,984,552 GBP 6,731,711 18/07/2018 RBC 120,270 0.01 USD 148,076 GBP 111,715 18/07/2018 Standard Chartered 970 - USD 56,137,315 HKD 440,306,185 18/07/2018 National Australia Bank 8,463 - USD 2,887,320 JPY 316,139,573 18/07/2018 Barclays 29,749 - USD 232,813,230 JPY 25,692,872,272 18/07/2018 HSBC 576,565 0.06 USD 1,944,545 JPY 212,418,801 18/07/2018 State Street 24,501 - USD 28,098,303 KRW 30,235,740,692 18/07/2018 HSBC 939,744 0.10 USD 8,886,886 KRW 9,628,940,732 18/07/2018 Standard Chartered 237,911 0.03 USD 1,745,881 NOK 14,244,000 02/07/2018 BNP Paribas 4,665 - USD 32,758 NOK 266,171 18/07/2018 Goldman Sachs 200 - USD 89,994,323 SEK 803,760,000 02/07/2018 Standard Chartered 530,797 0.05 USD 1,007,834 SEK 8,773,688 18/07/2018 Goldman Sachs 30,171 - USD 2,414,625 SEK 21,000,000 18/07/2018 HSBC 74,567 0.01 USD 8,573,007 SEK 73,749,291 18/07/2018 Merrill Lynch 355,028 0.04 USD 2,375,153 SEK 20,500,000 18/07/2018 Standard Chartered 90,812 0.01 USD 567,768 SEK 5,047,037 18/07/2018 State Street 5,371 - USD 26,791 SGD 36,346 18/07/2018 Barclays 128 - USD 8,930,335 SGD 11,901,578 18/07/2018 Merrill Lynch 199,565 0.02 USD 20,091,831 ZAR 276,017,506 18/07/2018 Standard Chartered 147,284 0.02

Total Unrealised Gain on Forward Currency Exchange Contracts 8,391,189 0.85

AUD 33,298,359 USD 25,234,908 18/07/2018 Citibank (637,455) (0.06) BRL 4,568,442 USD 1,223,783 18/07/2018 BNP Paribas (43,059) - BRL 23,012,372 USD 6,191,281 18/07/2018 Goldman Sachs (243,684) (0.03) EUR 689,829 USD 818,355 18/07/2018 ANZ (14,288) - EUR 813,956 USD 951,426 18/07/2018 BNP Paribas (2,677) - EUR 363,610,543 USD 430,033,777 18/07/2018 Citibank (6,208,229) (0.63) EUR 465,086 USD 548,661 18/07/2018 Merrill Lynch (6,555) - EUR 323,023 USD 380,444 18/07/2018 National Australia Bank (3,928) - EUR 1,597,276 USD 1,888,280 18/07/2018 Standard Chartered (26,491) - GBP 1,500,000 USD 1,991,570 18/07/2018 ANZ (16,377) - GBP 14,547,835 USD 19,517,779 18/07/2018 Barclays (361,267) (0.04) GBP 5,300,000 USD 7,027,976 18/07/2018 Citibank (48,964) (0.01) GBP 4,666,781 USD 6,267,914 18/07/2018 Standard Chartered (122,721) (0.01) HKD 8,390,144 EUR 920,809 18/07/2018 Citibank (3,748) - JPY 206,083,082 USD 1,870,711 18/07/2018 ANZ (7,935) - JPY 1,465,999,912 USD 13,330,950 18/07/2018 Goldman Sachs (79,846) (0.01) JPY 1,203,491,560 USD 10,946,913 18/07/2018 HSBC (68,609) (0.01) JPY 540,810,495 USD 4,906,116 18/07/2018 National Australia Bank (17,755) - NOK 50,682,818 USD 6,299,293 18/07/2018 BNP Paribas (99,911) (0.01) SEK 805,759,613 USD 93,506,052 18/07/2018 Barclays (3,719,213) (0.38) SEK 73,749,291 USD 8,571,873 18/07/2018 Citibank (353,894) (0.04) SEK 803,760,000 USD 90,101,724 18/07/2018 Standard Chartered (537,704) (0.05) SGD 2,494 USD 1,830 18/07/2018 Citibank (1) - SGD 3,677,064 USD 2,759,206 18/07/2018 Goldman Sachs (61,782) (0.01) USD 7,349,506 AUD 9,953,285 18/07/2018 Goldman Sachs (2,973) - USD 358,522 EUR 309,248 02/07/2018 Merrill Lynch (1,541) - USD 13,092 EUR 11,321 18/07/2018 Citibank (103) - USD 2,504,076 EUR 2,159,357 18/07/2018 Goldman Sachs (12,877) - USD 2,882,742 EUR 2,490,015 18/07/2018 RBC (19,626) - USD 8,876,758 EUR 7,647,737 18/07/2018 State Street (37,466) - USD 6,761,646 HKD 53,042,345 18/07/2018 HSBC (26) - USD 13,495,783 KRW 15,098,744,648 18/07/2018 HSBC (66,317) (0.01) USD 6,188,421 MXN 128,332,379 18/07/2018 Goldman Sachs (314,951) (0.03)

131 JPMorgan Investment Funds - Global Macro Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

USD 23,100 NOK 189,498 18/07/2018 Citibank (79) - USD 21,094 NOK 172,583 18/07/2018 Goldman Sachs (16) -

Total Unrealised Loss on Forward Currency Exchange Contracts (13,142,068) (1.33)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,750,879) (0.48)

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency USD USD Assets

MSCI Singapore Index, 30/07/2018 284 SGD 7,622,540 36,447 - SPI 200 Index, 20/09/2018 (314) AUD (35,650,024) 139,167 0.01 STOXX 600 Oil Index, 21/09/2018 300 EUR 6,064,652 49,775 0.01 XAE Energy Index, 21/09/2018 362 USD 27,962,690 392,770 0.04 XAU Utilities Index, 21/09/2018 (747) USD (38,963,520) 89,640 0.01 Yen Denominated Nikkei 225 Index, 13/09/2018 (238) JPY (23,921,961) 18,804 -

Total Unrealised Gain on Financial Futures Contracts 726,603 0.07

CBOE Volatility Index, 18/07/2018 658 USD 10,412,850 (458,254) (0.04) EURO STOXX 50 Index, 21/09/2018 (901) EUR (35,673,023) (518,188) (0.05) FTSE 100 Index, 21/09/2018 (421) GBP (42,186,635) (271,140) (0.03) Russell 2000 Emini Index, 21/09/2018 (291) USD (24,107,168) (89,482) (0.01) STOXX 600 Food & Beverages Index, 21/09/2018 (322) EUR (12,065,574) (74,045) (0.01)

Total Unrealised Loss on Financial Futures Contracts (1,411,109) (0.14)

Net Unrealised Loss on Financial Futures Contracts (684,506) (0.07)

Option Purchased Contracts

% Global Market of Exposure Value Net Quantity Security Description Currency Counterparty USD USD Assets

36,544,000 Foreign Exchange AUD/USD, Put, 0.732, 10/07/2018 AUD Goldman Sachs 53,694,115 140,048 0.01 72,955,111 Foreign Exchange AUD/USD, Put, 0.735, 09/07/2018 AUD Goldman Sachs 107,192,976 363,748 0.04 2,179 General Motors Co., Call, 45.000, 18/01/2019 USD Goldman Sachs 3,752,456 285,449 0.03 159 S&P 500 Index, Put, 2,725.000, 06/07/2018 USD Goldman Sachs 43,327,500 225,780 0.02

Total Option Purchased Contracts 1,015,025 0.10

132 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange United Overseas Bank Ltd. SGD 2,294,400 38,678,026 0.69 listing 103,840,252 1.85 Bonds South Korea France Samsung Electronics Co. Ltd. KRW 697,567 25,120,524 0.45 France Treasury Bill BTF, Reg. S 0% SK Hynix, Inc. KRW 706,626 46,695,543 0.83 08/08/2018 EUR 222,000,000 222,138,471 3.97 France Treasury Bill BTF, Reg. S 0% 71,816,067 1.28 22/08/2018 EUR 152,000,000 152,142,980 2.72 France Treasury Bill BTF, Reg. S 0% United Kingdom 29/08/2018 EUR 38,000,000 38,039,691 0.68 Prudential plc GBP 3,933,514 77,475,845 1.38 France Treasury Bill BTF, Reg. S 0% Royal Dutch Shell plc ‘A’ EUR 2,439,645 73,250,341 1.31 12/09/2018 EUR 32,000,000 32,039,377 0.57 France Treasury Bill BTF, Reg. S 0% 150,726,186 2.69 19/09/2018 EUR 280,000,000 280,379,095 5.00 United States of America 724,739,614 12.94 AbbVie, Inc. USD 682,825 54,877,826 0.98 Alphabet, Inc. ‘A’ USD 30,420 29,758,469 0.53 Germany Applied Materials, Inc. USD 2,378,623 94,934,909 1.69 Germany Treasury Bill, Reg. S 0% Bank of America Corp. USD 2,151,252 53,350,799 0.95 10/10/2018 EUR 152,000,000 152,282,277 2.72 Broadcom, Inc. USD 232,193 48,838,865 0.87 Chevron Corp. USD 481,903 52,742,288 0.94 152,282,277 2.72 Citigroup, Inc. USD 849,531 49,546,004 0.88 United States of America Cognizant Technology Solutions Corp. US Treasury 2.875% 30/04/2025 USD 169,000,000 145,738,771 2.60 ‘A’ USD 408,964 28,047,080 0.50 US Treasury 2.875% 31/05/2025 USD 632,000,000 544,968,857 9.73 DXC Technology Co. USD 1,780,717 122,658,295 2.19 Facebook, Inc. ‘A’ USD 174,651 29,489,757 0.53 690,707,628 12.33 Global Payments, Inc. USD 467,789 44,684,875 0.80 Lam Research Corp. USD 538,291 80,400,146 1.44 Total Bonds 1,567,729,519 27.99 Morgan Stanley USD 1,188,183 49,284,818 0.88 Texas Instruments, Inc. USD 326,034 30,998,320 0.55 Equities Worldpay, Inc. USD 688,206 48,560,160 0.87 Canada Manulife Financial Corp. CAD 2,823,373 43,483,925 0.78 818,172,611 14.60

43,483,925 0.78 Total Equities 2,116,148,697 37.77

Cayman Islands Total Transferable securities and money market instruments 3,683,878,216 65.76 Alibaba Group Holding Ltd., ADR USD 158,735 25,340,859 0.45 admitted to an official exchange listing Baidu, Inc., ADR USD 123,804 26,102,811 0.47 CK Hutchison Holdings Ltd. HKD 5,313,000 48,431,601 0.86 Transferable securities and money market instruments dealt in on another regulated market 99,875,271 1.78 Bonds China Agricultural Bank of China Ltd. ‘H’ HKD 69,244,000 27,855,686 0.50 Japan Bank of China Ltd. ‘H’ HKD 81,965,000 34,857,307 0.62 Japan Treasury Bill 0% 17/07/2018 JPY 12,500,000,000 96,950,331 1.73 China Construction Bank Corp. ‘H’ HKD 46,501,000 36,878,653 0.66 Japan Treasury Bill 0% 23/07/2018 JPY 31,000,000,000 240,439,586 4.29 China Petroleum & Chemical Corp. ‘H’ HKD 50,500,000 38,723,436 0.69 30,700,000,00 Industrial & Commercial Bank of Japan Treasury Bill 0% 30/07/2018 JPY 0 238,116,815 4.25 China Ltd. ‘H’ HKD 55,717,000 35,770,919 0.64 Japan Treasury Bill 0% 20/08/2018 JPY 8,418,950,000 65,306,078 1.17 PetroChina Co. Ltd. ‘H’ HKD 110,780,000 72,334,615 1.29 Japan Treasury Bill 0% 03/09/2018 JPY 17,800,000,000 138,077,665 2.46 Ping An Insurance Group Co. of China 16,000,000,00 Ltd. ‘H’ HKD 6,712,500 53,032,910 0.94 Japan Treasury Bill 0% 10/09/2018 JPY 0 124,117,275 2.21 26,000,000,00 299,453,526 5.34 Japan Treasury Bill 0% 25/09/2018 JPY 0 201,702,318 3.60

Germany 1,104,710,068 19.71 Siemens AG EUR 170,839 19,379,976 0.35 Total Bonds 1,104,710,068 19.71 19,379,976 0.35 Total Transferable securities and money market instruments Hong Kong 1,104,710,068 19.71 dealt in on another regulated market China Mobile Ltd. HKD 6,266,500 47,794,331 0.85 CNOOC Ltd. HKD 71,026,000 105,193,649 1.88 Other transferable securities and money market instruments 152,987,980 2.73 Equities Ireland China Accenture plc ‘A’ USD 102,033 14,336,341 0.26 China Hongxing Sports* SGD 7,500,000 0 0.00 14,336,341 0.26 0 0.00 Italy Enel SpA EUR 17,281,835 82,382,508 1.47 Total Equities 0 0.00

82,382,508 1.47 Total Other transferable securities and money market 0 0.00 instruments Japan Mitsubishi Electric Corp. JPY 3,080,700 35,198,924 0.63 Units of authorised UCITS or other collective investment undertakings SUMCO Corp. JPY 5,334,300 92,481,665 1.65 THK Co. Ltd. JPY 803,700 19,789,792 0.35 Collective Investment Schemes - UCITS Tokyo Electron Ltd. JPY 760,500 112,223,673 2.01 Luxembourg 259,694,054 4.64 JPMorgan Euro Liquidity Fund - JPM Euro Liquidity X (flex dist.)† EUR 507,333,386 507,333,386 9.06 Singapore DBS Group Holdings Ltd. SGD 2,627,900 44,060,031 0.78 507,333,386 9.06 Oversea-Chinese Banking Corp. Ltd. SGD 2,875,900 21,102,195 0.38 Total Collective Investment Schemes - UCITS 507,333,386 9.06

133 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value EUR Assets Investments Currency Value EUR Assets

Total Units of authorised UCITS or other collective investment 507,333,386 9.06 undertakings Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets 5,295,921,670 94.53 Total Investments United States of America 26.93 Time Deposits Japan 24.35 France 13.48 France Luxembourg 9.06 BRED Banque Populaire SA 1.99% China 5.34 02/07/2018 USD 35,000,000 30,060,465 0.54 Germany 3.07 Hong Kong 2.73 30,060,465 0.54 United Kingdom 2.69 Singapore 1.85 Total Time Deposits 30,060,465 0.54 Cayman Islands 1.78 Italy 1.47 Cash 276,220,779 4.93 South Korea 1.28 Canada 0.78 Other Assets/(Liabilities) (314,050) 0.00 Ireland 0.26 Total Investments and Cash Equivalents 95.07 Total Net Assets 5,601,888,864 100.00 Cash and Other Assets/(Liabilities) 4.93 * Security is valued at its fair value under the direction of the Board of Directors. Total 100.00 † Related Party Fund.

Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

Japan 27.19 United States of America 23.03 United Kingdom 7.36 China 6.22 Singapore 5.02 South Korea 4.87 Cayman Islands 3.12 Russia 2.74 Canada 2.68 France 2.06 Taiwan 2.01 Brazil 1.53 Hong Kong 1.44 Germany 1.41 Ireland 1.09 Italy 0.68 Israel 0.01 Total Investments 92.46 Cash and Other Assets/(Liabilities) 7.54 Total 100.00

134 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

AUD 5,280 EUR 3,341 18/07/2018 ANZ 5 - AUD 317,927 EUR 201,221 18/07/2018 HSBC 264 - CAD 41,022,763 EUR 26,365,989 18/07/2018 Goldman Sachs 332,408 0.01 CAD 14,121,643 EUR 9,167,327 18/07/2018 HSBC 23,308 - CHF 291,962 EUR 251,276 18/07/2018 BNP Paribas 1,135 - CHF 16,562,459 EUR 14,279,558 18/07/2018 Goldman Sachs 39,254 - EUR 232,788 AUD 366,183 02/07/2018 National Australia Bank 470 - EUR 38,046 AUD 59,902 03/07/2018 National Australia Bank 42 - EUR 12,987,591 AUD 20,359,698 18/07/2018 BNP Paribas 84,671 - EUR 524,990 AUD 822,919 18/07/2018 Citibank 3,467 - EUR 508,928 AUD 797,850 18/07/2018 Goldman Sachs 3,292 - EUR 367,506 AUD 572,007 18/07/2018 Morgan Stanley 4,998 - EUR 48,641,035 BRL 214,747,445 03/07/2018 Citibank 904,350 0.02 EUR 519,601 BRL 2,264,941 02/08/2018 Citibank 18,594 - EUR 87,257 CHF 100,703 18/07/2018 Barclays 196 - EUR 122,287 CHF 141,226 18/07/2018 Deutsche Bank 192 - EUR 78,770 CHF 90,977 18/07/2018 Goldman Sachs 117 - EUR 160,539 CHF 184,976 18/07/2018 Merrill Lynch 620 - EUR 6,947 CHF 8,028 18/07/2018 Standard Chartered 7 - EUR 37,490 CZK 972,173 03/07/2018 Citibank 112 - EUR 447,002 CZK 11,529,861 09/07/2018 Citibank 3,760 - EUR 220,587 CZK 5,681,353 09/07/2018 Merrill Lynch 2,179 - EUR 166,541 CZK 4,315,819 03/08/2018 RBC 762 - EUR 1,184,212 GBP 1,044,862 02/07/2018 National Australia Bank 3,322 - EUR 348,244 GBP 307,936 03/07/2018 National Australia Bank 218 - EUR 1,806 GBP 1,593 18/07/2018 ANZ 7 - EUR 1,841,556 GBP 1,626,326 18/07/2018 Barclays 4,278 - EUR 1,877,315 GBP 1,643,328 18/07/2018 BNP Paribas 20,829 - EUR 80,853,640 GBP 70,525,881 18/07/2018 Deutsche Bank 1,179,764 0.02 EUR 1,445,768 GBP 1,264,918 18/07/2018 Merrill Lynch 16,776 - EUR 10,690,238 GBP 9,428,159 18/07/2018 National Australia Bank 39,141 - EUR 4,815,740 GBP 4,237,182 18/07/2018 Standard Chartered 28,948 - EUR 41,169 HUF 13,503,946 02/07/2018 Citibank 214 - EUR 25,404 HUF 8,349,354 03/07/2018 Standard Chartered 81 - EUR 50,320 HUF 16,267,824 18/07/2018 RBC 990 - EUR 31,271 JPY 4,000,001 02/07/2018 National Australia Bank 249 - EUR 841,098 JPY 108,000,003 18/07/2018 ANZ 3,586 - EUR 2,980,024 JPY 379,597,420 18/07/2018 BNP Paribas 36,343 - EUR 33,735,847 JPY 4,344,650,796 18/07/2018 Citibank 44,193 - EUR 7,992,853 JPY 1,020,464,985 18/07/2018 Goldman Sachs 79,408 - EUR 238,531,780 JPY 30,509,803,670 18/07/2018 Standard Chartered 1,936,065 0.04 EUR 2,372 PLN 10,166 18/07/2018 HSBC 49 - EUR 2,902 PLN 12,509 18/07/2018 National Australia Bank 45 - EUR 1,015 PLN 4,410 18/07/2018 Societe Generale 8 - EUR 250,937 SEK 2,617,698 03/07/2018 Citibank 691 - EUR 162,990 SEK 1,659,542 18/07/2018 Barclays 4,338 - EUR 197,498 SEK 2,023,661 18/07/2018 Goldman Sachs 4,037 - EUR 2,233 SEK 23,123 18/07/2018 Merrill Lynch 22 - EUR 100,920 SEK 1,042,039 18/07/2018 RBC 1,301 - EUR 22,766 SEK 235,383 18/07/2018 Standard Chartered 263 - EUR 182,784 SEK 1,883,616 18/07/2018 State Street 2,711 - EUR 22,199 SGD 35,150 03/07/2018 HSBC 60 - EUR 4,006 SGD 6,324 18/07/2018 Barclays 26 - EUR 415,505 SGD 652,578 18/07/2018 Citibank 4,801 - EUR 203,319 SGD 318,619 18/07/2018 Credit Suisse 2,794 - EUR 371,976 SGD 585,281 18/07/2018 Goldman Sachs 3,625 - EUR 356,371 SGD 562,076 18/07/2018 HSBC 2,624 - EUR 1,905 SGD 3,007 18/07/2018 National Australia Bank 13 - EUR 12,737,123 SGD 20,071,818 18/07/2018 Standard Chartered 104,776 - EUR 876,790 USD 1,016,494 02/07/2018 Merrill Lynch 3,753 - EUR 481,670 USD 557,611 03/07/2018 National Australia Bank 2,754 - EUR 26,530 USD 30,795 18/07/2018 BNP Paribas 110 - EUR 9,461,899 USD 11,003,226 18/07/2018 Citibank 21,949 - EUR 3,809,988 USD 4,418,233 18/07/2018 Goldman Sachs 19,472 - EUR 111,466,966 USD 129,367,653 18/07/2018 Morgan Stanley 479,142 0.01 EUR 108,445 USD 126,142 18/07/2018 National Australia Bank 224 - EUR 76,760,307 USD 88,941,648 18/07/2018 RBC 454,988 0.01 EUR 38,759,179 USD 44,867,260 18/07/2018 Standard Chartered 266,407 0.01 HKD 59,605,110 EUR 6,442,141 18/07/2018 HSBC 76,607 - HKD 474,143,490 EUR 51,743,401 18/07/2018 Standard Chartered 111,583 - JPY 3,999,999,996 EUR 30,820,155 18/07/2018 BNP Paribas 198,821 - JPY 41,585,757,980 EUR 320,050,998 18/07/2018 Citibank 2,435,908 0.04 JPY 2,193,687,507 EUR 16,869,264 18/07/2018 Morgan Stanley 142,221 - JPY 1,580,000,280 EUR 12,199,154 18/07/2018 RBC 53,344 - JPY 12,298,109,220 EUR 94,596,455 18/07/2018 Standard Chartered 772,234 0.02 KRW 22,937,857,675 USD 20,587,580 18/07/2018 BNP Paribas 13,563 - MXN 656,225,922 EUR 26,737,636 18/07/2018 Citibank 1,792,579 0.03 SGD 1,491 EUR 935 18/07/2018 Citibank 3 - SGD 6,174 EUR 3,880 18/07/2018 Goldman Sachs 6 - USD 198,492,385 AUD 261,510,254 18/07/2018 Goldman Sachs 4,560,081 0.08 USD 49,286,320 BRL 183,192,324 18/07/2018 Goldman Sachs 1,664,292 0.03 USD 136,608,097 BRL 515,366,884 18/07/2018 HSBC 2,925,961 0.05 USD 986,595 BRL 3,757,940 02/08/2018 Citibank 14,196 -

135 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

USD 99,506,496 CNY 628,354,662 18/07/2018 BNP Paribas 3,958,243 0.07 USD 39,513 EUR 33,798 18/07/2018 ANZ 102 - USD 29,508,552 EUR 25,209,153 18/07/2018 BNP Paribas 106,990 - USD 142,677,052 EUR 120,641,562 18/07/2018 Citibank 1,764,738 0.03 USD 4,142,959 EUR 3,511,194 18/07/2018 Deutsche Bank 43,157 - USD 430,688,000 EUR 364,387,819 18/07/2018 Goldman Sachs 5,110,453 0.09 USD 216,144,372 EUR 183,090,266 18/07/2018 HSBC 2,345,529 0.04 USD 13,003,384 EUR 11,141,373 18/07/2018 Morgan Stanley 14,564 - USD 3,436,240 EUR 2,905,766 18/07/2018 National Australia Bank 42,272 - USD 2,466,326 EUR 2,092,402 18/07/2018 Standard Chartered 23,523 - USD 1,204,426 EUR 1,031,701 18/07/2018 State Street 1,607 - USD 430,688,271 EUR 364,658,252 18/07/2018 Toronto-Dominion Bank 4,840,252 0.09 USD 305,834,415 KRW 326,276,387,797 18/07/2018 BNP Paribas 10,950,871 0.20 USD 227,535,821 KRW 244,844,470,814 18/07/2018 HSBC 6,528,866 0.12 USD 99,550,412 KRW 107,862,871,630 18/07/2018 Standard Chartered 2,286,489 0.04 USD 28,807,076 RUB 1,800,641,006 18/07/2018 Goldman Sachs 172,451 - USD 128,174,900 SEK 1,102,624,579 18/07/2018 Merrill Lynch 4,553,954 0.08 USD 125,655,680 TWD 3,667,386,687 18/07/2018 Goldman Sachs 4,405,940 0.08 USD 226,405,927 ZAR 3,109,618,637 18/07/2018 Standard Chartered 1,467,417 0.03

Total Unrealised Gain on Forward Currency Exchange Contracts 69,578,415 1.24

AUD 2,277,896 EUR 1,453,985 18/07/2018 ANZ (10,373) - AUD 413,129,622 EUR 265,735,462 18/07/2018 Citibank (3,915,356) (0.07) AUD 548,475 EUR 351,378 18/07/2018 HSBC (3,783) - AUD 69,901,806 EUR 45,013,373 18/07/2018 Morgan Stanley (713,237) (0.01) AUD 1,172,747 EUR 748,734 18/07/2018 National Australia Bank (5,508) - BRL 214,747,445 EUR 49,716,721 03/07/2018 Citibank (1,980,036) (0.04) BRL 203,905,618 EUR 45,976,464 02/08/2018 Citibank (872,384) (0.02) BRL 125,063,261 USD 33,610,121 18/07/2018 Citibank (1,104,385) (0.02) BRL 446,921,274 USD 120,240,328 18/07/2018 Goldman Sachs (4,060,254) (0.07) BRL 126,574,672 USD 33,453,622 18/07/2018 HSBC (634,992) (0.01) CAD 22,671,781 EUR 14,780,617 18/07/2018 Standard Chartered (25,389) - CHF 8,028 EUR 6,946 03/07/2018 Standard Chartered (7) - CHF 13,622 EUR 11,826 18/07/2018 ANZ (50) - CHF 62,085 EUR 53,704 18/07/2018 BNP Paribas (29) - CHF 23,790 EUR 20,656 18/07/2018 Citibank (88) - CHF 77,936 EUR 67,480 18/07/2018 Merrill Lynch (102) - CHF 27,909 EUR 24,151 18/07/2018 Societe Generale (23) - CHF 2,732 EUR 2,366 18/07/2018 Standard Chartered (5) - CNY 210,235,464 USD 32,553,412 18/07/2018 HSBC (689,865) (0.01) CZK 5,609,752 EUR 218,067 09/07/2018 Citibank (2,412) - CZK 1,094,836 EUR 42,365 09/07/2018 Deutsche Bank (276) - CZK 705,682,545 EUR 27,395,067 09/07/2018 HSBC (266,584) - CZK 3,130,525 EUR 121,005 09/07/2018 Merrill Lynch (658) - CZK 5,594,900 EUR 216,683 09/07/2018 National Australia Bank (1,599) - CZK 972,173 EUR 37,455 03/08/2018 Citibank (112) - CZK 101,000 EUR 3,891 03/08/2018 Deutsche Bank (12) - EUR 280,479 AUD 443,264 18/07/2018 BNP Paribas (439) - EUR 525,042 AUD 830,591 18/07/2018 National Australia Bank (1,343) - EUR 100,264,436 CAD 156,699,627 18/07/2018 HSBC (1,718,673) (0.03) EUR 22,503 CHF 26,087 18/07/2018 ANZ (50) - EUR 107,429 CHF 124,877 18/07/2018 Merrill Lynch (531) - EUR 383,515,030 HKD 3,723,064,195 18/07/2018 BNP Paribas (23,660,091) (0.42) EUR 6,507,008 HKD 59,605,110 18/07/2018 Citibank (11,740) - EUR 26,737,766 HKD 260,947,383 18/07/2018 Credit Suisse (1,800,900) (0.03) EUR 99,642,449 HKD 924,186,500 18/07/2018 National Australia Bank (1,431,756) (0.03) EUR 20,222,285 HKD 187,446,063 18/07/2018 RBC (277,865) (0.01) EUR 25,637,821 HKD 238,654,039 18/07/2018 Standard Chartered (462,720) (0.01) EUR 50,126,439 JPY 6,590,683,335 18/07/2018 ANZ (982,623) (0.02) EUR 1,727,460,421 JPY 225,479,536,828 18/07/2018 Goldman Sachs (21,075,655) (0.38) EUR 692,040 JPY 89,998,363 18/07/2018 National Australia Bank (5,875) - EUR 2,027,413 JPY 263,667,958 18/07/2018 Standard Chartered (17,264) - EUR 5,661,881 MXN 137,918,419 18/07/2018 Goldman Sachs (334,289) (0.01) EUR 97,063,937 SGD 157,751,125 18/07/2018 Barclays (2,217,898) (0.04) EUR 222,428 SGD 353,779 18/07/2018 Citibank (225) - EUR 1,079,920 SGD 1,723,320 18/07/2018 HSBC (4,664) - EUR 45,682,360 USD 56,440,044 18/07/2018 ANZ (2,739,000) (0.05) EUR 4,166,768 USD 4,872,550 18/07/2018 BNP Paribas (13,518) - EUR 18,082,416 USD 21,427,593 18/07/2018 Citibank (300,865) (0.01) EUR 35,704,339 USD 42,188,104 18/07/2018 Deutsche Bank (489,917) (0.01) EUR 70,964 USD 83,841 18/07/2018 National Australia Bank (965) - EUR 28,747,807 USD 34,022,124 18/07/2018 Standard Chartered (440,645) (0.01) EUR 1,989,643,235 USD 2,342,657,676 18/07/2018 State Street (20,182,813) (0.36) EUR 8,707,202 USD 10,199,852 18/07/2018 UBS (43,512) - GBP 1,479,009 EUR 1,682,913 18/07/2018 ANZ (12,060) - GBP 18,779,158 EUR 21,316,363 18/07/2018 Barclays (101,339) - GBP 3,578,157 EUR 4,089,397 18/07/2018 BNP Paribas (47,113) - GBP 110,586 EUR 126,066 18/07/2018 Citibank (1,136) - GBP 159,470 EUR 180,832 18/07/2018 HSBC (677) - GBP 218,229,694 EUR 247,541,589 18/07/2018 Merrill Lynch (1,005,066) (0.02) GBP 2,729,886 EUR 3,095,295 18/07/2018 National Australia Bank (11,313) -

136 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts (continued)

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets

GBP 11,688,822 EUR 13,374,851 18/07/2018 Standard Chartered (169,859) - GBP 2,451,698 EUR 2,791,973 18/07/2018 State Street (22,263) - HKD 150,159,268 EUR 16,496,682 18/07/2018 RBC (74,425) - HKD 151,542,081 EUR 16,659,768 18/07/2018 Standard Chartered (86,279) - HUF 439,912,589 EUR 1,369,643 18/07/2018 Citibank (35,673) - HUF 212,836,014 EUR 658,429 18/07/2018 Goldman Sachs (13,035) - HUF 16,510,893 EUR 50,603 18/07/2018 Standard Chartered (536) - JPY 1,320,644,369 EUR 10,288,437 18/07/2018 ANZ (47,178) - JPY 1,000,000 EUR 7,801 18/07/2018 BNP Paribas (46) - JPY 32,045,180,887 EUR 250,542,466 18/07/2018 Citibank (2,040,293) (0.04) JPY 1,325,606,253 EUR 10,424,738 18/07/2018 HSBC (145,001) - JPY 7,719,866,143 EUR 60,590,283 18/07/2018 National Australia Bank (724,697) (0.01) JPY 6,216,215,453 EUR 48,463,042 18/07/2018 Standard Chartered (257,883) - JPY 14,272,822,483 USD 130,039,018 18/07/2018 Goldman Sachs (881,721) (0.02) JPY 14,077,682,225 USD 128,050,055 18/07/2018 HSBC (688,602) (0.01) KRW 183,054,996,000 USD 170,114,394 18/07/2018 HSBC (4,881,227) (0.09) KRW 24,008,079,153 USD 21,714,192 18/07/2018 Standard Chartered (128,262) - PLN 724,738 EUR 169,220 18/07/2018 HSBC (3,667) - PLN 3,545 EUR 825 18/07/2018 Societe Generale (15) - RUB 1,800,641,006 USD 28,632,915 18/07/2018 HSBC (23,034) - SEK 23,123 EUR 2,233 02/07/2018 Merrill Lynch (22) - SEK 160,291,017 EUR 15,739,072 18/07/2018 Barclays (415,299) (0.01) SEK 2,617,698 EUR 250,944 18/07/2018 Citibank (693) - SEK 201,997 EUR 19,596 18/07/2018 Merrill Lynch (285) - SEK 499,954 EUR 48,738 18/07/2018 National Australia Bank (942) - SEK 1,103,329,422 EUR 108,887,217 18/07/2018 Standard Chartered (3,409,256) (0.06) SEK 11,083,676 EUR 1,086,006 18/07/2018 State Street (26,410) - SGD 281,006 EUR 178,375 18/07/2018 Citibank (1,522) - SGD 124,961 EUR 79,155 18/07/2018 HSBC (509) - SGD 59,032,647 EUR 37,458,333 18/07/2018 Morgan Stanley (305,701) (0.01) SGD 11,703,664 EUR 7,392,092 18/07/2018 Standard Chartered (26,305) - TWD 3,667,386,687 USD 123,273,502 18/07/2018 BNP Paribas (2,362,208) (0.04) USD 111,955,741 AUD 151,619,368 18/07/2018 Goldman Sachs (38,785) - USD 10,305,769 EUR 8,853,830 18/07/2018 ANZ (12,246) - USD 15,442,163 EUR 13,304,637 18/07/2018 BNP Paribas (56,410) - USD 20,588 EUR 17,686 18/07/2018 Citibank (23) - USD 1,016,494 EUR 875,759 18/07/2018 Merrill Lynch (3,682) - USD 23,735 EUR 20,370 18/07/2018 Morgan Stanley (7) - USD 580,424 EUR 500,801 18/07/2018 National Australia Bank (2,841) - USD 71,568,109 EUR 61,637,877 18/07/2018 RBC (237,763) - USD 19,354 EUR 16,669 18/07/2018 Standard Chartered (64) - USD 21,370,944 EUR 18,392,581 18/07/2018 State Street (57,901) - USD 161,790,995 KRW 181,007,720,118 18/07/2018 HSBC (681,976) (0.01) USD 24,993,731 MXN 518,307,503 18/07/2018 Goldman Sachs (1,091,283) (0.02)

Total Unrealised Loss on Forward Currency Exchange Contracts (112,637,888) (2.01)

Net Unrealised Loss on Forward Currency Exchange Contracts (43,059,473) (0.77)

137 JPMorgan Investment Funds - Global Macro Opportunities Fund Schedule of Investments (continued) As at 30 June 2018 Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency EUR EUR Assets

MSCI Singapore Index, 30/07/2018 3,071 SGD 70,792,756 338,490 0.01 SPI 200 Index, 20/09/2018 (3,405) AUD (332,028,180) 1,296,141 0.02 STOXX 600 Oil Index, 21/09/2018 3,272 EUR 56,810,100 466,260 0.01 US 10 Year Note, 19/09/2018 6,335 USD 653,975,985 145,374 - XAE Energy Index, 21/09/2018 3,919 USD 259,999,966 3,652,016 0.07 XAU Utilities Index, 21/09/2018 (8,093) USD (362,555,730) 834,101 0.01 Yen Denominated Nikkei 225 Index, 13/09/2018 (2,577) JPY (222,465,098) 174,874 -

Total Unrealised Gain on Financial Futures Contracts 6,907,256 0.12

CBOE Volatility Index, 18/07/2018 7,097 USD 96,459,759 (4,242,594) (0.08) EURO STOXX 50 Index, 21/09/2018 (9,761) EUR (331,922,805) (4,815,790) (0.09) FTSE 100 Index, 21/09/2018 (4,560) GBP (392,450,855) (3,045,154) (0.05) Russell 2000 Emini Index, 21/09/2018 (3,159) USD (224,765,926) (834,300) (0.01) STOXX 600 Food & Beverages Index, 21/09/2018 (3,507) EUR (112,864,027) (692,633) (0.01)

Total Unrealised Loss on Financial Futures Contracts (13,630,471) (0.24)

Net Unrealised Loss on Financial Futures Contracts (6,723,215) (0.12)

Option Purchased Contracts

% Global Market of Exposure Value Net Quantity Security Description Currency Counterparty EUR EUR Assets

438,444,000 Foreign Exchange AUD/USD, Put, 0.732, 10/07/2018 AUD Goldman Sachs 230,463,033 1,443,121 0.02 874,605,049 Foreign Exchange AUD/USD, Put, 0.735, 09/07/2018 AUD Goldman Sachs 565,833,764 3,745,283 0.07 23,598 General Motors Co., Call, 45.000, 18/01/2019 USD Goldman Sachs 35,099,417 2,655,059 0.05 1,718 S&P 500 Index, Put, 2,725.000, 06/07/2018 USD Goldman Sachs 404,348,751 2,095,266 0.04

Total Option Purchased Contracts 9,938,729 0.18

138 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange ASML Holding NV EUR 15,502 3,079,660 0.88 listing Heineken NV EUR 30,579 3,087,912 0.88 ING Groep NV EUR 314,574 4,538,021 1.29 Equities Unilever NV, CVA EUR 41,252 2,304,745 0.65 Bermuda Credicorp Ltd. USD 8,822 1,974,981 0.56 18,473,439 5.25 Norway 1,974,981 0.56 Norsk Hydro ASA NOK 489,811 2,932,104 0.83 Canada TransCanada Corp. CAD 44,734 1,916,813 0.54 2,932,104 0.83 Russia 1,916,813 0.54 Sberbank of Russia PJSC, ADR USD 101,742 1,465,848 0.42 Denmark Novo Nordisk A/S ‘B’ DKK 20,344 942,566 0.27 1,465,848 0.42 Singapore 942,566 0.27 DBS Group Holdings Ltd. SGD 117,600 2,295,703 0.65 Finland Konecranes OYJ EUR 40,295 1,644,650 0.47 2,295,703 0.65 Outokumpu OYJ EUR 332,246 2,067,663 0.59 Spain Iberdrola SA EUR 345,617 2,679,640 0.76 3,712,313 1.06 Industria de Diseno Textil SA EUR 68,326 2,337,277 0.67 France Air Liquide SA EUR 16,455 2,069,639 0.59 5,016,917 1.43 Alstom SA EUR 39,649 1,822,098 0.52 Sweden BNP Paribas SA EUR 64,957 4,043,219 1.15 Svenska Handelsbanken AB ‘A’ SEK 231,118 2,548,564 0.72 Capgemini SE EUR 27,125 3,662,743 1.04 Cie Generale des Etablissements Michelin 2,548,564 0.72 SCA EUR 15,485 1,894,449 0.54 Engie SA EUR 117,870 1,809,488 0.51 Switzerland LVMH Moet Hennessy Louis Vuitton SE EUR 4,665 1,561,571 0.44 Novartis AG CHF 73,838 5,603,933 1.59 Sanofi EUR 13,295 1,070,185 0.30 Roche Holding AG CHF 13,057 2,891,671 0.82 Schneider Electric SE EUR 44,583 3,719,271 1.06 Swiss Re AG CHF 20,882 1,807,821 0.52 Thales SA EUR 21,215 2,737,494 0.78 10,303,425 2.93 24,390,157 6.93 United Kingdom Germany ASOS plc GBP 21,417 1,723,931 0.49 adidas AG EUR 15,551 3,407,613 0.97 Aviva plc GBP 317,739 2,116,069 0.60 Continental AG EUR 10,187 2,333,638 0.66 Prudential plc GBP 231,984 5,320,053 1.51 Infineon Technologies AG EUR 101,545 2,586,891 0.73 Rio Tinto plc GBP 60,474 3,366,735 0.96 Volkswagen AG Preference EUR 16,203 2,701,159 0.77 Royal Dutch Shell plc ‘A’ GBP 174,836 6,108,271 1.73 Standard Chartered plc GBP 301,736 2,767,668 0.79 11,029,301 3.13 21,402,727 6.08 Hong Kong AIA Group Ltd. HKD 403,200 3,526,546 1.00 United States of America Alphabet, Inc. ‘C’ USD 10,719 12,067,718 3.43 3,526,546 1.00 Amazon.com, Inc. USD 5,316 9,138,098 2.60 American International Group, Inc. USD 57,896 3,089,909 0.88 India AmerisourceBergen Corp. USD 13,116 1,123,057 0.32 Housing Development Finance Corp. Ltd. INR 117,570 3,275,311 0.93 Apple, Inc. USD 30,870 5,757,255 1.64 Bank of America Corp. USD 186,611 5,388,393 1.53 3,275,311 0.93 Boston Scientific Corp. USD 85,651 2,786,655 0.79 Ireland Broadcom, Inc. USD 21,629 5,296,942 1.50 Allegion plc USD 32,468 2,501,010 0.71 Capital One Financial Corp. USD 34,174 3,173,056 0.90 CRH plc EUR 73,137 2,599,778 0.74 Charles Schwab Corp. (The) USD 52,381 2,730,883 0.78 Eaton Corp. plc USD 26,447 1,999,261 0.57 Charter Communications, Inc. ‘A’ USD 13,132 3,855,030 1.10 Ingersoll-Rand plc USD 35,135 3,150,556 0.89 Cigna Corp. USD 10,690 1,821,523 0.52 Medtronic plc USD 51,057 4,400,092 1.25 Citigroup, Inc. USD 96,650 6,563,018 1.86 Coca-Cola Co. (The) USD 53,439 2,336,086 0.66 14,650,697 4.16 Diamondback Energy, Inc. USD 14,214 1,876,745 0.53 Discovery Communications, Inc. ‘A’ USD 80,831 2,302,471 0.65 Japan DISH Network Corp. ‘A’ USD 24,031 812,248 0.23 Daicel Corp. JPY 124,800 1,382,159 0.39 Dollar Tree, Inc. USD 36,103 3,070,741 0.87 Honda Motor Co. Ltd. JPY 60,100 1,764,279 0.50 Eli Lilly & Co. USD 27,353 2,330,065 0.66 Japan Airlines Co. Ltd. JPY 29,700 1,053,559 0.30 EOG Resources, Inc. USD 27,940 3,514,014 1.00 Mitsubishi UFJ Financial Group, Inc. JPY 389,600 2,218,446 0.63 EQT Corp. USD 37,647 2,150,585 0.61 Nippon Telegraph & Telephone Corp. JPY 75,700 3,445,787 0.98 Home Depot, Inc. (The) USD 25,034 4,967,872 1.41 Renesas Electronics Corp. JPY 162,200 1,588,387 0.45 Honeywell International, Inc. USD 19,370 2,795,478 0.79 T&D Holdings, Inc. JPY 158,400 2,380,041 0.68 Intercontinental Exchange, Inc. USD 37,798 2,795,162 0.79 Tokio Marine Holdings, Inc. JPY 64,200 3,008,985 0.86 Marathon Petroleum Corp. USD 35,230 2,494,812 0.71 Tokyu Corp. JPY 143,500 2,471,033 0.70 Microsoft Corp. USD 97,773 9,726,947 2.76 Molson Coors Brewing Co. ‘B’ USD 39,161 2,657,465 0.75 19,312,676 5.49 Mondelez International, Inc. ‘A’ USD 92,620 3,793,715 1.08 Jersey Morgan Stanley USD 79,471 3,838,052 1.09 Ferguson plc GBP 31,325 2,544,752 0.72 NextEra Energy, Inc. USD 28,579 4,748,830 1.35 Norfolk Southern Corp. USD 13,066 1,969,961 0.56 2,544,752 0.72 NVIDIA Corp. USD 15,560 3,748,949 1.06 Occidental Petroleum Corp. USD 28,849 2,439,616 0.69 Luxembourg Oracle Corp. USD 48,486 2,133,142 0.61 ArcelorMittal EUR 101,191 2,976,100 0.85 O’Reilly Automotive, Inc. USD 9,968 2,742,895 0.78 Parsley Energy, Inc. ‘A’ USD 48,445 1,479,026 0.42 2,976,100 0.85 PepsiCo, Inc. USD 19,695 2,133,067 0.61 Netherlands Pfizer, Inc. USD 177,924 6,475,544 1.84 Airbus SE EUR 46,461 5,463,101 1.55 Philip Morris International, Inc. USD 30,690 2,493,562 0.71

139 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Pioneer Natural Resources Co. USD 20,386 3,895,663 1.11 Rockwell Automation, Inc. USD 10,829 1,810,013 0.51 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets salesforce.com, Inc. USD 25,506 3,485,012 0.99 Stanley Black & Decker, Inc. USD 19,193 2,588,944 0.74 United States of America 53.50 Texas Instruments, Inc. USD 39,678 4,392,355 1.25 France 6.93 Union Pacific Corp. USD 28,366 4,033,645 1.15 United Kingdom 6.08 UnitedHealth Group, Inc. USD 26,208 6,428,298 1.83 Japan 5.49 Vertex Pharmaceuticals, Inc. USD 15,435 2,557,194 0.73 Netherlands 5.25 Visa, Inc. ‘A’ USD 43,686 5,829,678 1.66 Ireland 4.16 Walt Disney Co. (The) USD 31,999 3,360,375 0.95 Luxembourg 3.29 Workday, Inc. ‘A’ USD 8,430 1,022,728 0.29 Germany 3.13 Xcel Energy, Inc. USD 25,630 1,166,037 0.33 Switzerland 2.93 Zimmer Biomet Holdings, Inc. USD 28,018 3,128,630 0.89 Spain 1.43 Finland 1.06 188,317,159 53.50 Hong Kong 1.00 India 0.93 Total Equities 343,008,099 97.45 Norway 0.83 Sweden 0.72 Total Transferable securities and money market instruments 343,008,099 97.45 Jersey 0.72 admitted to an official exchange listing Singapore 0.65 Bermuda 0.56 Units of authorised UCITS or other collective investment undertakings Canada 0.54 Russia 0.42 Collective Investment Schemes - UCITS Denmark 0.27 Luxembourg Total Investments 99.89 JPMorgan US Dollar Liquidity Fund - JPM Cash and Other Assets/(Liabilities) 0.11 US Dollar Liquidity X (dist.)† USD 8,598,207 8,598,207 2.44 Total 100.00 8,598,207 2.44

Total Collective Investment Schemes - UCITS 8,598,207 2.44

Total Units of authorised UCITS or other collective investment 8,598,207 2.44 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets undertakings Total Investments 351,606,306 99.89 United States of America 53.35 United Kingdom 6.83 Cash 433,866 0.12 Japan 6.34 France 6.21 Other Assets/(Liabilities) (30,047) (0.01) Ireland 4.52 Netherlands 3.80 Total Net Assets 352,010,125 100.00 Luxembourg 3.53 Switzerland 2.92 Germany 1.86 † Related Party Fund. Jersey 1.73 Singapore 1.36 Spain 1.31 Finland 1.29 Norway 1.03 Hong Kong 0.85 Italy 0.66 Sweden 0.66 Austria 0.62 Bermuda 0.55 India 0.55 Total Investments 99.97 Cash and Other Assets/(Liabilities) 0.03 Total 100.00

140 JPMorgan Investment Funds - Global Select Equity Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

AUD 12,234,853 USD 9,006,843 02/10/2018 State Street 33,245 0.01 CAD 14,236,940 USD 10,706,374 02/10/2018 ANZ 107,538 0.03 HKD 7,732,755 USD 986,710 02/10/2018 ANZ 423 - USD 809,847 GBP 607,331 02/10/2018 Merrill Lynch 7,355 - USD 1,857,308 NOK 15,063,815 02/10/2018 HSBC 9,104 0.01 USD 930,706 SGD 1,265,404 02/10/2018 State Street 905 -

Total Unrealised Gain on Forward Currency Exchange Contracts 158,570 0.05

JPY 1,362,517,045 USD 12,411,624 02/10/2018 ANZ (27,762) (0.01) SEK 7,131,144 USD 808,084 02/10/2018 Citibank (8,672) - USD 2,493,871 EUR 2,131,341 02/10/2018 National Australia Bank (5,205) - USD 26,884,004 EUR 23,155,702 02/10/2018 State Street (266,917) (0.08) USD 404,076 GBP 306,348 02/10/2018 ANZ (715) -

Total Unrealised Loss on Forward Currency Exchange Contracts (309,271) (0.09)

Net Unrealised Loss on Forward Currency Exchange Contracts (150,701) (0.04)

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency USD USD Assets

TOPIX Index, 13/09/2018 29 JPY 4,531,536 18,330 0.01

Total Unrealised Gain on Financial Futures Contracts 18,330 0.01

Net Unrealised Gain on Financial Futures Contracts 18,330 0.01

141 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Mexico listing Cemex SAB de CV, 144A 5.7% 11/01/2025 USD 1,700,000 1,677,245 0.05 Bonds Cemex SAB de CV, 144A 6.125% 05/05/2025 USD 559,000 568,028 0.02 Bermuda Aircastle Ltd. 6.25% 01/12/2019 USD 1,710,000 1,771,526 0.06 2,245,273 0.07 Weatherford International Ltd. 7.75% 15/06/2021 USD 290,000 299,341 0.01 Netherlands Weatherford International Ltd. 8.25% Constellium NV, 144A 5.75% 15/06/2023 USD 285,000 281,437 0.01 15/05/2024 USD 525,000 514,500 0.02 Weatherford International Ltd. 9.875% Fiat Chrysler Automobiles NV 4.5% 15/02/2024 USD 340,000 342,778 0.01 15/04/2020 USD 400,000 400,882 0.01 Weatherford International Ltd. 6.5% Fiat Chrysler Automobiles NV 5.25% 01/08/2036 USD 570,000 450,625 0.01 15/04/2023 USD 100,000 101,042 0.00 Schaeffler Finance BV, 144A 4.75% 3,145,707 0.10 15/05/2023 USD 400,000 398,848 0.01 Canada 1,415,272 0.04 Precision Drilling Corp. 6.5% 15/12/2021 USD 105,454 107,438 0.00 South Korea Precision Drilling Corp. 5.25% Export-Import Bank of Korea, FRN 15/11/2024 USD 352,000 336,160 0.01 2.875% 01/06/2021 USD 4,280,000 4,283,766 0.13

443,598 0.01 4,283,766 0.13 Cayman Islands Supranational Noble Holding International Ltd. 7.75% JBS USA LUX SA, 144A 7.25% 15/01/2024 USD 29,000 27,565 0.00 01/06/2021 USD 1,608,000 1,630,168 0.05 Transocean, Inc. 6.8% 15/03/2038 USD 227,000 189,877 0.01 1,630,168 0.05 217,442 0.01 Switzerland China UBS Group Funding Switzerland AG, Industrial & Commercial Bank of China FRN, 144A 4.128% 14/04/2021 USD 820,000 845,178 0.03 Ltd., Reg. S, FRN 3.081% 21/02/2020 USD 1,730,000 1,731,505 0.05 845,178 0.03 1,731,505 0.05 United Kingdom France Barclays plc, FRN 4.462% 10/08/2021 USD 1,400,000 1,453,592 0.05 Altice France SA, 144A 6% 15/05/2022 USD 4,121,000 4,159,428 0.13 Ensco plc 5.2% 15/03/2025 USD 50,000 41,745 0.00 Altice France SA, 144A 6.25% Ensco plc 5.75% 01/10/2044 USD 28,000 20,010 0.00 15/05/2024 USD 1,261,000 1,235,080 0.04 HSBC Holdings plc, FRN 2.926% Altice France SA, 144A 7.375% 18/05/2021 USD 8,800,000 8,812,628 0.27 01/05/2026 USD 250,000 245,359 0.00 HSBC Holdings plc, FRN 3.99% 25/05/2021 USD 6,455,000 6,663,045 0.21 5,639,867 0.17 International Game Technology plc, 144A 6.25% 15/02/2022 USD 350,000 359,810 0.01 Germany Jaguar Land Rover Automotive plc, Deutsche Bank AG, FRN 3.641% 144A 4.125% 15/12/2018 USD 2,083,000 2,090,447 0.06 20/08/2020 USD 4,340,000 4,325,383 0.13 Lloyds Bank plc, FRN 2.853% Deutsche Wohnen SE, Reg. S 0.6% 07/05/2021 USD 5,310,000 5,312,841 0.16 05/01/2026 EUR 1,000,000 1,225,866 0.04 Royal Bank of Scotland Group plc 6.125% 15/12/2022 USD 4,470,000 4,703,736 0.15 5,551,249 0.17 Royal Bank of Scotland Group plc 6.1% 10/06/2023 USD 1,300,000 1,370,928 0.04 Italy Santander UK plc, FRN 2.92% Wind Tre SpA, 144A 5% 20/01/2026 1,067,553 USD 1,345,000 0.03 01/06/2021 USD 7,290,000 7,289,235 0.23

1,067,553 0.03 38,118,017 1.18 Japan United States of America Sumitomo Mitsui Financial Group, Inc., AK Steel Corp. 7.5% 15/07/2023 USD 1,440,000 1,510,178 0.05 FRN 3.458% 14/07/2021 USD 1,320,000 1,340,506 0.04 Ally Financial, Inc. 4.75% 10/09/2018 2,889,734 Sumitomo Mitsui Financial Group, Inc., USD 2,880,000 0.09 FRN 3.495% 19/10/2021 USD 3,400,000 3,456,882 0.11 Ally Financial, Inc. 3.25% 05/11/2018 USD 798,000 798,012 0.02 Ally Financial, Inc. 4.125% 30/03/2020 USD 125,000 125,513 0.00 4,797,388 0.15 Ally Financial, Inc. 4.25% 15/04/2021 USD 2,770,000 2,780,761 0.09 Ally Financial, Inc. 4.125% 13/02/2022 USD 270,000 266,250 0.01 Luxembourg Ally Financial, Inc. 4.625% 19/05/2022 USD 1,113,000 1,116,606 0.03 Altice Financing SA, 144A 6.625% Ally Financial, Inc. 4.625% 30/03/2025 USD 1,910,000 1,881,942 0.06 15/02/2023 USD 300,000 296,314 0.01 Ally Financial, Inc. 5.75% 20/11/2025 USD 1,230,000 1,257,011 0.04 Altice Financing SA, 144A 7.5% AMC Entertainment Holdings, Inc. 15/05/2026 USD 5,124,000 4,958,674 0.15 5.75% 15/06/2025 USD 645,000 634,967 0.02 Altice Luxembourg SA, 144A 7.75% AMC Entertainment Holdings, Inc. 15/05/2022 USD 3,341,000 3,245,130 0.10 5.875% 15/11/2026 USD 300,000 290,097 0.01 ArcelorMittal 6.5% 25/02/2022 USD 10,540,000 11,266,311 0.35 AMC Entertainment Holdings, Inc. Intelsat Jackson Holdings SA 7.25% 5.875% 15/02/2022 USD 100,000 101,747 0.00 15/10/2020 USD 8,700,000 8,678,250 0.27 American Axle & Manufacturing, Inc. Intelsat Jackson Holdings SA 7.5% 7.75% 15/11/2019 USD 100,000 105,400 0.00 01/04/2021 USD 1,724,000 1,715,380 0.05 American Axle & Manufacturing, Inc. Intelsat Jackson Holdings SA 5.5% 6.625% 15/10/2022 USD 1,161,000 1,194,263 0.04 01/08/2023 USD 3,636,000 3,261,038 0.10 American Axle & Manufacturing, Inc. Intelsat Luxembourg SA 7.75% 6.25% 15/03/2026 USD 705,000 693,286 0.02 01/06/2021 USD 59,000 54,723 0.00 AmeriGas Partners LP 5.5% Intelsat Luxembourg SA 8.125% 20/05/2025 USD 1,120,000 1,091,754 0.03 01/06/2023 USD 206,000 166,002 0.01 Amkor Technology, Inc. 6.625% Telecom Italia Capital SA 6.375% 01/06/2021 USD 1,375,000 1,378,884 0.04 15/11/2033 USD 245,000 242,092 0.01 Andeavor Logistics LP 6.25% Telecom Italia Capital SA 7.2% 15/10/2022 USD 527,000 547,542 0.02 18/07/2036 USD 250,000 257,648 0.01 Andeavor Logistics LP 6.375% 01/05/2024 USD 140,000 149,295 0.00 34,141,562 1.06 Antero Resources Corp. 5.625% 01/06/2023 USD 75,000 76,505 0.00 142 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Antero Resources Corp. 5.375% Huntsman International LLC 5.125% 01/11/2021 USD 972,000 983,858 0.03 15/11/2022 USD 1,725,000 1,775,827 0.06 Antero Resources Corp. 5.125% Iron Mountain, Inc., REIT 6% 01/12/2022 USD 3,381,000 3,405,462 0.11 15/08/2023 USD 885,000 910,541 0.03 Archrock Partners LP 6% 01/10/2022 USD 1,900,000 1,890,500 0.06 JC Penney Corp., Inc. 6.375% Arconic, Inc. 5.125% 01/10/2024 USD 240,000 238,160 0.01 15/10/2036 USD 1,080,000 615,600 0.02 Arconic, Inc. 5.9% 01/02/2027 USD 43,000 43,422 0.00 Kinder Morgan, Inc. 3.05% 01/12/2019 USD 630,000 628,781 0.02 Arconic, Inc. 6.75% 15/01/2028 USD 1,502,000 1,584,610 0.05 L Brands, Inc. 6.75% 01/07/2036 USD 640,000 566,400 0.02 Arconic, Inc. 5.95% 01/02/2037 USD 78,000 75,438 0.00 Level 3 Financing, Inc. 5.625% B&G Foods, Inc. 5.25% 01/04/2025 USD 747,000 707,943 0.02 01/02/2023 USD 1,776,000 1,779,783 0.06 Berry Global, Inc. 5.125% 15/07/2023 USD 60,000 59,675 0.00 Level 3 Financing, Inc. 5.125% Blue Cube Spinco LLC 9.75% 01/05/2023 USD 503,000 494,348 0.02 15/10/2023 USD 645,000 732,040 0.02 Level 3 Financing, Inc. 5.375% 15/01/2024 1,418,480 Blue Cube Spinco LLC 10% 15/10/2025 USD 525,000 611,179 0.02 USD 1,447,000 0.04 Boyd Gaming Corp. 6.875% Level 3 Financing, Inc. 5.375% 01/05/2025 485,000 15/05/2023 USD 663,000 697,287 0.02 USD 500,000 0.02 MagnaChip Semiconductor Corp. Bristow Group, Inc. 6.25% 15/10/2022 USD 108,000 84,150 0.00 6.625% 15/07/2021 USD 1,410,000 1,366,494 0.04 CenturyLink, Inc. 7.5% 01/04/2024 USD 650,000 669,399 0.02 MasTec, Inc. 4.875% 15/03/2023 USD 1,475,000 1,435,190 0.04 CenturyLink, Inc. 5.8% 15/03/2022 84,116 USD 85,000 0.00 MGM Growth Properties Operating CenturyLink, Inc. 6.75% 01/12/2023 USD 2,370,000 2,387,751 0.07 Partnership LP, REIT 5.625% Chemours Co. (The) 7% 15/05/2025 USD 595,000 639,009 0.02 01/05/2024 USD 610,000 618,323 0.02 Chemours Co. (The) 6.625% MGM Resorts International 7.75% 15/05/2023 USD 865,000 908,397 0.03 15/03/2022 USD 3,250,000 3,546,904 0.11 Cinemark USA, Inc. 4.875% MGM Resorts International 6% 01/06/2023 USD 1,010,000 990,992 0.03 15/03/2023 USD 2,295,000 2,359,432 0.07 CIT Group, Inc. 3.875% 19/02/2019 USD 201,000 201,540 0.01 MGM Resorts International 4.625% Clean Harbors, Inc. 5.125% 01/06/2021 USD 570,000 572,984 0.02 01/09/2026 USD 160,000 148,635 0.00 CNO Financial Group, Inc. 4.5% MPLX LP 5.5% 15/02/2023 USD 1,660,000 1,693,449 0.05 30/05/2020 USD 551,000 551,000 0.02 Nabors Industries, Inc. 5.5% CNO Financial Group, Inc. 5.25% 15/01/2023 USD 871,000 846,825 0.03 30/05/2025 USD 106,000 105,847 0.00 Nationstar Mortgage LLC 7.875% Community Health Systems, Inc. 6.25% 01/10/2020 USD 177,000 178,549 0.01 31/03/2023 USD 242,000 221,909 0.01 Nationstar Mortgage LLC 6.5% Community Health Systems, Inc. 01/07/2021 USD 2,322,000 2,325,971 0.07 5.125% 01/08/2021 USD 448,000 417,760 0.01 New Albertsons LP 7.75% 15/06/2026 USD 23,000 19,912 0.00 Community Health Systems, Inc. New Albertsons LP 8.7% 01/05/2030 USD 1,725,000 1,513,687 0.05 6.875% 01/02/2022 USD 1,512,000 786,240 0.02 New Albertsons LP 8% 01/05/2031 USD 179,000 148,281 0.00 Continental Resources, Inc. 4.5% Newfield Exploration Co. 5.75% 15/04/2023 USD 890,000 904,574 0.03 30/01/2022 USD 495,000 516,966 0.02 CoreCivic, Inc., REIT 4.625% Nielsen Finance LLC 4.5% 01/10/2020 USD 1,990,000 1,992,925 0.06 01/05/2023 USD 1,665,000 1,641,299 0.05 NRG Energy, Inc. 6.625% 15/01/2027 USD 225,000 231,829 0.01 Crestwood Midstream Partners LP NRG Energy, Inc. 6.25% 15/07/2022 324,968 6.25% 01/04/2023 USD 1,320,000 1,350,129 0.04 USD 315,000 0.01 Oasis Petroleum, Inc. 6.875% Dana, Inc. 6% 15/09/2023 USD 3,085,000 3,203,510 0.10 15/01/2023 USD 1,600,000 1,637,256 0.05 DaVita, Inc. 5% 01/05/2025 914,545 USD 970,000 0.03 Oasis Petroleum, Inc. 6.875% Diamond Offshore Drilling, Inc. 7.875% 15/03/2022 USD 897,000 916,649 0.03 15/08/2025 154,499 USD 149,000 0.00 Outfront Media Capital LLC 5.25% Diebold Nixdorf, Inc. 8.5% 15/04/2024 USD 947,000 911,677 0.03 15/02/2022 USD 100,000 101,619 0.00 Embarq Corp. 7.995% 01/06/2036 USD 2,646,000 2,505,206 0.08 Pinnacle Foods Finance LLC 5.875% Encompass Health Corp. 5.75% 15/01/2024 USD 460,000 486,450 0.02 01/11/2024 USD 1,900,000 1,919,788 0.06 QEP Resources, Inc. 6.875% Freeport-McMoRan, Inc. 3.55% 01/03/2021 USD 322,000 343,188 0.01 01/03/2022 USD 40,000 38,089 0.00 QEP Resources, Inc. 5.375% Freeport-McMoRan, Inc. 3.875% 01/10/2022 USD 50,000 51,317 0.00 15/03/2023 USD 4,300,000 4,079,862 0.13 QEP Resources, Inc. 5.25% 01/05/2023 USD 75,000 73,846 0.00 Freeport-McMoRan, Inc. 4.55% Quad/Graphics, Inc. 7% 01/05/2022 USD 560,000 574,700 0.02 14/11/2024 551,011 USD 575,000 0.02 Qwest Capital Funding, Inc. 6.875% Freeport-McMoRan, Inc. 5.4% 15/07/2028 USD 480,000 436,502 0.01 14/11/2034 184,719 USD 202,000 0.01 Qwest Capital Funding, Inc. 7.75% Freeport-McMoRan, Inc. 5.45% 15/02/2031 USD 851,000 774,410 0.02 15/03/2043 USD 3,938,000 3,461,167 0.11 Range Resources Corp. 5% 15/08/2022 USD 280,000 278,778 0.01 GEO Group, Inc. (The), REIT 5.875% Range Resources Corp. 5% 15/03/2023 321,798 15/01/2022 USD 1,635,000 1,663,613 0.05 USD 330,000 0.01 GEO Group, Inc. (The), REIT 5.125% Range Resources Corp. 4.875% 15/05/2025 278,086 01/04/2023 USD 445,000 437,693 0.01 USD 295,000 0.01 GEO Group, Inc. (The), REIT 5.875% Reynolds Group Issuer, Inc. 5.75% 15/10/2020 6,736,769 15/10/2024 USD 705,000 688,919 0.02 USD 6,704,287 0.21 GEO Group, Inc. (The), REIT 6% RHP Hotel Properties LP, REIT 5% 15/04/2021 730,799 15/04/2026 USD 855,000 832,077 0.03 USD 726,000 0.02 RHP Hotel Properties LP, REIT 5% HCA Healthcare, Inc. 6.25% 15/02/2021 USD 2,520,000 2,622,904 0.08 15/04/2023 USD 1,270,000 1,270,000 0.04 HCA, Inc. 3.75% 15/03/2019 USD 496,000 497,865 0.02 RSP Permian, Inc. 6.625% 01/10/2022 USD 845,000 889,954 0.03 HCA, Inc. 6.5% 15/02/2020 USD 1,850,000 1,925,360 0.06 RSP Permian, Inc. 5.25% 15/01/2025 USD 475,000 510,031 0.02 HCA, Inc. 7.5% 15/02/2022 4,659,979 USD 4,270,000 0.14 Sanchez Energy Corp. 6.125% HCA, Inc. 5.875% 01/05/2023 USD 100,000 103,747 0.00 15/01/2023 USD 1,125,000 765,000 0.02 HCA, Inc. 5.375% 01/02/2025 USD 14,280,000 14,129,132 0.44 Scotts Miracle-Gro Co. (The) 6% HCA, Inc. 5.875% 15/02/2026 USD 4,805,000 4,850,431 0.15 15/10/2023 USD 1,250,000 1,298,675 0.04 HCA, Inc. 5.25% 15/06/2026 USD 100,000 99,721 0.00 Scotts Miracle-Gro Co. (The) 5.25% Hecla Mining Co. 6.875% 01/05/2021 USD 4,750,000 4,815,146 0.15 15/12/2026 USD 112,000 107,108 0.00 Hertz Corp. (The) 7.375% 15/01/2021 USD 155,000 152,183 0.00 Service Corp. International 7.5% Hertz Corp. (The) 6.25% 15/10/2022 USD 515,000 459,424 0.01 01/04/2027 USD 2,875,000 3,237,969 0.10 Hilton Domestic Operating Co., Inc. Service Corp. International 5.375% 4.25% 01/09/2024 USD 95,000 90,487 0.00 15/05/2024 USD 50,000 51,313 0.00 Hilton Worldwide Finance LLC 4.625% SESI LLC 7.125% 15/12/2021 USD 46,000 46,926 0.00 01/04/2025 USD 690,000 673,278 0.02 SM Energy Co. 6.125% 15/11/2022 USD 480,000 494,400 0.02 Hilton Worldwide Finance LLC 4.875% SM Energy Co. 6.5% 01/01/2023 USD 2,115,000 2,146,725 0.07 01/04/2027 USD 345,000 332,925 0.01 SM Energy Co. 5.625% 01/06/2025 USD 925,000 892,625 0.03 HRG Group, Inc. 7.75% 15/01/2022 USD 2,799,000 2,882,970 0.09 SM Energy Co. 5% 15/01/2024 USD 600,000 565,500 0.02 Huntsman International LLC 4.875% Southwestern Energy Co. 4.1% 15/11/2020 USD 145,000 147,704 0.00 15/03/2022 USD 330,000 317,721 0.01

143 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Southwestern Energy Co. 6.7% Cayman Islands 23/01/2025 USD 1,045,000 1,029,910 0.03 China Overseas Finance Investment Southwestern Energy Co. 7.5% Cayman V Ltd., Reg. S 0% 05/01/2023 USD 1,400,000 1,463,448 0.05 01/04/2026 USD 460,000 476,588 0.01 Harvest International Co., Reg. S 0% Spectrum Brands, Inc. 6.625% 21/11/2022 HKD 6,000,000 803,376 0.02 15/11/2022 USD 67,000 69,163 0.00 Spectrum Brands, Inc. 6.125% 2,266,824 0.07 15/12/2024 USD 14,000 14,211 0.00 Spectrum Brands, Inc. 5.75% China 15/07/2025 USD 68,000 67,314 0.00 CRRC Corp. Ltd., Reg. S 0% 05/02/2021 USD 1,250,000 1,234,237 0.04 Sprint Capital Corp. 8.75% 15/03/2032 USD 5,164,000 5,506,322 0.17 Zhejiang Expressway Co. Ltd., Reg. S Sprint Communications, Inc. 11.5% 0% 21/04/2022 EUR 300,000 331,456 0.01 15/11/2021 USD 3,925,000 4,584,106 0.14 Sprint Communications, Inc. 6% 1,565,693 0.05 15/11/2022 USD 74,000 73,475 0.00 France Sprint Corp. 7.625% 15/02/2025 USD 12,772,000 13,118,377 0.41 Carrefour SA, Reg. S 0% 14/06/2023 USD 600,000 507,366 0.02 Sprint Corp. 7.25% 15/09/2021 USD 650,000 675,899 0.02 Cie Generale des Etablissements, Sprint Corp. 7.875% 15/09/2023 USD 8,041,000 8,382,622 0.26 Reg. S 0% 10/11/2023 USD 800,000 688,524 0.02 Sprint Corp. 7.125% 15/06/2024 USD 1,142,000 1,149,200 0.04 Orange SA, Reg. S 0.375% 27/06/2021 GBP 300,000 377,813 0.01 Summit Materials LLC 6.125% Orpar SA, Reg. S 0% 20/06/2024 EUR 400,000 474,416 0.01 15/07/2023 USD 1,140,000 1,154,216 0.04 TOTAL SA, Reg. S 0.5% 02/12/2022 USD 800,000 877,724 0.03 Summit Midstream Holdings LLC 5.75% Wendel SA, Reg. S 0% 31/07/2019 EUR 1,010,600 612,741 0.02 15/04/2025 USD 860,000 817,237 0.03 SUPERVALU, Inc. 7.75% 15/11/2022 3,272,310 USD 3,177,000 0.10 3,538,584 0.11 Targa Resources Partners LP 6.75% 15/03/2024 USD 1,915,000 2,005,963 0.06 Germany TEGNA, Inc. 6.375% 15/10/2023 USD 785,000 808,193 0.03 BASF SE, Reg. S 0.925% 09/03/2023 USD 750,000 716,051 0.02 Tempur Sealy International, Inc. 5.625% 15/10/2023 USD 1,600,000 1,604,904 0.05 716,051 0.02 Tempur Sealy International, Inc. 5.5% 15/06/2026 USD 1,390,000 1,347,786 0.04 Hong Kong Tenet Healthcare Corp. 5.5% Bagan Capital Ltd., Reg. S 0% 01/03/2019 USD 44,000 44,390 0.00 23/09/2021 USD 1,154,000 1,092,123 0.03 Tenet Healthcare Corp. 6.75% 01/02/2020 USD 661,000 681,729 0.02 1,092,123 0.03 Tenet Healthcare Corp. 4.75% Italy 01/06/2020 USD 600,000 605,112 0.02 Eni SpA, Reg. S 0% 13/04/2022 EUR 400,000 494,570 0.02 Tenet Healthcare Corp. 6% 01/10/2020 USD 2,451,000 2,529,395 0.08 Prysmian SpA, Reg. S 0% 17/01/2022 692,385 Tenet Healthcare Corp. 4.5% EUR 600,000 0.02 01/04/2021 USD 2,170,000 2,158,759 0.07 Snam SpA, Reg. S 0% 20/03/2022 EUR 300,000 344,806 0.01 Tenet Healthcare Corp. 8.125% Telecom Italia SpA, Reg. S 1.125% 01/04/2022 USD 3,434,000 3,600,068 0.11 26/03/2022 EUR 300,000 333,351 0.01 Tenet Healthcare Corp. 6.75% 15/06/2023 USD 4,245,000 4,226,089 0.13 1,865,112 0.06 TransDigm, Inc. 6.5% 15/05/2025 USD 1,569,000 1,591,907 0.05 Japan TransDigm, Inc. 6.375% 15/06/2026 USD 817,000 813,340 0.03 ANA Holdings, Inc., Reg. S 0% TransDigm, Inc. 6% 15/07/2022 USD 73,000 73,788 0.00 19/09/2024 JPY 120,000,000 1,106,694 0.04 Triumph Group, Inc. 4.875% Kansai Paint Co. Ltd., Reg. S 0% 01/04/2021 USD 1,070,000 1,041,105 0.03 17/06/2022 JPY 150,000,000 1,381,816 0.04 Triumph Group, Inc. 7.75% 15/08/2025 USD 675,000 672,874 0.02 Mebuki Financial Group, Inc., Reg. S United Continental Holdings, Inc. 0% 24/04/2019 USD 800,000 780,360 0.02 4.25% 01/10/2022 USD 343,000 334,267 0.01 Mitsubishi Chemical Holdings Corp., United Rentals North America, Inc. Reg. S 0% 30/03/2022 JPY 150,000,000 1,388,934 0.04 5.875% 15/09/2026 USD 905,000 912,806 0.03 United Rentals North America, Inc. 4,657,804 0.14 4.875% 15/01/2028 USD 920,000 855,664 0.03 United States Cellular Corp. 6.7% Jersey 15/12/2033 USD 1,840,000 1,927,566 0.06 British Land White 2015 Ltd., Reg. S Vista Outdoor, Inc. 5.875% 01/10/2023 USD 3,088,000 2,963,492 0.09 0% 09/06/2020 GBP 600,000 760,035 0.03 Vistra Energy Corp. 7.375% 01/11/2022 USD 465,000 486,183 0.02 Intu Jersey 2 Ltd., REIT, Reg. S 2.875% 01/11/2022 1,692,540 Welbilt, Inc. 9.5% 15/02/2024 USD 815,000 900,575 0.03 GBP 1,400,000 0.05 Whiting Petroleum Corp. 5.75% Remgro Jersey GBP Ltd., Reg. S 2.625% 22/03/2021 383,943 15/03/2021 USD 120,000 122,543 0.00 GBP 300,000 0.01 Whiting Petroleum Corp. 6.25% 01/04/2023 USD 1,150,000 1,192,406 0.04 2,836,518 0.09 WildHorse Resource Development Luxembourg Corp. 6.875% 01/02/2025 USD 485,000 497,731 0.02 Grand City Properties SA, Reg. S 0.25% WPX Energy, Inc. 6% 15/01/2022 USD 46,000 47,849 0.00 02/03/2022 EUR 300,000 363,167 0.01 WPX Energy, Inc. 8.25% 01/08/2023 USD 965,000 1,097,741 0.03 WPX Energy, Inc. 5.25% 15/09/2024 USD 45,000 44,715 0.00 363,167 0.01 Zayo Group LLC 6% 01/04/2023 USD 2,955,000 3,006,713 0.09 Zayo Group LLC 6.375% 15/05/2025 USD 1,950,000 1,996,469 0.06 Malaysia Cahaya Capital Ltd., Reg. S 0% 18/09/2021 1,054,593 237,288,334 7.34 USD 1,062,000 0.03 1,054,593 0.03 Total Bonds 342,561,879 10.59 Netherlands Convertible Bonds Brenntag Finance BV, Reg. S 1.875% Belgium 02/12/2022 USD 1,500,000 1,487,565 0.05 Bekaert SA, Reg. S 0% 09/06/2021 EUR 400,000 448,408 0.01 1,487,565 0.05 448,408 0.01 Norway Bermuda Telenor East Holding II A/S, Reg. S Haitong International Securities Group 0.25% 20/09/2019 USD 1,400,000 1,355,207 0.04 Ltd., Reg. S 0% 25/10/2021 HKD 12,000,000 1,487,036 0.05 1,355,207 0.04 1,487,036 0.05

144 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Singapore Baytex Energy Corp., 144A 5.625% CapitaLand Ltd., Reg. S 2.8% 01/06/2024 USD 429,000 403,260 0.01 08/06/2025 SGD 2,500,000 1,771,655 0.06 Bombardier, Inc., 144A 7.75% 15/03/2020 USD 471,000 498,424 0.02 1,771,655 0.06 Bombardier, Inc., 144A 6.125% 15/01/2023 USD 604,000 606,063 0.02 United Arab Emirates Bombardier, Inc., 144A 7.5% Aabar Investments PJSC, Reg. S 0.5% 15/03/2025 USD 1,245,000 1,296,568 0.04 27/03/2020 1,412,506 EUR 1,300,000 0.04 Cascades, Inc., 144A 5.5% 15/07/2022 USD 13,000 12,967 0.00 DP World Ltd., Reg. S 1.75% Concordia International Corp., 144A 19/06/2024 1,249,596 USD 1,200,000 0.04 9% 01/04/2022 USD 905,000 814,500 0.03 Concordia International Corp., 144A 2,662,102 0.08 7% 15/04/2023 USD 993,000 62,062 0.00 United States of America Garda World Security Corp., 144A National Grid North America, Inc., 8.75% 15/05/2025 USD 3,020,000 3,110,600 0.10 Reg. S, Reg. S 0.9% 02/11/2020 GBP 600,000 774,736 0.02 Gateway Casinos & Entertainment Ltd., 144A 8.25% 01/03/2024 USD 356,000 376,470 0.01 774,736 0.02 MEG Energy Corp., 144A 6.375% 30/01/2023 USD 1,690,000 1,575,925 0.05 Virgin Islands, British MEG Energy Corp., 144A 7% Shanghai Port Group BVI Holding Co. 31/03/2024 USD 1,643,000 1,523,882 0.05 Ltd., Reg. S 0% 09/08/2022 USD 1,425,000 1,514,126 0.05 MEG Energy Corp., 144A 6.5% Smart Insight International Ltd., Reg. S 15/01/2025 USD 985,000 982,537 0.03 0% 27/01/2019 HKD 8,000,000 996,420 0.03 NOVA Chemicals Corp., 144A 4.875% 01/06/2024 USD 780,000 744,116 0.02 2,510,546 0.08 NOVA Chemicals Corp., 144A 5.25% 01/06/2027 USD 625,000 586,759 0.02 Total Convertible Bonds 32,453,724 1.00 Quebecor Media, Inc. 5.75% 15/01/2023 USD 2,560,000 2,624,179 0.08 Equities Toronto-Dominion Bank (The), FRN 2.756% 11/06/2021 USD 8,180,000 8,185,113 0.25 Canada Valeant Pharmaceuticals International, Ultra Petroleum Corp. USD 43,470 98,459 0.00 Inc., 144A 7.5% 15/07/2021 USD 720,000 733,882 0.02 Valeant Pharmaceuticals International, 98,459 0.00 Inc., 144A 5.875% 15/05/2023 USD 12,747,000 11,934,379 0.37 United States of America Valeant Pharmaceuticals International, Inc., 144A 7% 15/03/2024 5,616,716 Avaya Holdings Corp. USD 48,062 939,852 0.03 USD 5,353,000 0.17 Bank of America Corp. Preference Valeant Pharmaceuticals International, Inc., 144A 6.125% 15/04/2025 5,135,001 7.25% USD 1,147 1,434,438 0.04 USD 5,567,000 0.16 Valeant Pharmaceuticals International, Caesars Entertainment Corp. USD 75,730 823,564 0.03 Inc., 144A 9% 15/12/2025 USD 1,855,000 1,929,089 0.06 Chaparral Energy, Inc. 18 USD 1 0.00 Videotron Ltd., 144A 5.375% GMAC Capital Trust I Preference, FRN 15/06/2024 USD 3,021,000 3,096,525 0.10 8.128% 1,566,000 USD 60,000 0.05 Videotron Ltd., 144A 5.125% Halcon Resources Corp. USD 136,557 590,609 0.02 15/04/2027 USD 655,000 633,732 0.02 Nebraska Book Holdings, Inc. USD 58,580 1,611 0.00 NII Holdings, Inc. USD 262,857 1,019,885 0.03 53,469,274 1.65 Penn Virginia Corp. USD 1,544 132,159 0.00 Quad/Graphics, Inc. USD 392 8,160 0.00 Cayman Islands VICI Properties, Inc., REIT USD 277,572 5,670,796 0.18 LSTAR Securities Investment Ltd., FRN, Vistra Energy Corp. USD 65,374 1,543,807 0.05 Series 2017-9 ‘A’, 144A 3.532% 01/12/2022 USD 1,507,907 1,507,907 0.05 Wells Fargo & Co. Preference 7.5% USD 1,155 1,451,864 0.04 Noble Holding International Ltd., 144A 7.875% 01/02/2026 USD 326,000 335,671 0.01 15,182,763 0.47 Shelf Drilling Holdings Ltd., 144A 8.25% 15/02/2025 USD 690,000 705,146 0.02 Total Equities 15,281,222 0.47 Telford Offshore Ltd. 1% 12/02/2024 USD 1,480,699 1,184,559 0.04 Transocean Guardian Ltd., 144A Total Transferable securities and money market instruments 390,296,825 12.06 5.875% 15/01/2024 USD 313,000 312,308 0.01 admitted to an official exchange listing Transocean Proteus Ltd., 144A 6.25% 01/12/2024 USD 966,450 988,311 0.03 Transferable securities and money market instruments dealt in on another regulated Transocean, Inc., 144A 9% 15/07/2023 USD 943,000 1,020,798 0.03 market Transocean, Inc., 144A 7.5% 15/01/2026 USD 472,000 482,327 0.01 Bonds UPCB Finance IV Ltd., 144A 5.375% Australia 15/01/2025 USD 1,395,000 1,334,499 0.04 Australia & New Zealand Banking Group Ltd., FRN, 144A 2.781% 7,871,526 0.24 17/05/2021 5,692,704 USD 5,700,000 0.18 Germany Macquarie Bank Ltd., FRN, 144A Deutsche Bank AG, FRN 3.312% 3.479% 29/07/2020 1,046,698 USD 1,034,000 0.03 13/07/2020 USD 8,940,000 8,863,786 0.28 National Australia Bank Ltd., FRN, IHO Verwaltungs GmbH, 144A 4.5% 144A 2.905% 20/09/2021 4,492,020 USD 4,490,000 0.14 15/09/2023 USD 735,000 706,519 0.02 Nufarm Australia Ltd., 144A 5.75% 30/04/2026 USD 194,000 188,423 0.00 9,570,305 0.30 11,419,845 0.35 Ireland Ardagh Packaging Finance plc, 144A Bermuda 7.25% 15/05/2024 USD 2,105,000 2,190,684 0.07 Radnor RE Ltd., FRN, Series 2018-1 Ardagh Packaging Finance plc, 144A ‘M1’, 144A 3.368% 25/03/2028 3,597,982 USD 3,594,000 0.11 6% 15/02/2025 USD 1,215,000 1,188,270 0.03 James Hardie International Finance 3,597,982 0.11 DAC, 144A 4.75% 15/01/2025 USD 290,000 284,200 0.01 Canada Athabasca Oil Corp., 144A 9.875% 3,663,154 0.11 24/02/2022 455,400 USD 440,000 0.01 Japan ATS Automation Tooling Systems, Inc., Mizuho Financial Group, Inc., FRN 144A 6.5% 15/06/2023 114,995 USD 112,000 0.00 3.473% 13/09/2021 USD 730,000 741,399 0.02 Baytex Energy Corp., 144A 5.125% 01/06/2021 USD 429,000 416,130 0.01 741,399 0.02

145 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Jersey AIG Global Funding, FRN, 144A 2.797% Adient Global Holdings Ltd., 144A 25/06/2021 USD 2,030,000 2,030,286 0.06 4.875% 15/08/2026 USD 490,000 442,225 0.02 Air Medical Group Holdings, Inc., 144A 6.375% 15/05/2023 USD 2,690,000 2,515,150 0.08 442,225 0.02 Albertsons Cos. LLC 6.625% 15/06/2024 USD 2,743,000 2,603,532 0.08 Luxembourg Albertsons Cos. LLC 5.75% 15/03/2025 USD 667,000 589,972 0.02 Altice Luxembourg SA, 144A 7.625% Albertsons Cos., Inc., FRN, 144A 15/02/2025 365,500 USD 400,000 0.01 6.126% 15/01/2024 USD 1,352,000 1,355,143 0.04 INEOS Group Holdings SA, 144A Alliance Data Systems Corp., 144A 5.625% 01/08/2024 3,160,240 USD 3,200,000 0.10 5.375% 01/08/2022 USD 492,000 495,838 0.02 Intelsat Connect Finance SA, 144A Ally Auto Receivables Trust, Series 12.5% 01/04/2022 286,560 USD 288,000 0.01 2017-5 ‘A3’ 1.99% 15/03/2022 USD 5,567,000 5,501,444 0.17 Intelsat Jackson Holdings SA, 144A 8% Alternative Loan Trust, Series 15/02/2024 698,860 USD 664,000 0.02 2007-5CB ‘1A31’ 5.5% 25/04/2037 USD 552,826 453,997 0.01 Intelsat Jackson Holdings SA, 144A Alternative Loan Trust, Series 9.75% 15/07/2025 2,214,881 USD 2,105,000 0.07 2004-5CB ‘2A1’ 5% 25/05/2019 USD 88,845 89,950 0.00 Mallinckrodt International Finance SA, Alternative Loan Trust, Series 2005-J6 144A 4.875% 15/04/2020 807,700 USD 820,000 0.02 ‘2A1’ 5.5% 25/07/2025 USD 638,129 631,143 0.02 Mallinckrodt International Finance SA, Alternative Loan Trust, Series 2006-J3 144A 5.75% 01/08/2022 609,214 USD 675,000 0.02 ‘2A1’ 4.75% 25/12/2020 USD 115,534 102,265 0.00 Mallinckrodt International Finance SA, Alternative Loan Trust, Series 144A 5.625% 15/10/2023 450,900 USD 540,000 0.01 2006-41CB ‘2A17’ 6% 25/01/2037 USD 442,030 384,324 0.01 Mallinckrodt International Finance SA, Alternative Loan Trust, Series 2005-J3 144A 5.5% 15/04/2025 889,525 USD 1,105,000 0.03 ‘3A1’ 6.5% 25/09/2034 USD 85,897 86,662 0.00 Trinseo Materials Operating SCA, 144A Alternative Loan Trust, Series 5.375% 01/09/2025 625,275 USD 630,000 0.02 2005-50CB ‘4A1’ 5% 25/11/2020 USD 175,060 175,809 0.01 Alternative Loan Trust, Series 2005-J11 10,108,655 0.31 ‘5A1’ 5.5% 25/11/2020 USD 333,639 332,400 0.01 Netherlands Alternative Loan Trust, Series Alcoa Nederland Holding BV, 144A 2006-24CB ‘A1’ 6% 25/06/2036 USD 1,197,659 1,046,364 0.03 6.75% 30/09/2024 USD 2,544,000 2,678,776 0.08 Alternative Loan Trust, FRN, Series Alcoa Nederland Holding BV, 144A 2006-J2 ‘A1’ 2.46% 25/04/2036 USD 1,365,481 854,363 0.03 6.125% 15/05/2028 USD 200,000 201,500 0.01 Alternative Loan Trust, Series NXP BV, 144A 4.625% 01/06/2023 USD 795,000 803,268 0.03 2006-28CB ‘A17’ 6% 25/10/2036 USD 489,954 402,404 0.01 Alternative Loan Trust, Series 2006-24CB ‘A23’ 6% 25/06/2036 2,030,241 3,683,544 0.12 USD 2,323,795 0.06 Alternative Loan Trust, Series Supranational 2006-31CB ‘A3’ 6% 25/11/2036 USD 2,085,292 1,819,065 0.06 Endo Dac, 144A 6% 15/07/2023 USD 3,210,000 2,638,620 0.08 Alternative Loan Trust Endo Dac, 144A 5.875% 15/10/2024 USD 732,000 716,775 0.02 Resecuritization, FRN, Series 2008-2R JBS USA LUX SA, 144A 7.25% ‘2A1’ 6% 25/08/2037 USD 203,402 150,729 0.00 01/06/2021 USD 28,000 28,386 0.00 Altice US Finance I Corp., 144A 5.375% JBS USA LUX SA, 144A 5.875% 15/07/2023 USD 342,000 341,012 0.01 15/07/2024 USD 2,991,000 2,867,060 0.09 Altice US Finance I Corp., 144A 5.5% JBS USA LUX SA, 144A 5.75% 15/05/2026 USD 320,000 309,866 0.01 15/06/2025 USD 54,000 50,474 0.00 AMC Networks, Inc. 5% 01/04/2024 USD 430,000 424,483 0.01 JBS USA LUX SA, 144A 6.75% American Axle & Manufacturing, Inc. 15/02/2028 USD 581,000 550,678 0.02 6.25% 01/04/2025 USD 1,603,000 1,598,984 0.05 American Axle & Manufacturing, Inc. 6,851,993 0.21 6.5% 01/04/2027 USD 641,000 635,997 0.02 American Express Co., FRN 2.846% United Kingdom 17/05/2021 USD 7,530,000 7,547,394 0.23 Barclays plc, FRN 8.25% Perpetual USD 3,105,000 3,161,635 0.10 American Express Credit Account International Game Technology plc, Master Trust, FRN, Series 2014-1 ‘A’ 144A 6.5% 15/02/2025 USD 1,140,000 1,181,513 0.04 2.289% 15/12/2021 USD 2,711,000 2,716,976 0.08 Jaguar Land Rover Automotive plc, American Express Credit Account 144A 4.25% 15/11/2019 USD 400,000 403,000 0.01 Master Trust, FRN, Series 2017-8 ‘A’ KCA Deutag UK Finance plc, 144A 2.039% 16/05/2022 USD 7,382,000 7,382,185 0.23 9.875% 01/04/2022 USD 723,000 751,699 0.02 American Home Mortgage Assets Merlin Entertainments plc, 144A 5.75% Trust, FRN, Series 2006-2 ‘2A1’ 2.281% 15/06/2026 USD 590,000 598,850 0.02 25/09/2046 USD 578,693 535,771 0.02 Sensata Technologies UK Financing Co. American Woodmark Corp., 144A plc, 144A 6.25% 15/02/2026 USD 3,530,000 3,671,200 0.11 4.875% 15/03/2026 USD 780,000 742,950 0.02 Standard Chartered plc, FRN 8.625% Amkor Technology, Inc. 6.375% Perpetual USD 380,000 403,799 0.01 01/10/2022 USD 3,025,000 3,100,776 0.10 TransDigm UK Holdings plc, 144A AMRESCO Residential Securities Corp. 6.875% 15/05/2026 USD 203,000 206,565 0.01 Mortgage Loan Trust, FRN, Series Tullow Oil plc, 144A 7% 01/03/2025 USD 295,000 279,877 0.01 1998-3 ‘M1A’ 2.721% 25/09/2028 USD 574,624 583,088 0.02 Virgin Media Finance plc, 144A 6.375% Angel Oak Mortgage Trust I LLC, FRN, 15/04/2023 USD 2,430,000 2,443,754 0.08 Series 2018-1 ‘A2’, 144A 3.309% 27/04/2048 USD 3,678,744 3,673,226 0.11 Angel Oak Mortgage Trust I LLC, FRN, 13,101,892 0.41 Series 2018-2 ‘A2’, 144A 3.776% United States of America 27/07/2048 USD 1,627,000 1,631,050 0.05 ABFC Trust, FRN, Series 2006-OPT2 Antero Midstream Partners LP 5.375% ‘A2’ 2.231% 25/10/2036 USD 7,553,384 7,313,387 0.23 15/09/2024 USD 785,000 790,522 0.02 Accredited Mortgage Loan Trust, STEP, Aramark Services, Inc., 144A 5% Series 2003-3 ‘A1’ 5.21% 25/01/2034 USD 467,086 480,444 0.01 01/02/2028 USD 440,000 421,067 0.01 ACE Cash Express, Inc., 144A 12% Arroyo Mortgage Trust, FRN, Series 15/12/2022 USD 619,000 670,067 0.02 2018-1 ‘A1’, 144A 3.763% 25/04/2048 USD 10,132,777 10,181,375 0.31 ACE Securities Corp. Home Equity Loan Avis Budget Car Rental LLC, 144A Trust, FRN, Series 2006-FM1 ‘A2B’ 6.375% 01/04/2024 USD 2,435,000 2,393,824 0.07 2.181% 25/07/2036 USD 10,238,981 3,878,850 0.12 Avis Budget Car Rental LLC 5.5% ACE Securities Corp. Home Equity Loan 01/04/2023 USD 475,000 463,436 0.01 Trust, FRN, Series 2006-ASP2 ‘A2D’ Banc of America Alternative Loan 2.371% 25/03/2036 USD 1,500,930 1,505,413 0.05 Trust, Series 2006-4 ‘2A1’ 6% Adjustable Rate Mortgage Trust, FRN, 25/05/2021 USD 677,501 658,190 0.02 Series 2005-5 ‘5A1’ 4.188% Banc of America Alternative Loan 25/09/2035 USD 2,259,726 2,094,505 0.06 Trust, Series 2004-12 ‘2CB1’ 6% ADT Corp. (The) 4.125% 15/06/2023 USD 2,250,000 2,116,114 0.07 25/01/2035 USD 947,312 940,976 0.03 AES Corp. 4% 15/03/2021 USD 740,000 737,976 0.02

146 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Banc of America Alternative Loan CCO Holdings LLC 5.125% 15/02/2023 USD 1,260,000 1,249,063 0.04 Trust, Series 2005-2 ‘2CB1’ 6% CCO Holdings LLC 5.75% 01/09/2023 USD 166,000 167,245 0.01 25/03/2035 USD 1,109,046 1,025,771 0.03 CEMEX Finance LLC, 144A 6% Banc of America Funding Trust, FRN, 01/04/2024 USD 1,500,000 1,524,098 0.05 Series 2014-R7 ‘1A1’, 144A 2.11% Central Garden & Pet Co. 6.125% 26/05/2036 USD 3,061,651 2,950,519 0.09 15/11/2023 USD 790,000 819,740 0.03 Banc of America Funding Trust, Series Central Garden & Pet Co. 5.125% 2006-1 ‘2A1’ 5.5% 25/01/2036 USD 304,789 298,630 0.01 01/02/2028 USD 490,000 455,641 0.01 Banc of America Funding Trust, FRN, Charter Communications Operating Series 2014-R7 ‘2A1’, 144A 2.1% LLC, FRN 0% 01/02/2024 USD 1,090,000 1,092,638 0.03 26/09/2036 USD 685,816 671,824 0.02 Chase Mortgage Finance Trust, Series Banc of America Funding Trust, PO, 2005-S1 ‘1A15’ 6% 25/05/2035 USD 969,797 1,023,074 0.03 Series 2005-7 ‘4A8’ 0%25/11/2035 USD 75,461 72,857 0.00 Cheniere Corpus Christi Holdings LLC Banc of America Funding Trust, FRN, 5.875% 31/03/2025 USD 1,255,000 1,312,316 0.04 Series 2015-R4 ‘5A1’, 144A 2.047% Chesapeake Energy Corp., 144A 8% 25/10/2036 5,350,622 USD 5,505,439 0.17 15/12/2022 USD 2,271,000 2,393,066 0.07 Banc of America Funding Trust, FRN, Chesapeake Energy Corp. 8% Series 2006-D ‘5A2’ 3.841% 15/01/2025 USD 1,601,000 1,637,103 0.05 20/05/2036 USD 599,918 575,721 0.02 Chesapeake Energy Corp. 8% Banc of America Mortgage Trust, 15/06/2027 USD 830,000 848,015 0.03 Series 2007-3 ‘1A1’ 6% 25/09/2037 USD 1,626,862 1,580,867 0.05 CHL Mortgage Pass-Through Trust, Banc of America Mortgage Trust, Series 2006-20 ‘1A36’ 5.75% Series 2005-11 ‘2A1’ 5.25% 25/12/2020 104,957 USD 104,599 0.00 25/02/2037 USD 579,880 487,226 0.02 Bank of America Corp., FRN 2.985% CHL Mortgage Pass-Through Trust, 25/06/2022 15,267,328 USD 15,270,000 0.47 Series 2006-15 ‘A1’ 6.25% 25/10/2036 USD 894,396 760,219 0.02 Bank of America Corp., FRN 5.989% CHL Mortgage Pass-Through Trust, Perpetual 1,643,854 USD 1,635,000 0.05 Series 2005-21 ‘A2’ 5.5% 25/10/2035 USD 217,366 208,055 0.01 Bayer US Finance II LLC, FRN, 144A CHL Mortgage Pass-Through Trust, 2.965% 25/06/2021 USD 2,020,000 2,023,757 0.06 FRN, Series 2007-5 ‘A6’ 2.31% Bear Stearns ARM Trust, FRN, Series 25/05/2037 USD 746,725 549,349 0.02 2005-12 ‘22A1’ 3.449% 25/02/2036 USD 2,923,946 2,919,163 0.09 Chukchansi Economic Development Bear Stearns Asset-Backed Securities I Authority, 144A 9.75% 30/05/2020 USD 2,580,551 1,780,581 0.06 Trust, STEP, Series 2004-AC5 ‘A1’ Cincinnati Bell, Inc., 144A 7% 5.75% 25/10/2034 1,090,234 USD 1,097,882 0.03 15/07/2024 USD 930,000 857,925 0.03 Blue Racer Midstream LLC, 144A CITGO Petroleum Corp., 144A 6.25% 6.125% 15/11/2022 2,308,454 USD 2,280,000 0.07 15/08/2022 USD 367,000 367,000 0.01 Boyne USA, Inc., 144A 7.25% Citibank Credit Card Issuance Trust, 01/05/2025 USD 285,000 298,538 0.01 FRN, Series 2017-A1 ‘A1’ 2.189% Buckeye Partners LP, FRN 6.375% 19/01/2021 USD 2,881,000 2,884,306 0.09 22/01/2078 USD 155,000 139,453 0.00 Citibank Credit Card Issuance Trust, BWAY Holding Co., 144A 5.5% FRN, Series 2017-A4 ‘A4’ 2.143% 15/04/2024 USD 690,000 674,413 0.02 07/04/2022 USD 5,918,000 5,926,549 0.18 BWX Technologies, Inc., 144A 5.375% Citibank Credit Card Issuance Trust, 15/07/2026 USD 175,000 177,520 0.01 FRN, Series 2013-A7 ‘A7’ 2.359% Cablevision Systems Corp. 8% 10/09/2020 USD 4,718,000 4,721,332 0.15 15/04/2020 USD 2,556,000 2,684,912 0.08 Citibank Credit Card Issuance Trust, Calfrac Holdings LP, 144A 8.5% Series 2017-A9 ‘A9’ 1.8% 20/09/2021 USD 8,404,000 8,305,252 0.26 15/06/2026 USD 143,000 143,179 0.00 Citicorp Mortgage Securities Trust, California Resources Corp., 144A 8% Series 2007-5 ‘1A9’ 6% 25/06/2037 USD 1,437,627 1,468,205 0.05 15/12/2022 USD 466,000 425,225 0.01 Citigroup Mortgage Loan Trust, Series Calpine Corp., 144A 5.25% 01/06/2026 USD 1,073,000 1,013,803 0.03 2006-4 ‘1A1’ 5.5% 25/12/2035 USD 229,164 231,137 0.01 Campbell Soup Co., FRN 2.971% Citigroup Mortgage Loan Trust, FRN, 15/03/2021 USD 7,310,000 7,301,813 0.23 Series 2014-10 ‘1A1’, 144A 2.032% Capital One Multi-Asset Execution 25/11/2036 USD 1,535,625 1,466,555 0.05 Trust, FRN, Series 2016-A1 ‘A1’ 2.369% Citigroup Mortgage Loan Trust, FRN, 15/02/2022 USD 4,863,000 4,876,608 0.15 Series 2014-12 ‘1A4’, 144A 2.022% Capital One Multi-Asset Execution 25/08/2036 USD 5,832,871 5,696,398 0.18 Trust, FRN, Series 2014-A3 ‘A3’ 2.299% Citigroup Mortgage Loan Trust, FRN, 18/01/2022 USD 5,992,000 6,004,578 0.19 Series 2014-12 ‘2A4’, 144A 3.427% Capital One Multi-Asset Execution 25/02/2037 USD 807,061 800,706 0.02 Trust, FRN, Series 2014-A4 ‘A4’ 2.279% Citigroup Mortgage Loan Trust, FRN, 15/06/2022 USD 10,502,000 10,531,161 0.33 Series 2014-10 ‘3A1’, 144A 2.096% Carrington Mortgage Loan Trust, FRN, 25/07/2036 USD 2,212,972 2,151,840 0.07 Series 2007-FRE1 ‘A2’ 2.16% Citigroup Mortgage Loan Trust, FRN, 25/02/2037 USD 2,581,323 2,570,233 0.08 Series 2014-10 ‘4A1’, 144A 2.066% Carrington Mortgage Loan Trust, FRN, 25/02/2037 USD 2,597,408 2,466,337 0.08 Series 2007-RFC1 ‘A2’ 2.06% Citigroup Mortgage Loan Trust, FRN, 25/12/2036 USD 1,371,757 1,365,480 0.04 Series 2014-11 ‘4A1’, 144A 1.997% Carrington Mortgage Loan Trust, FRN, 25/07/2036 USD 1,391,344 1,346,360 0.04 Series 2006-NC2 ‘A3’ 2.11% Citigroup Mortgage Loan Trust, FRN, 25/06/2036 USD 8,529,927 8,429,518 0.26 Series 2014-C ‘A’, 144A 3.25% Carrington Mortgage Loan Trust, FRN, 25/02/2054 USD 2,513,920 2,505,159 0.08 Series 2005-NC5 ‘M1’ 2.571% Citigroup, Inc., FRN 3.553% 25/10/2035 USD 5,856,283 5,882,641 0.18 02/08/2021 USD 5,820,000 5,923,742 0.18 Carrizo Oil & Gas, Inc. 7.5% Citigroup, Inc., FRN 5.8% Perpetual USD 600,000 614,214 0.02 15/09/2020 USD 56,000 56,350 0.00 Citigroup, Inc., FRN 5.95% Perpetual USD 150,000 151,340 0.00 Carrizo Oil & Gas, Inc. 6.25% Citigroup, Inc., FRN 5.875% Perpetual USD 390,000 399,584 0.01 15/04/2023 USD 1,100,000 1,117,226 0.03 CitiMortgage Alternative Loan Trust, CBS Radio, Inc., 144A 7.25% Series 2007-A1 ‘1A7’ 6% 25/01/2037 USD 354,264 333,497 0.01 01/11/2024 USD 480,000 456,000 0.01 Claire’s Stores, Inc., 144A 9% CCO Holdings LLC, 144A 5.875% 15/03/2019§ USD 1,711,000 1,086,485 0.03 01/04/2024 USD 7,070,000 7,112,349 0.22 Claire’s Stores, Inc., 144A 6.125% CCO Holdings LLC, 144A 5.375% 15/03/2020§ USD 966,000 608,580 0.02 01/05/2025 USD 685,000 662,738 0.02 Clear Channel Worldwide Holdings, Inc. CCO Holdings LLC, 144A 5.75% 6.5% 15/11/2022 USD 4,626,000 4,701,173 0.15 15/02/2026 USD 755,000 742,180 0.02 Clear Channel Worldwide Holdings, Inc. CCO Holdings LLC, 144A 5.5% 6.5% 15/11/2022 USD 12,279,000 12,506,775 0.39 01/05/2026 USD 3,955,000 3,840,641 0.12 Clear Channel Worldwide Holdings, Inc. CCO Holdings LLC, 144A 5.125% 7.625% 15/03/2020 USD 1,660,000 1,653,775 0.05 01/05/2027 USD 4,795,000 4,493,418 0.14 Clear Channel Worldwide Holdings, Inc. CCO Holdings LLC, 144A 5% 7.625% 15/03/2020 USD 8,893,000 8,877,437 0.27 01/02/2028 USD 820,000 752,567 0.02

147 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

CNG Holdings, Inc., 144A 9.375% Deutsche Alt-A Securities, Inc. 15/05/2020 USD 3,799,000 3,780,005 0.12 Mortgage Loan Trust, FRN, Series Cogent Communications Finance, Inc., 2005-1 ‘1A1’ 2.591% 25/02/2035 USD 938,187 913,508 0.03 144A 5.625% 15/04/2021 USD 2,620,000 2,642,925 0.08 Deutsche Alt-A Securities, Inc. Cogent Communications Group, Inc., Mortgage Loan Trust, FRN, Series 144A 5.375% 01/03/2022 USD 700,000 719,250 0.02 2005-1 ‘2A1’ 5.599% 25/02/2020 USD 132,711 133,177 0.00 COLT Mortgage Loan Trust, FRN, Series Diamondback Energy, Inc. 4.75% 2018-1 ‘A2’, 144A 2.981% 25/02/2048 USD 536,061 534,832 0.02 01/11/2024 USD 21,000 20,536 0.00 COLT Mortgage Loan Trust, FRN, Series Diamondback Energy, Inc. 5.375% 2018-2 ‘A2’, 144A 3.542% 27/07/2048 USD 2,810,812 2,817,894 0.09 31/05/2025 USD 30,000 30,144 0.00 COLT Mortgage Loan Trust, FRN, Series Discover Card Execution Note Trust, 2017-2 ‘A2A’, 144A 2.568% 25/10/2047 USD 1,808,773 1,801,268 0.06 FRN, Series 2014-A1 ‘A1’ 2.503% CommScope Technologies LLC, 144A 15/07/2021 USD 10,343,000 10,361,338 0.32 6% 15/06/2025 USD 4,485,000 4,585,913 0.14 DISH DBS Corp. 7.875% 01/09/2019 USD 2,069,000 2,148,998 0.07 Community Health Systems, Inc., 144A DISH DBS Corp. 6.75% 01/06/2021 USD 3,184,000 3,192,438 0.10 8.625% 15/01/2024 USD 1,201,000 1,205,504 0.04 DISH DBS Corp. 5.875% 15/07/2022 USD 1,500,000 1,411,335 0.04 Community Health Systems, Inc., 144A DISH DBS Corp. 5% 15/03/2023 USD 3,214,000 2,789,977 0.09 8.125% 30/06/2024 USD 904,000 744,670 0.02 DISH DBS Corp. 7.75% 01/07/2026 USD 3,162,000 2,780,252 0.09 Consolidated Communications, Inc. DISH DBS Corp. 5.875% 15/11/2024 USD 10,746,000 9,092,244 0.28 6.5% 01/10/2022 USD 436,000 409,646 0.01 DJO Finance LLC, 144A 8.125% Constellation Merger Sub, Inc., 144A 15/06/2021 USD 2,585,000 2,629,462 0.08 8.5% 15/09/2025 USD 795,000 758,231 0.02 Dole Food Co., Inc., 144A 7.25% Continental Airlines Pass-Through 15/06/2025 USD 1,042,000 1,036,790 0.03 Trust, Series 2003-ERJ1 7.875% Downstream Development Authority of 02/01/2020 USD 17,212 17,298 0.00 the Quapaw Tribe of Oklahoma, 144A Cooper-Standard Automotive, Inc., 10.5% 15/02/2023 USD 661,000 677,525 0.02 144A 5.625% 15/11/2026 USD 1,135,000 1,123,650 0.03 Ellington Financial Mortgage Trust, Core & Main LP, 144A 6.125% FRN, Series 2017-1 ‘A3’, 144A 2.841% 15/08/2025 USD 2,126,000 2,024,377 0.06 25/10/2047 USD 976,566 964,327 0.03 Cornerstone Chemical Co., 144A 6.75% Ellington Loan Acquisition Trust, FRN, 15/08/2024 USD 238,000 233,835 0.01 Series 2007-2 ‘A2E’, 144A 3.06% Cott Holdings, Inc., 144A 5.5% 25/05/2037 USD 923,047 935,617 0.03 01/04/2025 USD 49,000 47,903 0.00 Endo Finance LLC, 144A 5.75% Coty, Inc., 144A 6.5% 15/04/2026 USD 1,515,000 1,464,497 0.05 15/01/2022 USD 924,000 820,050 0.03 Countrywide, FRN, Series 2006-8 ‘2A3’ Endo Finance LLC, 144A 5.375% 2.12% 25/01/2046 USD 3,309,689 3,290,330 0.10 15/01/2023 USD 1,361,000 1,113,298 0.03 Countrywide, FRN, Series 2006-BC3 Energizer Gamma Acquisition, Inc., ‘2A3’ 2.2% 25/02/2037 USD 2,961,701 2,951,758 0.09 144A 6.375% 15/07/2026 USD 110,000 111,274 0.00 Countrywide, FRN, Series 2007-2 ‘2A3’ Energizer Holdings, Inc., 144A 5.5% 2.1% 25/08/2037 USD 2,964,381 2,920,365 0.09 15/06/2025 USD 1,700,000 1,676,625 0.05 Covey Park Energy LLC, 144A 7.5% EnerSys, 144A 5% 30/04/2023 USD 100,000 99,625 0.00 15/05/2025 USD 665,000 673,313 0.02 EnLink Midstream Partners LP, FRN Credit-Based Asset Servicing & 6% Perpetual USD 305,000 260,391 0.01 Securitization LLC, FRN, Series Entegris, Inc., 144A 4.625% 2006-CB8 ‘A1’ 2.231% 25/10/2036 USD 4,599,976 4,255,622 0.13 10/02/2026 USD 770,000 732,878 0.02 CSC Holdings LLC, 144A 10.125% EP Energy LLC, 144A 9.375% 15/01/2023 USD 1,195,000 1,320,194 0.04 01/05/2024 USD 3,650,000 3,011,250 0.09 CSC Holdings LLC, 144A 6.625% EP Energy LLC, 144A 8% 29/11/2024 USD 1,493,000 1,503,429 0.05 15/10/2025 USD 770,000 789,704 0.02 EP Energy LLC, 144A 8% 15/02/2025 USD 983,000 756,910 0.02 CSC Holdings LLC, 144A 10.875% EP Energy LLC, 144A 7.75% 15/10/2025 USD 9,186,000 10,649,284 0.33 15/05/2026 USD 3,320,000 3,394,700 0.11 CSC Holdings LLC 8.625% 15/02/2019 USD 830,000 854,946 0.03 Equinix, Inc., REIT 5.75% 01/01/2025 USD 250,000 253,886 0.01 CSC Holdings LLC 6.75% 15/11/2021 USD 913,000 958,951 0.03 Exela Intermediate LLC, 144A 10% CSC Holdings LLC 5.25% 01/06/2024 USD 943,000 893,530 0.03 15/07/2023 USD 885,000 909,338 0.03 CSMC, FRN, Series 2011-12R ‘3A1’, 144A FBR Securitization Trust, FRN, Series 3.355% 27/07/2036 USD 666,030 671,010 0.02 2005-5 ‘M1’ 2.65% 25/11/2035 USD 3,145,000 3,123,370 0.10 CSMC, FRN, Series 2014-10R ‘4A1’, FGI Operating Co. LLC 7.875% 144A 2.13% 27/12/2036 USD 645,778 642,930 0.02 01/05/2020 USD 3,150,000 696,938 0.02 CSMC, FRN, Series 2014-11R ‘8A1’, FHLMC Structured Agency Credit Risk 144A 2.237% 27/04/2037 USD 634,298 629,057 0.02 Debt Notes, FRN, Series 2016-DNA4 CSMC, FRN, Series 2014-11R ‘9A1’, ‘M1’ 2.76% 25/03/2029 USD 1,488,158 1,489,553 0.05 144A 2.037% 27/10/2036 USD 2,127,679 2,120,784 0.07 FHLMC Structured Agency Credit Risk CURO Financial Technologies Corp., Debt Notes, FRN, Series 2016-HQA3 144A 12% 01/03/2022 USD 459,000 500,310 0.02 ‘M1’ 2.76% 25/03/2029 USD 1,694,867 1,697,120 0.05 CVR Partners LP, 144A 9.25% FHLMC Structured Agency Credit Risk 15/06/2023 USD 2,085,000 2,155,369 0.07 Debt Notes, FRN, Series 2017-DNA1 CWABS Trust, FRN, Series 2006-14 ‘M1’ 3.16% 25/07/2029 USD 6,786,675 6,841,134 0.21 ‘2A2’ 2.241% 25/02/2037 USD 1,012,349 1,011,227 0.03 FHLMC Structured Agency Credit Risk CWABS Trust, FRN, Series 2006-17 Debt Notes, FRN, Series 2017-DNA2 ‘2A2’ 2.11% 25/03/2047 USD 3,115,918 3,056,454 0.09 ‘M1’ 3.16% 25/10/2029 USD 14,083,372 14,243,762 0.44 CWABS Trust, FRN, Series 2006-18 FHLMC Structured Agency Credit Risk ‘2A2’ 2.12% 25/03/2037 USD 6,266,876 6,211,284 0.19 Debt Notes, FRN, Series 2017-DNA3 CWABS Trust, FRN, Series 2006-11 ‘M1’ 2.71% 25/03/2030 USD 12,690,741 12,725,076 0.39 ‘3AV2’ 2.12% 25/09/2046 USD 2,634,831 2,599,425 0.08 FHLMC Structured Agency Credit Risk Daimler Finance North America LLC, Debt Notes, FRN, Series 2017-HQA1 FRN, 144A 2.913% 04/05/2021 USD 16,500,000 16,535,145 0.51 ‘M1’ 3.16% 25/08/2029 USD 5,969,440 6,010,794 0.19 DCP Midstream LP, FRN 7.375% FHLMC Structured Agency Credit Risk Perpetual USD 320,000 307,768 0.01 Debt Notes, FRN, Series 2017-HQA2 Dean Foods Co., 144A 6.5% ‘M1’ 2.76% 25/12/2029 USD 13,949,631 13,977,885 0.43 15/03/2023 USD 281,000 270,663 0.01 FHLMC Structured Agency Credit Risk Deephaven Residential Mortgage Trust, Debt Notes, FRN, Series 2014-DN1 ‘M2’ FRN, Series 2017-2A ‘A1’, 144A 2.453% 4.291% 25/02/2024 USD 11,774,084 12,110,025 0.37 25/06/2047 USD 1,331,542 1,316,474 0.04 FHLMC Structured Agency Credit Risk Deephaven Residential Mortgage Trust, Debt Notes, FRN, Series 2014-DN2 ‘M2’ FRN, Series 2018-2A ‘A2’, 144A 3.53% 3.61% 25/04/2024 USD 6,149,029 6,235,285 0.19 25/04/2058 USD 2,842,972 2,842,924 0.09 FHLMC Structured Agency Credit Risk Dell International LLC, 144A 5.875% Debt Notes, FRN, Series 2015-DNA1 15/06/2021 USD 730,000 744,261 0.02 ‘M2’ 3.81% 25/10/2027 USD 2,399,041 2,444,383 0.08 Dell International LLC, 144A 5.45% FHLMC Structured Agency Credit Risk 15/06/2023 USD 520,000 544,921 0.02 Debt Notes, FRN, Series 2015-DNA2 ‘M2’ 4.56% 25/12/2027 4,830,311 Denbury Resources, Inc., 144A 9.25% USD 4,725,045 0.15 31/03/2022 USD 805,000 852,684 0.03 148 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

FHLMC Structured Agency Credit Risk Frontier Communications Corp. Debt Notes, FRN, Series 2015-DNA3 6.875% 15/01/2025 USD 1,320,000 856,350 0.03 ‘M2’ 4.81% 25/04/2028 USD 3,372,637 3,496,735 0.11 Frontier Communications Corp. 11% FHLMC Structured Agency Credit Risk 15/09/2025 USD 2,240,000 1,794,005 0.06 Debt Notes, FRN, Series 2016-DNA1 FXI Holdings, Inc., 144A 7.875% ‘M2’ 4.86% 25/07/2028 USD 1,641,090 1,683,831 0.05 01/11/2024 USD 505,000 496,163 0.02 FHLMC Structured Agency Credit Risk Gates Global LLC, 144A 6% 15/07/2022 USD 737,000 746,213 0.02 Debt Notes, FRN, Series 2016-DNA3 GCI, Inc. 6.75% 01/06/2021 USD 5,907,000 5,973,454 0.18 ‘M2’ 4.091% 25/12/2028 6,669,746 USD 6,574,221 0.21 GCI, Inc. 6.875% 15/04/2025 USD 160,000 166,400 0.01 FHLMC Structured Agency Credit Risk GCP Applied Technologies, Inc., 144A Debt Notes, FRN, Series 2016-HQA2 5.5% 15/04/2026 USD 605,000 596,681 0.02 ‘M2’ 4.21% 25/11/2028 USD 3,584,929 3,670,852 0.11 General Mills, Inc., FRN 2.893% FHLMC Structured Agency Credit Risk 16/04/2021 1,691,766 Debt Notes, FRN, Series 2014-DN3 ‘M3’ USD 1,690,000 0.05 6.091% 25/08/2024 USD 828,220 904,699 0.03 General Motors Financial Co., Inc., FRN 3.187% 09/04/2021 7,434,003 FHLMC Structured Agency Credit Risk USD 7,400,000 0.23 Debt Notes, FRN, Series 2014-DN4 ‘M3’ Genesys Telecommunications 6.51% 25/10/2024 USD 1,790,867 1,987,624 0.06 Laboratories, Inc., 144A 10% 30/11/2024 1,139,850 Fidelity & Guaranty Life Holdings, Inc., USD 1,020,000 0.04 144A 5.5% 01/05/2025 USD 204,000 199,920 0.01 GLP Capital LP 5.25% 01/06/2025 USD 940,000 942,524 0.03 Fieldstone Mortgage Investment Trust, GLP Capital LP 5.75% 01/06/2028 USD 940,000 951,980 0.03 FRN, Series 2006-2 ‘2A3’ 2.361% GLP Capital LP 4.875% 01/11/2020 USD 1,015,000 1,029,515 0.03 25/07/2036 USD 1,679,840 1,004,889 0.03 Golden Nugget, Inc., 144A 6.75% First Data Corp., 144A 5.375% 15/10/2024 USD 622,000 622,802 0.02 15/08/2023 USD 3,491,000 3,538,129 0.11 Goldman Sachs Group, Inc. (The), FRN First Data Corp., 144A 5.75% 3.472% 26/04/2022 USD 9,070,000 9,169,951 0.28 15/01/2024 USD 7,709,000 7,740,491 0.24 Goodman Networks, Inc. 8% First Franklin Mortgage Loan Trust, 11/05/2022 USD 1,471,991 1,023,034 0.03 FRN, Series 2006-FF12 ‘A4’ 2.231% Goodyear Tire & Rubber Co. (The) 25/09/2036 USD 630,398 625,194 0.02 4.875% 15/03/2027 USD 957,000 879,435 0.03 First Franklin Mortgage Loan Trust, GSAA Home Equity Trust, FRN, Series FRN, Series 2006-FF14 ‘A5’ 2.251% 2007-5 ‘1AV1’ 2.191% 25/03/2047 USD 3,341,460 1,782,626 0.06 25/10/2036 USD 3,763,971 3,689,672 0.11 GSAMP Trust, FRN, Series 2006-FM1 First Franklin Mortgage Loan Trust, ‘A1’ 2.251% 25/04/2036 USD 5,572,176 4,493,369 0.14 FRN, Series 2006-FF8 ‘IA1’ 2.231% GSAMP Trust, FRN, Series 2006-HE3 25/07/2036 USD 5,370,397 5,325,595 0.16 ‘A2C’ 2.251% 25/05/2046 USD 5,549,833 5,504,218 0.17 First Horizon Alternative Mortgage GSAMP Trust, FRN, Series 2007-HE1 Securities Trust, Series 2006-FA7 ‘A1’ ‘A2C’ 2.241% 25/03/2047 USD 7,920,919 7,781,441 0.24 5.75% 25/12/2036 USD 445,328 364,231 0.01 GSAMP Trust, FRN, Series 2005-WMC1 FNMA, FRN, Series 2016-C01 ‘1M1’ ‘M1’ 2.826% 25/09/2035 USD 1,568,313 1,539,064 0.05 3.91% 25/08/2028 USD 541,651 544,002 0.02 GSAMP TRUST, FRN, Series 2002-HE2 FNMA, FRN, Series 2016-C02 ‘1M1’ ‘A2’, 144A 2.988% 20/10/2032 USD 1,078,866 1,086,059 0.03 4.11% 25/09/2028 USD 3,778,309 3,800,683 0.12 GSMSC Resecuritization Trust, FRN, FNMA, FRN, Series 2016-C03 ‘1M1’ Series 2014-1R ‘1A’, 144A 2.13% 3.96% 25/10/2028 USD 1,468,270 1,488,543 0.05 26/04/2037 USD 608,907 599,683 0.02 FNMA, FRN, Series 2016-C04 ‘1M1’ GSR Mortgage Loan Trust, Series 3.41% 25/01/2029 USD 7,340,841 7,400,383 0.23 2006-2F ‘2A1’ 5.75% 25/02/2036 USD 865,674 838,299 0.03 FNMA, FRN, Series 2016-C06 ‘1M1’ GSR Mortgage Loan Trust, Series 3.26% 25/04/2029 USD 10,406,804 10,498,168 0.32 2006-3F ‘2A7’ 5.75% 25/03/2036 USD 480,740 502,468 0.02 FNMA, FRN, Series 2017-C01 ‘1M1’ Gulfport Energy Corp. 6% 15/10/2024 USD 939,000 903,257 0.03 3.26% 25/07/2029 USD 6,931,797 6,984,600 0.22 Halcon Resources Corp. 6.75% FNMA, FRN, Series 2017-C03 ‘1M1’ 15/02/2025 USD 895,000 838,687 0.03 2.91% 25/10/2029 USD 11,255,974 11,321,461 0.35 HarborView Mortgage Loan Trust, FRN, FNMA, FRN, Series 2017-C05 ‘1M1’ Series 2005-8 ‘1A2A’ 2.608% 2.51% 25/01/2030 USD 15,069,297 15,076,202 0.47 19/09/2035 USD 203,119 183,143 0.01 FNMA, FRN, Series 2017-C06 ‘1M1’ HarborView Mortgage Loan Trust, FRN, 2.71% 25/02/2030 USD 7,513,685 7,526,072 0.23 Series 2004-9 ‘2A’ 3.766% 19/12/2034 USD 1,109,187 992,020 0.03 FNMA, FRN, Series 2018-C01 ‘1M1’ HarborView Mortgage Loan Trust, FRN, 2.56% 25/07/2030 USD 7,929,890 7,921,040 0.24 Series 2005-11 ‘2A1A’ 2.705% FNMA, FRN, Series 2014-C03 ‘1M2’ 19/08/2045 USD 62,602 61,969 0.00 4.96% 25/07/2024 USD 9,091,960 9,749,215 0.30 HarborView Mortgage Loan Trust, FRN, FNMA, FRN, Series 2015-C03 ‘1M2’ Series 2005-16 ‘2A1A’ 2.565% 6.96% 25/07/2025 USD 10,346,358 11,753,278 0.36 19/01/2036 USD 130,757 96,414 0.00 FNMA, FRN, Series 2015-C04 ‘1M2’ HarborView Mortgage Loan Trust, FRN, 7.66% 25/04/2028 USD 11,899,463 13,859,690 0.43 Series 2006-9 ‘2A1A’ 2.158% FNMA, FRN, Series 2016-C03 ‘2M1’ 19/11/2036 USD 2,348,252 2,028,406 0.06 4.16% 25/10/2028 USD 1,491,142 1,498,400 0.05 Hardwoods Acquisition, Inc., 144A FNMA, FRN, Series 2016-C05 ‘2M1’ 7.5% 01/08/2021 USD 50,000 46,625 0.00 3.31% 25/01/2029 USD 5,872,432 5,897,501 0.18 Harland Clarke Holdings Corp., 144A FNMA, FRN, Series 2017-C02 ‘2M1’ 6.875% 01/03/2020 USD 355,000 352,337 0.01 3.11% 25/09/2029 USD 13,565,735 13,643,900 0.42 Harley-Davidson Financial Services, FNMA, FRN, Series 2017-C04 ‘2M1’ Inc., FRN, 144A 2.831% 21/05/2020 USD 1,088,000 1,089,529 0.03 2.81% 25/11/2029 USD 11,275,551 11,311,049 0.35 HD Supply, Inc., STEP, 144A 5.75% FNMA, FRN, Series 2017-C06 ‘2M1’ 15/04/2024 USD 1,185,000 1,244,807 0.04 2.71% 25/02/2030 USD 1,251,054 1,252,114 0.04 Herc Rentals, Inc. ‘A’, 144A 7.75% FNMA, FRN, Series 2014-C01 ‘M1’ 01/06/2024 USD 1,086,000 1,177,669 0.04 3.56% 25/01/2024 USD 1,597,014 1,607,778 0.05 Herc Rentals, Inc., 144A 7.5% Ford Credit Auto Owner Trust, Series 01/06/2022 USD 763,000 810,687 0.03 2016-A ‘A3’ 1.39% 15/07/2020 USD 1,203,735 1,198,307 0.04 Hertz Corp. (The), 144A 7.625% Ford Credit Auto Owner Trust, Series 01/06/2022 USD 3,039,000 2,918,686 0.09 2017-C ‘A3’ 2.01% 15/03/2022 USD 7,107,000 7,009,152 0.22 Hertz Corp. (The), 144A 5.5% Ford Credit Auto Owner Trust, Series 15/10/2024 USD 2,925,000 2,318,062 0.07 2015-B ‘B’ 2.04% 15/10/2020 USD 6,600,000 6,561,424 0.20 Hexion, Inc. 6.625% 15/04/2020 USD 3,638,000 3,428,815 0.11 FREED ABS TRUST, Series 2018-1 ‘B’, High Ridge Brands Co., 144A 8.875% 144A 4.56% 18/07/2024 USD 1,066,000 1,067,455 0.03 15/03/2025 USD 1,105,000 513,825 0.02 Fremont Home Loan Trust, FRN, Series Hilcorp Energy I LP, 144A 5% 2006-1 ‘1A1’ 2.246% 25/04/2036 USD 4,190,719 4,165,060 0.13 01/12/2024 USD 2,312,000 2,265,760 0.07 Frontier Communications Corp., 144A Hillman Group, Inc. (The), 144A 6.375% 8.5% 01/04/2026 USD 1,650,000 1,599,312 0.05 15/07/2022 USD 1,240,000 1,196,600 0.04 Frontier Communications Corp. 10.5% Hill-Rom Holdings, Inc., 144A 5.75% 15/09/2022 USD 532,000 480,130 0.01 01/09/2023 USD 1,150,000 1,175,875 0.04

149 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Hilton Domestic Operating Co., Inc., Liberty Interactive LLC 8.25% 144A 5.125% 01/05/2026 USD 1,448,000 1,417,824 0.04 01/02/2030 USD 75,000 80,062 0.00 Hologic, Inc., 144A 4.375% 15/10/2025 USD 445,000 425,024 0.01 LIN Television Corp. 5.875% 15/11/2022 USD 1,534,000 1,568,630 0.05 Home Equity Asset Trust, FRN, Series Live Nation Entertainment, Inc., 144A 2005-9 ‘2A4’ 2.431% 25/04/2036 USD 1,021,376 1,025,515 0.03 4.875% 01/11/2024 USD 305,000 295,850 0.01 Home Equity Mortgage Loan Long Beach Mortgage Loan Trust, FRN, Asset-Backed Trust INABS, FRN, Series Series 2004-3 ‘M1’ 2.946% 2006-C ‘2A’ 2.221% 25/08/2036 USD 6,715,951 6,359,096 0.20 25/07/2034 USD 333,205 333,212 0.01 Home Equity Mortgage Loan LSB Industries, Inc., 144A 9.625% Asset-Backed Trust INABS, FRN, Series 01/05/2023 USD 43,000 43,484 0.00 2006-C ‘3A3’ 2.241% 25/08/2036 USD 1,749,921 1,691,838 0.05 LSTAR Securities Investment Ltd., FRN, HomeBanc Mortgage Trust, FRN, Series Series 2017-6 ‘A’, 144A 3.657% 2005-4 ‘A1’ 2.23% 25/10/2035 USD 4,033,707 4,029,802 0.12 01/09/2022 USD 2,129,957 2,129,957 0.07 Hughes Satellite Systems Corp. 6.5% LSTAR Securities Investment Ltd. LLC, 15/06/2019 USD 1,000,000 1,024,470 0.03 FRN, Series 2017-8 ‘A’, 144A 3.632% Hyundai Capital America, FRN, 144A 01/11/2022 USD 1,316,725 1,328,803 0.04 3.319% 08/07/2021 USD 8,180,000 8,184,703 0.25 LTF Merger Sub, Inc., 144A 8.5% Icahn Enterprises LP 6% 01/08/2020 USD 500,000 506,590 0.02 15/06/2023 USD 1,800,000 1,883,250 0.06 Icahn Enterprises LP 6.25% MASTR Alternative Loan Trust, Series 01/02/2022 USD 237,000 241,979 0.01 2005-5 ‘3A1’ 5.75% 25/08/2035 USD 1,333,596 1,137,946 0.04 Icahn Enterprises LP 6.375% Mastr Asset-Backed Securities Trust, 15/12/2025 USD 713,000 709,628 0.02 FRN, Series 2006-HE4 ‘A2’ 2.201% Icahn Enterprises LP 5.875% 25/11/2036 USD 2,491,339 1,223,809 0.04 01/02/2022 USD 127,000 127,688 0.00 Mastr Asset-Backed Securities Trust, iHeartCommunications, Inc. 9% FRN, Series 2006-HE4 ‘A3’ 2.241% 15/12/2019§ USD 2,671,000 2,056,670 0.06 25/11/2036 USD 3,194,024 1,578,617 0.05 iHeartCommunications, Inc. 9% Mattel, Inc., 144A 6.75% 31/12/2025 USD 2,865,000 2,793,590 0.09 01/03/2021§ USD 1,660,000 1,278,200 0.04 Mattel, Inc. 3.15% 15/03/2023 USD 166,000 145,287 0.00 iHeartCommunications, Inc. 10.625% Meredith Corp., 144A 6.875% 15/03/2023§ USD 1,225,000 940,188 0.03 01/02/2026 USD 785,000 773,343 0.02 ILFC E-Capital Trust I, FRN, 144A 4.57% Merrill Lynch First Franklin Mortgage 21/12/2065 USD 3,950,000 3,703,125 0.11 Loan Trust, FRN, Series 2007-H1 ‘1A1’ ILFC E-Capital Trust II, FRN, 144A 2.96% 25/10/2037 USD 5,087,337 5,160,763 0.16 4.82% 21/12/2065 USD 3,778,000 3,513,540 0.11 MGM Resorts International 5.75% Impac CMB Trust, FRN, Series 2005-1 15/06/2025 USD 755,000 754,441 0.02 ‘2A1’ 2.601% 25/04/2035 USD 4,376,361 4,310,167 0.13 Mississippi Power Co., FRN 2.987% Impac CMB Trust, FRN, Series 2005-5 27/03/2020 USD 660,000 660,023 0.02 ‘A1’ 2.731% 25/08/2035 USD 463,456 436,112 0.01 Morgan Stanley, FRN 3.539% IndyMac INDX Mortgage Loan Trust, 20/01/2022 USD 9,465,000 9,600,302 0.30 FRN, Series 2005-AR14 ‘2A1A’ 2.391% Morgan Stanley ABS Capital I, Inc. 25/07/2035 USD 129,533 123,346 0.00 Trust, FRN, Series 2007-HE7 ‘A2B’ Infinity Acquisition LLC, 144A 7.25% 3.091% 25/07/2037 USD 1,368,186 1,356,801 0.04 01/08/2022 USD 1,205,000 1,231,570 0.04 Morgan Stanley ABS Capital I, Inc. Infor Software Parent LLC, 144A Trust, FRN, Series 2004-SD3 ‘M1’, 144A 7.125% 01/05/2021 USD 1,514,000 1,519,677 0.05 3.141% 25/06/2034 USD 542,329 545,398 0.02 Infor US, Inc. 6.5% 15/05/2022 USD 8,504,000 8,537,251 0.26 Morgan Stanley ABS Capital I, Inc. Informatica LLC, 144A 7.125% Trust, FRN, Series 2005-WMC4 ‘M5’ 15/07/2023 USD 1,368,000 1,391,940 0.04 2.935% 25/04/2035 USD 3,243,274 3,295,251 0.10 Interval Acquisition Corp. 5.625% Morgan Stanley Mortgage Loan Trust, 15/04/2023 1,640,250 FRN, Series 2004-3 ‘4A’ 5.664% USD 1,620,000 0.05 25/04/2034 1,357,926 inVentiv Group Holdings, Inc., 144A USD 1,281,329 0.04 7.5% 01/10/2024 USD 672,000 710,640 0.02 MSCI, Inc., 144A 5.375% 15/05/2027 USD 510,000 513,825 0.02 IQVIA, Inc., 144A 5% 15/10/2026 411,468 Nabors Industries, Inc., 144A 5.75% USD 425,000 0.01 01/02/2025 818,956 J.P. Morgan Mortgage Acquisition USD 865,000 0.03 Trust, FRN, Series 2007-CH3 ‘A1A’ Nationstar Home Equity Loan Trust, 2.261% 25/03/2037 10,389,195 FRN, Series 2007-C ‘2AV3’ 2.14% USD 10,440,196 0.32 25/06/2037 1,646,733 J.P. Morgan Mortgage Acquisition USD 1,653,230 0.05 Trust, FRN, Series 2006-CW2 ‘AV4’ Neiman Marcus Group Ltd. LLC, 144A 2.11% 25/08/2036 USD 761,287 757,182 0.02 8% 15/10/2021 USD 2,129,000 1,415,785 0.04 J.P. Morgan Seasoned Mortgage Trust, Neiman Marcus Group Ltd. LLC, 144A FRN, Series 2014-1 ‘A2’, 144A 2.46% 8.75% 15/10/2021 USD 3,302,741 2,196,323 0.07 25/05/2033 USD 3,665,935 3,684,375 0.11 Netflix, Inc., 144A 5.875% 15/11/2028 USD 1,080,000 1,095,719 0.03 Jack Ohio Finance LLC, 144A 6.75% Netflix, Inc. 5.375% 01/02/2021 USD 1,400,000 1,441,538 0.04 15/11/2021 USD 1,505,000 1,553,912 0.05 Netflix, Inc. 5.5% 15/02/2022 USD 65,000 67,038 0.00 Jagged Peak Energy LLC, 144A 5.875% New Century Home Equity Loan Trust, 01/05/2026 USD 75,000 74,778 0.00 FRN, Series 2006-2 ‘A2B’ 2.251% JC Penney Corp., Inc., 144A 8.625% 25/08/2036 USD 6,032,643 5,756,005 0.18 15/03/2025 USD 170,000 145,350 0.00 New Century Home Equity Loan Trust, Jeld-Wen, Inc., 144A 4.625% FRN, Series 2003-5 ‘AI7’ 5.108% 15/12/2025 USD 420,000 401,100 0.01 25/11/2033 USD 7,753 7,946 0.00 Jeld-Wen, Inc., 144A 4.875% Nexstar Broadcasting, Inc., 144A 15/12/2027 USD 200,000 184,610 0.01 6.125% 15/02/2022 USD 1,085,000 1,113,481 0.03 Kennedy-Wilson, Inc., 144A 5.875% NextEra Energy Operating Partners LP, 01/04/2024 USD 214,000 208,556 0.01 144A 4.25% 15/09/2024 USD 288,000 278,319 0.01 KFC Holding Co., 144A 4.75% NextEra Energy Operating Partners LP, 01/06/2027 USD 655,000 622,142 0.02 144A 4.5% 15/09/2027 USD 195,000 182,388 0.01 Kindred Healthcare, Inc. 8.75% Nielsen Finance LLC, 144A 5% 15/01/2023 USD 3,640,000 3,876,746 0.12 15/04/2022 USD 1,691,000 1,671,765 0.05 Kinetic Concepts, Inc., 144A 7.875% Nomura Home Equity Loan, Inc. Home 15/02/2021 USD 1,235,000 1,272,976 0.04 Equity Loan Trust, FRN, Series KLX, Inc., 144A 5.875% 01/12/2022 USD 2,480,000 2,585,400 0.08 2006-HE1 ‘M1’ 2.37% 25/02/2036 USD 929,354 934,064 0.03 Kronos Acquisition Holdings, Inc., 144A Nomura Resecuritization Trust, FRN, 9% 15/08/2023 USD 365,000 333,975 0.01 Series 2015-2R ‘4A1’, 144A 2.451% 26/12/2036 1,362,664 Ladder Capital Finance Holdings LLLP, USD 1,397,275 0.04 144A 5.25% 15/03/2022 USD 64,000 64,160 0.00 NovaStar Mortgage Funding Trust, FRN, Series 2007-1 ‘A1A’ 2.221% Lehman Brothers Small Balance 25/03/2037 6,276,352 Commercial Mortgage Trust, FRN, USD 8,114,127 0.19 Series 2007-2A ‘1A3’, 144A 2.167% NovaStar Mortgage Funding Trust, 25/06/2037 USD 1,815,564 1,790,093 0.06 FRN, Series 2006-4 ‘A2C’ 2.241% 25/09/2036 2,773,810 Lehman Mortgage Trust, Series 2006-4 USD 4,827,160 0.09 ‘3A1’ 5% 25/08/2021 USD 204,934 205,425 0.01 Lennar Corp. 8.375% 15/01/2021 USD 1,365,000 1,498,087 0.05 150 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

NovaStar Mortgage Funding Trust, RASC Trust, FRN, Series 2005-KS2 ‘M1’ FRN, Series 2006-4 ‘A2D’ 2.341% 2.736% 25/03/2035 USD 801,595 804,053 0.03 25/09/2036 USD 2,172,801 1,253,940 0.04 RASC Trust, FRN, Series 2005-KS8 ‘M2’ Novelis Corp., 144A 6.25% 15/08/2024 USD 655,000 655,367 0.02 2.541% 25/08/2035 USD 300,183 301,159 0.01 Novelis Corp., 144A 5.875% RBS Global, Inc., 144A 4.875% 30/09/2026 USD 845,000 811,432 0.03 15/12/2025 USD 295,000 280,250 0.01 NWH Escrow Corp., 144A 7.5% RBSSP Resecuritization Trust, FRN, 01/08/2021 USD 2,620,000 2,443,150 0.08 Series 2012-6 ‘10A2’, 144A 2.047% Oasis Petroleum, Inc., 144A 6.25% 26/08/2036 USD 2,573,377 2,504,428 0.08 01/05/2026 USD 510,000 515,891 0.02 RBSSP Resecuritization Trust, FRN, Onemain Financial Issuance Trust, Series 2010-10 ‘2A1’, 144A 2.027% Series 2018-1A ‘C’, 144A 3.77% 26/09/2036 USD 281,779 281,656 0.01 14/03/2029 USD 2,001,000 1,997,695 0.06 Regional Management Issuance Trust, Onemain Financial Issuance Trust, Series 2018-1 ‘A’, 144A 3.83% Series 2018-1A ‘D’, 144A 4.08% 15/07/2027 USD 1,964,000 1,963,594 0.06 14/03/2029 USD 874,000 877,351 0.03 Renaissance Home Equity Loan Trust, OneMain Financial Issuance Trust, FRN, STEP, Series 2005-4 ‘A3’ 5.565% Series 2017-1A ‘A2’, 144A 2.718% 25/02/2036 USD 115,930 116,152 0.00 14/09/2032 USD 2,859,000 2,868,812 0.09 Residential Asset Securitization Trust, OneMain Financial Issuance Trust, Series 2004-A6 ‘A1’ 5% 25/08/2019 USD 55,527 55,332 0.00 Series 2016-1A ‘B’, 144A 4.57% Residential Asset Securitization Trust, 20/02/2029 USD 1,698,000 1,729,996 0.05 FRN, Series 2006-R1 ‘A2’ 2.36% OneMain Financial Issuance Trust, 25/01/2046 USD 6,572,214 3,396,500 0.11 Series 2017-1A ‘C’, 144A 3.35% Reynolds Group Issuer, Inc., FRN, 144A 14/09/2032 USD 1,129,000 1,109,424 0.03 5.848% 15/07/2021 USD 2,230,000 2,257,875 0.07 OneMain Financial Issuance Trust, Reynolds Group Issuer, Inc., 144A 7% STEP, Series 2016-2A ‘C’, 144A 5.67% 15/07/2024 USD 2,286,000 2,335,058 0.07 20/03/2028 USD 1,847,000 1,865,590 0.06 Reynolds Group Issuer, Inc. 6.875% OneMain Financial Issuance Trust, 15/02/2021 USD 327,478 331,994 0.01 Series 2017-1A ‘D’, 144A 4.52% RFMSI Trust, Series 2006-S10 ‘1A1’ 6% 14/09/2032 USD 9,983,000 9,857,950 0.30 25/10/2036 USD 1,445,048 1,355,223 0.04 Option One Mortgage Loan Trust, FRN, RFMSI Trust, FRN, Series 2005-SA2 Series 2005-3 ‘M2’ 2.826% ‘2A2’ 4.157% 25/06/2035 USD 156,338 150,435 0.00 25/08/2035 USD 1,054,000 1,056,279 0.03 RFMSI Trust, Series 2006-S12 ‘3A9’ Ownit Mortgage Loan Trust, FRN, 5.75% 25/12/2036 USD 1,274,186 1,201,716 0.04 Series 2006-1 ‘AV’ 2.321% 25/12/2035 USD 3,276,243 3,256,908 0.10 RFMSI Trust, Series 2006-S9 ‘A1’ Parsley Energy LLC, 144A 5.25% 6.25% 25/09/2036 USD 1,011,929 985,296 0.03 15/08/2025 USD 515,000 509,891 0.02 Rite Aid Corp., 144A 6.375% Parsley Energy LLC, 144A 5.625% 01/04/2023 USD 1,300,000 1,321,125 0.04 15/10/2027 USD 700,000 696,500 0.02 Riverbed Technology, Inc., 144A PBF Holding Co. LLC 7% 15/11/2023 USD 1,087,000 1,132,317 0.04 8.875% 01/03/2023 USD 180,000 172,350 0.01 People’s Choice Home Loan Securities Sabra Health Care LP, REIT 5.125% Trust, FRN, Series 2005-4 ‘1A2’ 2.611% 15/08/2026 USD 880,000 845,953 0.03 25/12/2035 USD 1,100,249 1,078,490 0.03 Sabre GLBL, Inc., 144A 5.375% PetSmart, Inc., 144A 7.125% 15/04/2023 USD 1,355,000 1,372,344 0.04 15/03/2023 USD 5,259,000 3,510,382 0.11 Sabre GLBL, Inc., 144A 5.25% PetSmart, Inc., 144A 5.875% 15/11/2023 USD 955,000 965,725 0.03 01/06/2025 USD 1,070,000 824,970 0.03 Saxon Asset Securities Trust, FRN, PetSmart, Inc., 144A 8.875% Series 2007-1 ‘A2C’ 2.241% 01/06/2025 USD 1,125,000 727,279 0.02 25/01/2047 USD 2,870,607 2,835,954 0.09 Pilgrim’s Pride Corp., 144A 5.75% Saxon Asset Securities Trust, FRN, 15/03/2025 USD 208,000 200,267 0.01 Series 2005-4 ‘A2D’ 2.401% Popular ABS Mortgage Pass-Through 25/11/2037 USD 1,481,808 1,483,767 0.05 Trust, FRN, Series 2005-4 ‘M1’ 2.42% Saxon Asset Securities Trust, STEP, 25/09/2035 USD 2,835,534 2,846,267 0.09 Series 2002-3 ‘AF6’ 5.407% Post Holdings, Inc., 144A 5.5% 25/05/2031 USD 1,224,609 1,266,434 0.04 01/03/2025 USD 355,000 346,682 0.01 Saxon Asset Securities Trust, FRN, Post Holdings, Inc., 144A 5% Series 2001-3 ‘AV1’ 2.631% 15/08/2026 USD 1,732,000 1,614,475 0.05 25/09/2031 USD 1,067,591 1,069,944 0.03 Post Holdings, Inc., 144A 5.75% SBA Communications Corp., REIT, 144A 01/03/2027 USD 1,270,000 1,236,301 0.04 4% 01/10/2022 USD 57,000 54,896 0.00 Post Holdings, Inc., 144A 5.625% SBA Communications Corp., REIT 15/01/2028 USD 395,000 371,985 0.01 4.875% 01/09/2024 USD 825,000 793,530 0.02 Prestige Brands, Inc., 144A 5.375% Scientific Games International, Inc. 15/12/2021 USD 1,575,000 1,575,851 0.05 10% 01/12/2022 USD 3,425,000 3,656,444 0.11 Prestige Brands, Inc., 144A 6.375% Securitized Asset-Backed Receivables 01/03/2024 USD 575,000 572,689 0.02 LLC Trust, FRN, Series 2006-NC3 ‘A1’ Prime Security Services Borrower LLC, 2.1% 25/09/2036 USD 4,915,534 3,599,113 0.11 144A 9.25% 15/05/2023 USD 2,366,000 2,522,712 0.08 Securitized Asset-Backed Receivables Protective Life Global Funding, FRN, LLC Trust, FRN, Series 2007-NC2 ‘A2B’ 144A 2.856% 28/06/2021 USD 3,080,000 3,080,422 0.10 2.231% 25/01/2037 USD 1,820,054 1,418,567 0.04 RAAC Trust, FRN, Series 2007-SP2 ‘A2’ Seminole Hard Rock Entertainment, 2.491% 25/06/2047 USD 903,586 904,927 0.03 Inc., 144A 5.875% 15/05/2021 USD 3,140,000 3,171,400 0.10 Rackspace Hosting, Inc., 144A 8.625% Sempra Energy, FRN 2.791% 15/11/2024 USD 1,259,000 1,264,571 0.04 15/03/2021 USD 1,500,000 1,501,611 0.05 Rain CII Carbon LLC, 144A 7.25% SG Residential Mortgage Trust, FRN, 01/04/2025 USD 1,715,000 1,749,300 0.05 Series 2018-1 ‘A2’, 144A 3.58% RALI Trust, FRN, Series 2005-QO4 ‘2A1’ 27/04/2048 USD 1,082,177 1,084,823 0.03 2.24% 25/12/2045 USD 150,397 128,500 0.00 Sinclair Television Group, Inc., 144A RALI Trust, Series 2006-QS18 ‘3A3’ 5.125% 15/02/2027 USD 630,000 587,998 0.02 5.75% 25/12/2021 USD 181,341 172,635 0.01 Sinclair Television Group, Inc. 5.375% RALI Trust, Series 2007-QS4 ‘5A2’ 5.5% 01/04/2021 USD 725,000 729,702 0.02 25/04/2022 USD 93,746 94,343 0.00 Sinclair Television Group, Inc. 6.125% RALI Trust, Series 2003-QS16 ‘A1’ 5% 01/10/2022 USD 4,538,000 4,627,081 0.14 25/08/2018 USD 64,833 64,848 0.00 Sirius XM Radio, Inc., 144A 6% RALI Trust, Series 2003-QS20 ‘CB’ 5% 15/07/2024 USD 4,914,000 5,027,366 0.16 25/11/2018 USD 35,549 35,638 0.00 Sirius XM Radio, Inc., 144A 5.375% RASC Trust, FRN, Series 2007-KS3 ‘AI3’ 15/04/2025 USD 2,275,000 2,235,188 0.07 2.341% 25/04/2037 USD 2,055,529 2,027,605 0.06 Sirius XM Radio, Inc., 144A 5% RASC Trust, STEP, Series 2004-KS5 01/08/2027 USD 580,000 543,214 0.02 ‘AI5’ 4.898% 25/06/2034 USD 935,599 951,699 0.03 Sotera Health Holdings LLC, 144A 6.5% 15/05/2023 USD 45,000 46,013 0.00

151 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Soundview Home Loan Trust, FRN, Uniti Group LP, REIT, 144A 6% Series 2006-OPT1 ‘1A1’ 2.271% 15/04/2023 USD 90,000 86,850 0.00 25/03/2036 USD 7,392,270 7,372,265 0.23 Uniti Group LP, REIT, 144A 7.125% Soundview Home Loan Trust, FRN, 15/12/2024 USD 505,000 460,813 0.01 Series 2006-OPT3 ‘1A1’ 2.246% Uniti Group LP, REIT 8.25% 15/10/2023 USD 2,130,000 2,023,500 0.06 25/06/2036 USD 11,331,267 11,297,092 0.35 Univision Communications, Inc., 144A Soundview Home Loan Trust, FRN, 6.75% 15/09/2022 USD 1,624,000 1,664,600 0.05 Series 2006-OPT4 ‘1A1’ 2.241% Univision Communications, Inc., 144A 25/06/2036 USD 6,665,022 6,614,146 0.20 5.125% 15/05/2023 USD 150,000 144,731 0.00 Soundview Home Loan Trust, FRN, US Airways Pass-Through Trust, Series Series 2007-1 ‘2A3’ 2.261% 2013-1B ‘B’ 5.375% 15/05/2023 USD 295,361 302,443 0.01 25/03/2037 2,009,016 USD 2,015,974 0.06 US Concrete, Inc. 6.375% 01/06/2024 USD 704,000 710,097 0.02 Soundview Home Loan Trust, FRN, US Treasury Bill 0% 13/09/2018 3,840,543 Series 2007-OPT3 ‘2A3’ 2.271% USD 3,855,000 0.12 25/08/2037 USD 1,557,292 1,521,762 0.05 Valeant Pharmaceuticals International, Inc., 144A 6.75% 15/08/2021 599,671 Soundview Home Loan Trust, FRN, USD 593,000 0.02 Series 2005-OPT3 ‘A1’ 2.351% Valeant Pharmaceuticals International, 25/11/2035 USD 3,394,357 3,398,315 0.11 Inc., 144A 7.25% 15/07/2022 USD 2,985,000 3,057,118 0.09 Soundview Home Loan Trust, FRN, Valeant Pharmaceuticals International, Series 2006-EQ1 ‘A3’ 2.251% Inc., 144A 8.5% 31/01/2027 USD 406,000 411,552 0.01 25/10/2036 USD 3,435,720 3,418,761 0.11 Velocity Commercial Capital Loan Soundview Home Loan Trust, FRN, Trust, FRN, Series 2016-2 ‘AFX’ 2.997% Series 2006-OPT2 ‘A3’ 2.271% 25/10/2046 USD 3,255,823 3,239,304 0.10 25/05/2036 USD 1,530,464 1,531,099 0.05 Velocity Commercial Capital Loan Soundview Home Loan Trust, FRN, Trust, FRN, Series 2015-1 ‘M3’, 144A Series 2006-1 ‘A4’ 2.391% 25/02/2036 USD 2,009,849 2,016,859 0.06 7.05% 25/06/2045 USD 2,926,000 3,212,355 0.10 Soundview Home Loan Trust, FRN, Velocity Commercial Capital Loan Series 2005-2 ‘M5’ 3.081% 25/07/2035 USD 1,400,000 1,415,649 0.04 Trust, FRN, Series 2016-1 ‘M3’, 144A 6.807% 25/04/2046 2,307,378 Springleaf Funding Trust, Series USD 2,228,000 0.07 2017-AA ‘B’, 144A 3.1% 15/07/2030 USD 2,198,000 2,151,294 0.07 Velocity Commercial Capital Loan Trust, FRN, Series 2016-2 ‘M3’ 5.498% Springleaf Funding Trust, Series 25/10/2046 USD 440,000 448,769 0.01 2017-AA ‘C’, 144A 3.86% 15/07/2030 USD 557,000 554,597 0.02 Velocity Commercial Capital Loan Sprint Communications, Inc., 144A 9% Trust, FRN, Series 2017-1 ‘M3’, 144A 15/11/2018 1,412,804 USD 1,383,000 0.04 5.35% 25/05/2047 USD 898,000 911,922 0.03 Sprint Corp. 7.625% 01/03/2026 USD 216,000 221,007 0.01 Velocity Commercial Capital Loan Standard Industries, Inc., 144A 4.75% Trust, Series 2018-1 ‘M3’, 144A 4.41% 15/01/2028 USD 965,000 886,459 0.03 25/04/2048 USD 431,238 429,771 0.01 Staples, Inc., 144A 8.5% 15/09/2025 USD 2,580,000 2,421,317 0.07 Velocity Commercial Capital Loan Structured Asset Investment Loan Trust, FRN, Series 2015-1 ‘M4’, 144A Trust, FRN, Series 2006-2 ‘A3’ 2.451% 7.4% 25/06/2045 USD 113,000 124,020 0.00 25/04/2036 USD 4,555,459 4,532,057 0.14 Velocity Commercial Capital Loan Structured Asset Investment Loan Trust, FRN, Series 2016-2 ‘M4’ 7.225% Trust, FRN, Series 2005-4 ‘M3’ 2.811% 25/10/2046 USD 513,000 535,165 0.02 25/05/2035 USD 1,174,000 1,179,692 0.04 Velocity Commercial Capital Loan Structured Asset Securities Corp. Trust, FRN, Series 2017-1 ‘M4’, 144A Mortgage Loan Trust, FRN, Series 6.4% 25/05/2047 USD 928,000 980,236 0.03 2006-BC5 ‘A4’ 2.13% 25/12/2036 USD 867,802 850,305 0.03 Velocity Commercial Capital Loan Structured Asset Securities Corp. Trust, FRN, Series 2017-2 ‘M4’, 144A Mortgage Loan Trust, FRN, Series 5% 25/11/2047 USD 1,429,472 1,399,440 0.04 2007-WF1 ‘A4’ 2.16% 25/02/2037 USD 3,753,456 3,727,177 0.12 Velocity Commercial Capital Loan Sunoco LP, 144A 4.875% 15/01/2023 USD 195,000 187,529 0.01 Trust, Series 2018-1 ‘M4’, 144A 5.01% Sunoco LP, 144A 5.5% 15/02/2026 USD 275,000 262,969 0.01 25/04/2048 USD 269,038 268,315 0.01 Synchrony Bank, FRN 2.959% Velocity Commercial Capital Loan 30/03/2020 USD 8,500,000 8,511,773 0.26 Trust, FRN, Series 2015-1 ‘M5’, 144A Syniverse Holdings, Inc. 9.125% 7.544% 25/06/2045 USD 876,000 966,515 0.03 15/01/2019 USD 77,000 76,519 0.00 Velocity Commercial Capital Loan Talos Production LLC, 144A 11% Trust, FRN, Series 2016-1 ‘M5’, 144A 03/04/2022 USD 109,128 115,130 0.00 7.784% 25/04/2046 USD 925,000 1,007,704 0.03 Targa Resources Partners LP, 144A Velocity Commercial Capital Loan 5.875% 15/04/2026 USD 210,000 209,956 0.01 Trust, FRN, Series 2017-1 ‘M5’, 144A Tenet Healthcare Corp., 144A 7.5% 7.95% 25/05/2047 USD 597,000 643,182 0.02 01/01/2022 USD 610,000 638,844 0.02 Velocity Commercial Capital Loan Tenet Healthcare Corp., 144A 7% Trust, Series 2018-1 ‘M5’, 144A 6.26% 01/08/2025 USD 470,000 467,817 0.01 25/04/2048 USD 129,177 129,077 0.00 Terex Corp., 144A 5.625% 01/02/2025 USD 620,000 617,303 0.02 Velocity Commercial Capital Loan Terwin Mortgage Trust, FRN, Series Trust, FRN, Series 2014-1 ‘M6’, 144A 8.254% 25/09/2044 251,799 2006-3 ‘2A2’, 144A 2.17% 25/04/2037 USD 1,933,091 1,907,655 0.06 USD 226,000 0.01 Thornburg Mortgage Securities Trust, Vertiv Group Corp., 144A 9.25% FRN, Series 2007-4 ‘3A1’ 3.433% 15/10/2024 USD 1,830,000 1,811,151 0.06 25/09/2037 USD 715,251 722,410 0.02 Verus Securitization Trust, FRN, Series TI Group Automotive Systems LLC, 2017-1A ‘A2’, 144A 3.158% 25/01/2047 USD 428,258 427,664 0.01 144A 8.75% 15/07/2023 USD 1,946,000 2,035,030 0.06 Verus Securitization Trust, FRN, Series 2017-2A ‘A2’, 144A 2.64% 25/07/2047 1,726,647 T-Mobile USA, Inc. 6.5% 15/01/2024 USD 545,000 568,326 0.02 USD 1,741,541 0.05 Verus Securitization Trust, FRN, Series T-Mobile USA, Inc. 6.375% 01/03/2025 USD 2,370,000 2,463,402 0.08 2018-1 ‘A2’, 144A 3.031% 25/02/2048 USD 883,904 886,003 0.03 T-Mobile USA, Inc. 6.5% 15/01/2026 2,051,136 USD 1,975,000 0.06 Verus Securitization Trust, STEP, Series T-Mobile USA, Inc. 4.75% 01/02/2028 USD 430,000 398,518 0.01 2017-SG1A ‘A2’, 144A 2.77% Towd Point Mortgage Trust, FRN, 25/11/2047 USD 853,095 846,576 0.03 Series 2016-4 ‘A1’, 144A 2.25% Verus Securitization Trust, FRN, Series 25/07/2056 USD 4,704,891 4,602,921 0.14 2018-INV1 ‘B1’, 144A 4.553% Towd Point Mortgage Trust, FRN, 25/03/2058 USD 1,522,000 1,530,713 0.05 Series 2015-4 ‘A1B’, 144A 2.75% Viacom, Inc., FRN 5.875% 28/02/2057 USD 180,000 170,418 0.01 25/04/2055 USD 325,071 322,327 0.01 Viacom, Inc., FRN 6.25% 28/02/2057 USD 100,000 95,590 0.00 Towd Point Mortgage Trust, FRN, Series 2015-3 ‘A4B’, 144A 3.5% VICI Properties 1 LLC, REIT 8% 15/10/2023 2,143,492 25/03/2054 USD 2,945,794 2,949,703 0.09 USD 1,922,414 0.07 TreeHouse Foods, Inc., 144A 6% Vistra Energy Corp., 144A 8% 15/01/2025 943,350 15/02/2024 USD 930,000 952,088 0.03 USD 870,000 0.03 UAL Pass-Through Trust, Series 2007-1 Vistra Energy Corp., 144A 8.125% 30/01/2026 640,073 6.636% 02/01/2024 USD 12,109 12,656 0.00 USD 586,000 0.02 Ultra Resources, Inc., 144A 6.875% Washington Mutual Mortgage 15/04/2022 737,168 Pass-Through Certificates WMALT USD 978,000 0.02 Trust, FRN, Series 2005-7 ‘1A2’ 2.541% 25/09/2035 USD 619,013 527,433 0.02 152 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Washington Mutual Mortgage United Kingdom Pass-Through Certificates WMALT Standard Chartered Bank, FRN 2.418% Trust, Series 2005-8 ‘1A8’ 5.5% 26/10/2018 USD 50,000,000 50,000,000 1.55 25/10/2035 USD 142,635 137,392 0.00 Wells Fargo & Co., FRN 3.286% 50,000,000 1.55 11/02/2022 USD 4,380,000 4,422,924 0.14 Wells Fargo Home Equity Asset-Backed United States of America Securities Trust, FRN, Series 2006-3 Wells Fargo Bank NA, FRN 2.276% ‘A2’ 2.11% 25/01/2037 USD 1,192,664 1,187,947 0.04 16/10/2018 USD 9,700,000 9,702,270 0.30 Wells Fargo Mortgage Backed Wells Fargo Bank NA, FRN 2.334% Securities Trust, STEP, Series 2007-10 22/01/2019 USD 50,000,000 49,995,700 1.54 ‘1A9’ 6% 25/07/2037 USD 276,894 276,766 0.01 Wells Fargo Mortgage Backed 59,697,970 1.84 Securities Trust, Series 2007-3 ‘3A1’ 5.5% 25/04/2022 USD 67,463 68,777 0.00 Total Certificates of Deposit 390,128,270 12.06 Wells Fargo Mortgage Backed Securities Trust, Series 2006-11 ‘A2’ Commercial Papers 6% 25/09/2036 USD 118,194 114,143 0.00 Wells Fargo Mortgage Backed Australia Securities Trust, Series 2005-16 ‘A8’ Commonwealth Bank of Australia, FRN 5.75% 25/01/2036 USD 100,440 107,737 0.00 2.308% 26/11/2018 USD 25,000,000 25,000,000 0.77 Wells Fargo Mortgage Backed Securities Trust, Series 2006-11 ‘A8’ 25,000,000 0.77 6% 25/09/2036 USD 703,674 679,554 0.02 Canada Wells Fargo Mortgage Backed Securities Trust, Series 2007-11 ‘A85’ Bank of Nova Scotia (The), FRN 2.264% 31/07/2018 30,000,000 6% 25/08/2037 USD 96,584 93,544 0.00 USD 30,000,000 0.93 Wells Fargo Mortgage Backed Canadian Imperial Bank of Commerce, Securities Trust, Series 2007-11 ‘A96’ FRN 2.171% 03/08/2018 USD 50,000,000 50,000,000 1.54 6% 25/08/2037 USD 111,442 111,017 0.00 CDP Financial, Inc. 0% 15/08/2018 USD 36,920,000 36,811,805 1.14 Whiting Petroleum Corp., 144A 6.625% 15/01/2026 USD 200,000 207,314 0.01 116,811,805 3.61 WildHorse Resource Development China Corp., 144A 6.875% 01/02/2025 USD 395,000 405,369 0.01 China Construction Bank Corp. 0% Williams Cos., Inc. (The) 7.875% 10/07/2018 USD 100,000,000 99,930,848 3.09 01/09/2021 USD 1,360,000 1,511,531 0.05 Windstream Services LLC, 144A 99,930,848 3.09 6.375% 01/08/2023 USD 1,340,000 837,500 0.03 Windstream Services LLC, 144A 8.75% France 15/12/2024 USD 7,920,000 5,029,200 0.16 LMA SA 0% 02/08/2018 USD 13,450,000 13,420,436 0.42 Wynn Las Vegas LLC, 144A 5.5% Natixis SA, FRN 2.387% 13/11/2018 USD 25,000,000 25,000,000 0.77 01/03/2025 USD 1,585,000 1,552,729 0.05 XPO Logistics, Inc., 144A 6.5% 38,420,436 1.19 15/06/2022 USD 1,160,000 1,189,568 0.04 XPO Logistics, Inc., 144A 6.125% Netherlands 01/09/2023 USD 605,000 621,262 0.02 Cooperatieve Rabobank UA, FRN Zayo Group LLC, 144A 5.75% 2.284% 24/12/2018 USD 50,000,000 50,000,000 1.54 15/01/2027 USD 2,777,000 2,728,402 0.08 Zekelman Industries, Inc., 144A 50,000,000 1.54 9.875% 15/06/2023 USD 1,944,000 2,138,400 0.07 United Kingdom 1,249,325,897 38.62 HSBC Bank plc, FRN 2.206% 06/08/2018 USD 55,000,000 55,000,000 1.70

Total Bonds 1,373,847,691 42.47 55,000,000 1.70 Certificates of Deposit United States of America Canada Charta LLC 0% 17/07/2018 USD 48,400,000 48,353,757 1.50 Bank of Montreal, FRN 2.246% Coca-Cola Co. (The) 0% 16/08/2018 USD 400,000 398,902 0.01 12/07/2018 USD 43,880,000 43,884,300 1.35 Fairway Finance Corp. 0% 13/08/2018 USD 30,000,000 29,912,069 0.92 HSBC USA, Inc. 0% 17/07/2018 USD 1,600,000 1,598,292 0.05 43,884,300 1.35 Kells Funding LLC 0% 10/08/2018 USD 50,000,000 49,867,897 1.54 MetLife Short Term Funding LLC 0% Chile 06/08/2018 USD 3,400,000 3,392,324 0.11 Banco Del Estado De Chile 1.97% Mont Blanc Capital Corp. 0% 13/07/2018 12,534,000 USD 12,534,000 0.39 08/08/2018 USD 2,000,000 1,995,170 0.06 Nieuw Amsterdam Receivables Corp. 12,534,000 0.39 0% 09/08/2018 USD 9,300,000 9,277,569 0.29 France Starbird Funding Corp. 0% 13/08/2018 USD 25,000,000 24,925,755 0.77 BNP Paribas SA, FRN 2.291% 23/07/2018 USD 53,000,000 53,000,000 1.64 169,721,735 5.25 Credit Industriel et Commercial, FRN 2.408% 26/10/2018 USD 47,650,000 47,650,000 1.47 Total Commercial Papers 554,884,824 17.15

100,650,000 3.11 Convertible Bonds Japan Bermuda Sumitomo Mitsui Banking Corp. 1.9% Jazz Investments I Ltd. 1.875% 03/07/2018 USD 18,362,000 18,362,000 0.57 15/08/2021 USD 641,000 699,850 0.02

18,362,000 0.57 699,850 0.02 Sweden Cayman Islands Svenska Handelsbanken AB, FRN Ctrip.com International Ltd. 1.25% 2.141% 03/07/2018 USD 105,000,000 105,000,000 3.25 15/09/2022 USD 1,117,000 1,153,961 0.04

105,000,000 3.25 1,153,961 0.04 Japan Lixil Group Corp., Reg. S 0% 04/03/2022 JPY 60,000,000 539,753 0.02 NHK Spring Co. Ltd., Reg. S 0% 20/09/2019 USD 700,000 708,950 0.02

153 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Shimizu Corp., Reg. S 0% 16/10/2020 JPY 60,000,000 584,470 0.02 Other transferable securities and money market instruments

1,833,173 0.06 Bonds Jersey Cayman Islands Ensco Jersey Finance Ltd. 3% Dryden XXII Senior Loan Fund, Reg. S, 31/01/2024 USD 1,811,000 1,687,352 0.05 FRN, Series 2011-22X ‘SUB’ 0%15/01/2022* USD 1,960,748 0 0.00 1,687,352 0.05 0 0.00 Netherlands Yandex NV 1.125% 15/12/2018 USD 400,000 394,234 0.01 United States of America 21st Century Oncology, Inc., FRN 0% 394,234 0.01 30/04/2023* USD 1,186,175 1,067,558 0.03 Avaya, Inc. 7% 01/04/2019* USD 3,663,000 366 0.00 United States of America Digital Turbine, Inc. 10.5% 15/02/2019* GBP 681 0 0.00 Ares Capital Corp. 3.75% 01/02/2022 USD 1,437,000 1,453,648 0.04 Momentive Performance Materials USA BlackRock Capital Investment Corp. 5% LLC 8.875% 15/10/2020§* USD 4,350,000 0 0.00 15/06/2022 USD 793,000 806,545 0.02 Motors Liquidation Co. 8.25% Chesapeake Energy Corp. 5.5% 15/07/2023§* USD 4,000,000 0 0.00 15/09/2026 USD 2,690,000 2,733,148 0.08 NewPage Corp. 11.375% 31/12/2014§* USD 16,515,943 0 0.00 Colony NorthStar, Inc., REIT 3.875% Noranda Aluminum Acquisition Corp. 15/01/2021 USD 781,000 741,950 0.02 11% 01/06/2019§* USD 925,000 0 0.00 DISH Network Corp. 2.375% Penn Virginia Corp. 7.25% 15/03/2024 USD 1,671,000 1,476,887 0.05 15/04/2019§* USD 1,805,000 2,256 0.00 Electronics For Imaging, Inc. 0.75% Penn Virginia Corp. 8.5% 01/09/2019 USD 1,149,000 1,140,905 0.04 01/05/2020§* USD 5,013,000 6,266 0.00 Exact Sciences Corp. 1% 15/01/2025 USD 327,000 346,252 0.01 Reichhold Industries, Inc., 144A Finisar Corp. 0.5% 15/12/2033 USD 1,124,000 1,114,276 0.03 9.075% 08/05/2017§* USD 2,433,329 3 0.00 Finisar Corp. 0.5% 15/12/2036 USD 1,273,000 1,157,284 0.04 Texas Competitive Electric Holdings Co. FireEye, Inc. 1.625% 01/06/2035 USD 1,173,000 1,078,835 0.03 LLC 11.5% 01/10/2020* USD 21,030,000 157,725 0.01 Liberty Expedia Holdings, Inc., 144A Triangle USA Petroleum Corp., 144A 1% 30/06/2047 USD 390,000 384,403 0.01 6.75% 15/07/2022§* USD 2,011,000 2 0.00 Macquarie Infrastructure Corp. 2% 01/10/2023 USD 1,653,000 1,470,484 0.05 1,234,176 0.04 Medicines Co. (The) 2.75% 15/07/2023 USD 772,000 759,293 0.02 Nabors Industries, Inc. 0.75% Total Bonds 1,234,176 0.04 15/01/2024 USD 915,000 721,898 0.02 NRG Yield, Inc., 144A 3.25% Convertible Bonds 01/06/2020 822,810 USD 826,000 0.03 United States of America Nuance Communications, Inc. 1% Nebraska Book Holdings, Inc., 144A 2% 15/12/2035 USD 1,165,000 1,046,377 0.03 01/04/2026* USD 1,195,060 0 0.00 Pandora Media, Inc. 1.75% 01/12/2020 USD 1,212,000 1,164,550 0.04 Spirit Realty Capital, Inc., REIT 2.875% 0 0.00 15/05/2019 USD 546,000 544,586 0.02 Spirit Realty Capital, Inc., REIT 3.75% 15/05/2021 USD 1,448,000 1,455,935 0.05 Total Convertible Bonds 0 0.00 Starwood Property Trust, Inc., REIT Equities 4.375% 01/04/2023 USD 802,000 807,678 0.02 TCP Capital Corp. 4.625% 01/03/2022 USD 540,000 543,078 0.02 Cayman Islands Twitter, Inc. 1% 15/09/2021 USD 1,978,000 1,925,820 0.06 Telford Offshore Holdings Ltd.* USD 83,376 166,752 0.01 Veeco Instruments, Inc. 2.7% 15/01/2023 USD 1,601,000 1,413,097 0.04 166,752 0.01 VEREIT, Inc., REIT 3.75% 15/12/2020 USD 1,822,000 1,841,206 0.06 United States of America Viavi Solutions, Inc. 1% 01/03/2024 USD 730,000 732,281 0.02 21st Century Oncology Holdings, Inc.* 164,920 Viavi Solutions, Inc. 0.625% USD 4,123 0.01 15/08/2033 USD 1,056,000 1,067,242 0.03 ATSX Partners, Inc.* USD 6,391 1,757,525 0.05 Western Digital Corp., 144A 1.5% Computershare, Inc.* USD 89,226 1,717,600 0.05 01/02/2024 USD 547,000 553,838 0.02 General Motors Co. Preference* USD 479,196 0 0.00 Whiting Petroleum Corp. 1.25% General Motors Corp. Preference* USD 704,913 0 0.00 01/04/2020 USD 1,186,000 1,131,863 0.04 General Motors Corp. Preference* USD 290,634 0 0.00 Wright Medical Group, Inc. 2% General Motors Corp. Preference* USD 166,826 0 0.00 15/02/2020 USD 573,000 623,733 0.02 General Motors Corp. Preference* USD 84,916 0 0.00 Goodman Private* USD 92,605 0 0.00 31,059,902 0.96 Goodman Private Preference* USD 110,179 366,896 0.01 Motors Liquidation Co. Preference* USD 2,110 0 0.00 Total Convertible Bonds 36,828,472 1.14 Reichhold , Inc.* USD 4,045 3,907,470 0.12 Triangle USA Petroleum Corp.* USD 878 793,598 0.02 Equities Vistra Energy Corp. Rights Perpetual* USD 360,159 192,685 0.01 Cayman Islands XLIT Ltd. Preference, FRN 5.459% USD 5,221 5,234,053 0.16 8,900,694 0.27

5,234,053 0.16 Total Equities 9,067,446 0.28 United States of America Warrants JPMorgan Chase & Co. USD 43,563 494,440 0.02 Penn Virginia Corp. USD 48,416 4,144,168 0.13 United States of America General Motors Co. 30/10/2049* 0 VICI Properties, Inc., REIT USD 101,701 2,077,751 0.06 USD 25,581 0.00 Jack Cooper Enterprises, Inc. 26/04/2027* USD 5,672 0 0.00 6,716,359 0.21 Jack Cooper Enterprises, Inc. 30/07/2027* USD 6,123 0 0.00 Total Equities 11,950,412 0.37 Nebraska Book Co., Inc. 29/06/2019* USD 64,506 0 0.00 Total Transferable securities and money market instruments 2,367,639,669 73.19 dealt in on another regulated market

154 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Nebraska Book Holdings, Inc. 29/06/2019* USD 30,102 0 0.00 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

0 0.00 United States of America 61.68 Canada 6.62 Total Warrants 0 0.00 United Kingdom 4.84 France 4.58 Total Other transferable securities and money market 10,301,622 0.32 Sweden 3.25 instruments China 3.19 Netherlands 1.76 Units of authorised UCITS or other collective investment undertakings Luxembourg 1.38 Australia 1.12 Collective Investment Schemes - AIF Japan 0.94 Guernsey Cayman Islands 0.53 J.P. Morgan Senior Secured Loan Fund Germany 0.49 Ltd.† GBP 8,409,500 61,871 0.00 Chile 0.39 Bermuda 0.28 61,871 0.00 Supranational 0.26 Jersey United States of America 0.16 Advent Claymore Convertible South Korea 0.13 Securities and Income Fund II USD 648,650 3,616,224 0.11 Ireland 0.11 Blackstone/GSO Strategic Credit Fund USD 1,594,408 25,263,395 0.78 Italy 0.09 Dreyfus High Yield Strategies Fund USD 2,073,992 6,491,595 0.20 United Arab Emirates 0.08 Eaton Vance Floating-Rate Income Plus Virgin Islands, British 0.08 Fund USD 255,306 4,231,697 0.13 Mexico 0.07 Eaton Vance Floating-Rate Income Singapore 0.06 Trust USD 1,134,162 16,394,312 0.51 Norway 0.04 Eaton Vance Senior Income Trust USD 1,305,436 8,380,900 0.26 Hong Kong 0.03 Invesco Dynamic Credit Opportunities Malaysia 0.03 Fund USD 2,456,963 28,611,334 0.89 Switzerland 0.03 Invesco Senior Income Trust USD 5,969,043 25,517,659 0.79 Belgium 0.01 Nuveen Credit Strategies Income Fund USD 4,129,600 32,809,672 1.01 Guernsey - Nuveen Floating Rate Income Fund USD 1,566,000 16,435,170 0.51 Total Investments 92.23 Nuveen Floating Rate Income Cash and Other Assets/(Liabilities) 7.77 Opportunity Fund USD 1,069,274 11,109,757 0.34 Nuveen Senior Income Fund USD 1,158,717 7,259,362 0.23 Total 100.00 Nuveen Short Duration Credit Opportunities Fund USD 379,914 6,500,328 0.20 Voya Prime Rate Trust USD 4,508,725 22,746,517 0.70

215,367,922 6.66 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets

Total Collective Investment Schemes - AIF 215,429,793 6.66 United States of America 51.36 France 9.26 Total Units of authorised UCITS or other collective investment 215,429,793 6.66 undertakings Japan 8.12 Canada 6.79 Total Investments 2,983,667,909 92.23 Australia 6.02 Sweden 2.77 Cash 218,917,563 6.77 Singapore 2.73 United Kingdom 1.92 Other Assets/(Liabilities) 32,572,776 1.00 China 1.21 Luxembourg 1.17 Total Net Assets 3,235,158,248 100.00 Cayman Islands 0.50 Supranational 0.22 § Security is currently in default. Netherlands 0.21 * Security is valued at its fair value under the direction of the Board of Directors. Ireland 0.09 † Related Party Fund. Bermuda 0.08 Mexico 0.06 Virgin Islands, British 0.04 Germany 0.02 Guernsey 0.02 Jersey 0.02 Italy 0.01 Total Investments 92.62 Cash and Other Assets/(Liabilities) 7.38 Total 100.00

155 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

CHF 3,158 USD 3,173 02/07/2018 BNP Paribas 5 - CHF 3,641 USD 3,647 03/07/2018 UBS 17 - CHF 17,402 USD 17,556 03/08/2018 ANZ 5 - CHF 86,612,697 USD 87,151,423 03/08/2018 Standard Chartered 251,815 0.01 EUR 3,316 USD 3,849 03/08/2018 National Australia Bank 21 - EUR 1,290,247 USD 1,499,455 03/08/2018 Societe Generale 6,304 - EUR 1,487,532,649 USD 1,723,522,564 03/08/2018 State Street 12,475,654 0.39 EUR 8,211,660 USD 9,563,505 03/08/2018 Toronto-Dominion Bank 19,766 - GBP 48,676 USD 63,961 02/07/2018 BNP Paribas 91 - GBP 65,795 USD 86,137 03/07/2018 UBS 443 - GBP 121,059,978 USD 159,237,815 03/08/2018 National Australia Bank 294,721 0.01 JPY 643,200,000 USD 5,880,417 20/12/2018 State Street 4,604 - SEK 22,489 USD 2,501 03/08/2018 BNP Paribas 8 - USD 441,573 CHF 435,494 03/08/2018 Barclays 2,104 - USD 90,624 CHF 89,524 03/08/2018 BNP Paribas 283 - USD 287,633 CHF 283,866 03/08/2018 Merrill Lynch 1,176 - USD 137,280 CHF 135,902 03/08/2018 Societe Generale 137 - USD 13,734,876 EUR 11,033,000 10/07/2018 State Street 882,639 0.03 USD 6,614,620 EUR 5,577,439 30/07/2018 Citibank 107,579 - USD 5,266,567 EUR 4,510,871 03/08/2018 BNP Paribas 2,236 - USD 2,856,369 EUR 2,445,529 03/08/2018 Citibank 2,359 - USD 213,891 EUR 182,783 03/08/2018 State Street 578 - USD 3,926,061 GBP 2,916,234 30/07/2018 National Australia Bank 83,781 - USD 328,698 GBP 247,196 03/08/2018 BNP Paribas 2,943 - USD 20,763 GBP 15,614 03/08/2018 Standard Chartered 186 - USD 19,069 GBP 14,367 03/08/2018 UBS 137 - USD 3,054,408 INR 201,652,000 23/07/2018 Goldman Sachs 120,509 - USD 5,048,092 JPY 553,648,440 30/07/2018 Toronto-Dominion Bank 39,497 - USD 13,995,943 JPY 1,520,677,000 08/08/2018 RBC 230,221 0.01 USD 3,276,465 KRW 3,492,155,000 23/07/2018 BNP Paribas 139,421 - USD 15,208 SEK 135,092 03/08/2018 Barclays 136 - USD 14,515 SEK 127,299 03/08/2018 BNP Paribas 312 - USD 55,777 SEK 493,905 03/08/2018 Deutsche Bank 672 - USD 196,669 SEK 1,753,546 03/08/2018 Goldman Sachs 1,025 - USD 15,725 SEK 138,895 03/08/2018 Merrill Lynch 228 - USD 5,482 SEK 48,860 03/08/2018 Standard Chartered 30 - USD 1,839,760 SGD 2,456,731 30/07/2018 National Australia Bank 37,150 -

Total Unrealised Gain on Forward Currency Exchange Contracts 14,708,793 0.45

CHF 71,462 USD 72,280 03/08/2018 ANZ (166) - EUR 11,033,000 USD 13,680,361 10/07/2018 State Street (828,123) (0.03) EUR 8,853,023 USD 10,339,921 03/08/2018 Societe Generale (8,160) - EUR 12,859,545 USD 15,078,327 03/08/2018 State Street (70,826) - GBP 737,487 USD 978,579 03/08/2018 Merrill Lynch (6,721) - GBP 286,166 USD 379,930 03/08/2018 State Street (2,821) - GBP 3,550,000 USD 4,695,834 21/09/2018 RBC (7,363) - INR 201,652,000 USD 3,096,384 23/07/2018 Goldman Sachs (162,485) (0.01) JPY 16,393,634 USD 149,203 30/07/2018 National Australia Bank (898) - JPY 392,500,000 USD 3,559,910 08/08/2018 RBC (6,857) - JPY 1,421,899,000 USD 12,992,394 08/08/2018 State Street (120,847) - JPY 659,778,000 USD 6,058,569 08/08/2018 Toronto-Dominion Bank (86,019) - JPY 643,200,000 USD 5,922,035 20/12/2018 State Street (37,013) - KRW 3,492,155,000 USD 3,291,071 23/07/2018 Goldman Sachs (154,026) - SEK 48,860 USD 5,469 02/07/2018 Standard Chartered (30) - SEK 365,071,642 USD 41,176,148 03/08/2018 Citibank (445,006) (0.01) SEK 522,630 USD 58,875 03/08/2018 Merrill Lynch (565) - SGD 34,904 USD 26,195 30/07/2018 Citibank (584) - SGD 203,278 USD 149,827 30/07/2018 State Street (674) - SGD 246,163,974 USD 180,795,672 03/08/2018 Goldman Sachs (160,536) (0.01) USD 17,791 CHF 17,635 03/08/2018 Barclays (6) - USD 20,169 CHF 20,001 03/08/2018 BNP Paribas (15) - USD 3,657 CHF 3,641 03/08/2018 UBS (18) - USD 1,495,903 EUR 1,290,247 02/07/2018 Societe Generale (6,357) - USD 931,192 EUR 804,707 03/07/2018 State Street (5,744) - USD 1,099 EUR 950 03/08/2018 Barclays (9) - USD 2,090,364 EUR 1,799,755 03/08/2018 BNP Paribas (10,008) - USD 1,496 EUR 1,292 03/08/2018 Merrill Lynch (12) - USD 6,062,836 EUR 5,210,799 03/08/2018 State Street (18,333) - USD 4,709,234 EUR 4,043,000 21/09/2018 RBC (27,279) - USD 5,966,164 EUR 5,055,000 20/12/2018 State Street (1,419) - USD 5,927,336 EUR 5,054,000 20/12/2018 Toronto-Dominion Bank (39,065) - USD 64,057 GBP 48,676 03/08/2018 BNP Paribas (88) - USD 258,905 GBP 196,600 03/08/2018 Merrill Lynch (174) - USD 86,260 GBP 65,795 03/08/2018 UBS (444) - USD 3,206,447 HKD 25,149,230 30/07/2018 National Australia Bank (192) - USD 2,495 SEK 22,489 03/07/2018 BNP Paribas (8) - USD 267,274 SGD 365,035 03/08/2018 State Street (589) -

Total Unrealised Loss on Forward Currency Exchange Contracts (2,209,480) (0.06)

Net Unrealised Gain on Forward Currency Exchange Contracts 12,499,313 0.39

156 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018 Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency USD USD Assets

3 Month Euro Euribor, 14/09/2020 873 EUR 253,814,253 120,704 - 3 Month Eurodollar, 15/06/2020 (30) USD (7,276,688) 562 - 3 Month Eurodollar, 17/06/2019 (7) USD (1,699,994) 1,881 - US 5 Year Note, 28/09/2018 (67) USD (7,611,566) 15,965 -

Total Unrealised Gain on Financial Futures Contracts 139,112 -

3 Month Euro Euribor, 13/09/2021 (873) EUR (252,912,152) (781,703) (0.02) 3 Month Eurodollar, 14/09/2020 606 USD 146,996,663 (64,387) - 3 Month Eurodollar, 16/12/2019 (107) USD (25,957,531) (7,356) - 3 Month Eurodollar, 16/09/2019 (80) USD (19,416,500) (11,500) - 3 Month Eurodollar, 17/12/2018 (58) USD (14,117,563) (5,438) - 3 Month Eurodollar, 17/09/2018 31 USD 7,559,931 (35,456) - 3 Month Sterling, 16/09/2020 (2,020) GBP (328,061,595) (189,276) (0.01) Euro-Bobl, 06/09/2018 (3,586) EUR (551,780,354) (362,767) (0.01) US 10 Year Note, 19/09/2018 (1,019) USD (122,479,023) (796,445) (0.03) US 10 Year Ultra Note, 19/09/2018 100 USD 12,825,781 (3,578) - US 2 Year Note, 28/09/2018 (203) USD (43,002,695) (77,352) -

Total Unrealised Loss on Financial Futures Contracts (2,335,258) (0.07)

Net Unrealised Loss on Financial Futures Contracts (2,196,146) (0.07)

Option Purchased Contracts

% Global Market of Exposure Value Net Quantity Security Description Currency Counterparty USD USD Assets

5,039,000 Foreign Exchange USD/KRW, Call, 1,150.000, 06/03/2019 USD Citibank 5,039,000 98,629 - 22,071,000 Foreign Exchange USD/KRW, Call, 1,170.500, 23/10/2018 USD Goldman Sachs 22,071,000 181,065 0.01

Total Option Purchased Contracts 279,694 0.01

Option Written Contracts

% Global Market of Exposure Value Net Quantity Security Description Currency Counterparty USD USD Assets

(22,071,000) Foreign Exchange USD/KRW, Put, 1,020.000, 23/10/2018 USD Goldman Sachs 22,071,000 (10,940) -

Total Option Written Contracts (10,940) -

157 JPMorgan Investment Funds - Income Opportunity Fund Schedule of Investments (continued) As at 30 June 2018 Credit Default Swap Contracts

% Interest Market Unrealised of Nominal (Paid)/ Maturity Value Gain/(Loss) Net Amount Currency Counterparty Reference Entity Buy/Sell Received Date USD USD Assets

64,310,000 USD Goldman Sachs CDX.EM.29-V1 Buy (1.00)% 20/06/2023 2,560,914 1,230,841 0.08 74,890,000 USD Citigroup CDX.NA.IG.25-V1 Buy (1.00)% 20/12/2020 (1,192,581) 430,539 (0.04) 52,320,000 USD Citigroup CDX.NA.IG.30-V1 Buy (1.00)% 20/06/2023 (782,253) 145,474 (0.02) 29,730,000 USD Citibank China Government Bond 7.5% 28/10/2027 Buy (1.00)% 20/06/2023 (376,015) 248,740 (0.01) 5,350,000 USD Barclays CMBX.NA.A.3 Sell 0.62% 13/12/2049 (1,036,446) 2,693,152 (0.03) 2,670,000 USD Morgan Stanley CMBX.NA.A.3 Sell 0.62% 13/12/2049 (517,254) 1,350,734 (0.02) 2,410,000 USD Barclays CMBX.NA.A.6 Buy (2.00)% 11/05/2063 13,047 51,910 - 2,670,000 USD Citibank CMBX.NA.A.6 Buy (2.00)% 11/05/2063 14,455 35,951 - 4,890,000 USD Goldman Sachs CMBX.NA.A.6 Buy (2.00)% 11/05/2063 26,473 106,537 - 2,420,000 USD Morgan Stanley CMBX.NA.A.6 Buy (2.00)% 11/05/2063 13,101 50,520 - 23,770,000 USD Bank of America IOS.FN30.400 Buy (4.00)% 12/01/2042 22,336 113,910 - 23,800,000 USD Citibank IOS.FN30.400 Buy (4.00)% 12/01/2042 22,364 39,251 - 31,100,000 USD Citibank IOS.FN30.500 Buy (5.00)% 12/01/2041 82,369 185,745 - 55,324,000 USD Credit Suisse IOS.FN30.500 Buy (5.00)% 12/01/2041 146,528 252,262 - 52,320,000 EUR Citigroup iTraxx Europe Series 29 Version 1 Buy (1.00)% 20/06/2023 (738,752) 640,098 (0.02) 38,500,000 USD Goldman Sachs Mexico Government Bond 4.15% 28/03/2027 Buy (1.00)% 20/06/2023 562,991 360,509 0.02 10,870,000 USD Goldman Sachs Turkey Government Bond 11.875% 15/01/2030 Buy (1.00)% 20/06/2023 937,956 512,195 0.03

Total Unrealised Gain on Credit Default Swap Contracts (240,767) 8,448,368 (0.01)

8,420,000 USD Bank of America ABX.HE.AAA.6 Buy (0.11)% 25/05/2046 426,113 (1,199,119) 0.01 6,180,000 USD Barclays ABX.HE.AAA.6 Buy (0.11)% 25/05/2046 312,753 (1,523,884) 0.01 9,340,000 USD Credit Suisse ABX.HE.AAA.6 Buy (0.11)% 25/05/2046 472,672 (1,981,071) 0.01 5,350,000 USD Barclays CMBX.NA.AA.3 Buy (0.27)% 13/12/2049 1,627,471 (1,407,772) 0.05 2,670,000 USD Morgan Stanley CMBX.NA.AA.3 Buy (0.27)% 13/12/2049 812,214 (735,945) 0.03 6,750,000 USD Citibank CMBX.NA.BBB-4 Buy (5.00)% 17/02/2051 474,300 (5,064,131) 0.02

Total Unrealised Loss on Credit Default Swap Contracts 4,125,523 (11,911,922) 0.13

Net Unrealised Loss on Credit Default Swap Contracts 3,884,756 (3,463,554) 0.12

158 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value JPY Assets Investments Currency Value JPY Assets

Transferable securities and money market instruments admitted to an official exchange Tokio Marine Holdings, Inc. JPY 40,700 211,253,350 2.26 listing Tokyo Electron Ltd. JPY 3,500 66,596,250 0.71 Tokyo Gas Co. Ltd. JPY 15,800 46,440,150 0.50 Equities Tokyu Corp. JPY 54,600 104,122,200 1.11 Japan Tokyu Fudosan Holdings Corp. JPY 134,100 104,866,200 1.12 Ain Holdings, Inc. JPY 5,500 44,935,000 0.48 Toray Industries, Inc. JPY 121,200 105,856,080 1.13 Amada Holdings Co. Ltd. JPY 67,800 72,274,800 0.77 Toyota Motor Corp. JPY 35,000 251,125,000 2.69 Asahi Glass Co. Ltd. JPY 15,100 65,194,250 0.70 Trend Micro, Inc. JPY 10,900 68,833,500 0.74 Asahi Group Holdings Ltd. JPY 26,800 151,982,800 1.63 United Arrows Ltd. JPY 9,400 38,939,500 0.42 Bandai Namco Holdings, Inc. JPY 16,500 75,446,250 0.81 Yamato Holdings Co. Ltd. JPY 22,500 73,383,750 0.79 Bridgestone Corp. JPY 36,500 158,045,000 1.69 Chubu Electric Power Co., Inc. JPY 31,800 52,827,750 0.57 9,241,279,295 98.97 Daicel Corp. JPY 66,600 81,684,900 0.87 Dai-ichi Life Holdings, Inc. JPY 59,900 118,377,375 1.27 Total Equities 9,241,279,295 98.97 Daiichi Sankyo Co. Ltd. JPY 37,700 159,621,800 1.71 Total Transferable securities and money market instruments 9,241,279,295 98.97 Daikin Industries Ltd. JPY 12,200 162,046,500 1.73 admitted to an official exchange listing Daiwa House Industry Co. Ltd. JPY 21,000 79,254,000 0.85 Disco Corp. JPY 2,200 41,646,000 0.45 Total Investments 9,241,279,295 98.97 East Japan Railway Co. JPY 13,800 146,418,000 1.57 Electric Power Development Co. Ltd. JPY 12,600 36,029,700 0.39 Cash 114,300,368 1.22 Fast Retailing Co. Ltd. JPY 2,500 127,175,000 1.36 Hino Motors Ltd. JPY 67,600 80,004,600 0.86 Other Assets/(Liabilities) (18,305,251) (0.19) Hisamitsu Pharmaceutical Co., Inc. JPY 5,100 47,634,000 0.51 Hitachi Chemical Co. Ltd. JPY 16,200 36,231,300 0.39 Total Net Assets 9,337,274,412 100.00 Hitachi Ltd. JPY 170,000 132,795,500 1.42 Honda Motor Co. Ltd. JPY 70,700 229,845,700 2.46 ITOCHU Corp. JPY 74,700 149,885,550 1.60 Izumi Co. Ltd. JPY 9,500 65,075,000 0.70 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets J Front Retailing Co. Ltd. JPY 31,200 52,618,800 0.56 Japan Airlines Co. Ltd. JPY 28,100 110,390,850 1.18 Japan 98.97 JCR Pharmaceuticals Co. Ltd. JPY 8,700 58,551,000 0.63 Total Investments 98.97 JXTG Holdings, Inc. JPY 210,600 162,162,000 1.74 Cash and Other Assets/(Liabilities) 1.03 Kao Corp. JPY 19,200 162,326,400 1.74 Kawasaki Heavy Industries Ltd. JPY 16,400 53,546,000 0.57 Total 100.00 Keyence Corp. JPY 2,700 168,817,500 1.81 Komatsu Ltd. JPY 26,700 84,558,900 0.90 Kose Corp. JPY 3,300 78,771,000 0.84 Kuraray Co. Ltd. JPY 27,300 41,673,450 0.45 Mabuchi Motor Co. Ltd. JPY 13,100 69,037,000 0.74 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Marui Group Co. Ltd. JPY 47,500 110,841,250 1.19 MEIJI Holdings Co. Ltd. JPY 6,100 56,943,500 0.61 Japan 98.74 Mercari, Inc. 8,176,500 JPY 1,800 0.09 Total Investments 98.74 Mitsubishi Corp. 214,228,800 JPY 69,600 2.29 Cash and Other Assets/(Liabilities) 1.26 Mitsubishi Electric Corp. JPY 107,500 158,374,375 1.70 Mitsubishi Estate Co. Ltd. JPY 64,600 125,114,050 1.34 Total 100.00 Mitsubishi UFJ Financial Group, Inc. JPY 437,900 276,139,740 2.96 Mitsui Chemicals, Inc. JPY 25,200 74,377,800 0.80 Mitsui Mining & Smelting Co. Ltd. JPY 8,500 40,056,250 0.43 Murata Manufacturing Co. Ltd. JPY 6,100 113,444,750 1.21 NGK Spark Plug Co. Ltd. JPY 18,300 57,828,000 0.62 Nichirei Corp. JPY 29,800 83,976,400 0.90 Nidec Corp. JPY 9,300 154,566,000 1.65 Nintendo Co. Ltd. JPY 3,300 119,493,000 1.28 Nippon Steel & Sumitomo Metal Corp. JPY 29,900 65,002,600 0.70 Nippon Telegraph & Telephone Corp. JPY 52,800 266,164,800 2.85 Nippon Yusen KK JPY 14,700 32,317,950 0.35 Nitori Holdings Co. Ltd. JPY 1,600 27,668,000 0.30 Nomura Research Institute Ltd. JPY 15,700 84,466,000 0.90 NTT DOCOMO, Inc. JPY 51,200 144,512,000 1.55 Ono Pharmaceutical Co. Ltd. JPY 33,300 86,546,700 0.93 Otsuka Corp. JPY 16,100 70,035,000 0.75 Otsuka Holdings Co. Ltd. JPY 28,500 152,831,250 1.64 Panasonic Corp. JPY 120,900 180,473,475 1.93 Persol Holdings Co. Ltd. JPY 30,400 75,194,400 0.80 Recruit Holdings Co. Ltd. JPY 37,100 113,767,150 1.22 Renesas Electronics Corp. JPY 98,700 107,040,150 1.15 Rinnai Corp. JPY 5,400 52,731,000 0.56 Rohm Co. Ltd. JPY 9,600 89,280,000 0.96 Seibu Holdings, Inc. JPY 20,400 38,097,000 0.41 Sekisui Chemical Co. Ltd. JPY 25,000 47,237,500 0.51 Seven & i Holdings Co. Ltd. JPY 19,500 94,146,000 1.01 Shimizu Corp. JPY 50,100 57,564,900 0.62 Shin-Etsu Chemical Co. Ltd. JPY 14,500 143,115,000 1.53 Shinsei Bank Ltd. JPY 22,400 38,214,400 0.41 SoftBank Group Corp. JPY 14,000 111,531,000 1.19 Sompo Holdings, Inc. JPY 31,300 140,192,700 1.50 Sony Corp. JPY 34,100 193,176,500 2.07 Sumitomo Electric Industries Ltd. JPY 45,100 74,347,350 0.80 Sumitomo Mitsui Financial Group, Inc. JPY 67,600 290,916,600 3.11 Sumitomo Mitsui Trust Holdings, Inc. JPY 20,100 88,239,000 0.94 Sundrug Co. Ltd. JPY 8,900 40,005,500 0.43 Suzuki Motor Corp. JPY 17,000 103,904,000 1.11 T&D Holdings, Inc. JPY 78,200 130,124,800 1.39 Takeda Pharmaceutical Co. Ltd. JPY 11,000 51,430,500 0.55 Toho Gas Co. Ltd. JPY 7,600 29,146,000 0.31

159 JPMorgan Investment Funds - Japan Select Equity Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty JPY Assets

EUR 2,760 JPY 351,553 10/07/2018 BNP Paribas 4,311 - EUR 3,594 JPY 460,338 10/07/2018 Deutsche Bank 3,127 - EUR 3,323 JPY 427,481 10/07/2018 Goldman Sachs 1,065 - EUR 1,295 JPY 166,092 10/07/2018 RBC 930 - EUR 245,268 JPY 31,494,000 10/07/2018 Standard Chartered 132,446 - EUR 1,431 JPY 182,848 10/07/2018 State Street 1,647 - JPY 1,528,735 EUR 11,763 10/07/2018 ANZ 11,989 - JPY 163,093 EUR 1,257 10/07/2018 Barclays 1,014 - JPY 2,535,926 EUR 19,582 10/07/2018 National Australia Bank 10,844 - USD 72,592 JPY 7,921,316 10/07/2018 Deutsche Bank 114,210 - USD 154,086 JPY 16,916,765 10/07/2018 Goldman Sachs 139,672 - USD 52,892 JPY 5,804,077 10/07/2018 State Street 50,745 - USD 147,279 JPY 16,140,082 10/07/2018 Toronto-Dominion Bank 162,788 0.01

Total Unrealised Gain on Forward Currency Exchange Contracts 634,788 0.01

EUR 5,736 JPY 749,854 10/07/2018 ANZ (10,185) - EUR 416,105 JPY 54,429,957 10/07/2018 BNP Paribas (774,660) (0.01) EUR 1,245 JPY 161,799 10/07/2018 Goldman Sachs (1,307) - EUR 2,513 JPY 327,966 10/07/2018 Standard Chartered (3,903) - JPY 648,618 EUR 5,036 10/07/2018 ANZ (696) - JPY 789,578 EUR 6,218 10/07/2018 Deutsche Bank (12,169) - JPY 757,503 EUR 5,942 10/07/2018 Goldman Sachs (8,639) - JPY 19,241,465 EUR 150,105 10/07/2018 National Australia Bank (114,081) - JPY 2,868,551 EUR 22,465 10/07/2018 RBC (28,191) - JPY 22,841,787 EUR 179,742 10/07/2018 Standard Chartered (335,322) (0.01) JPY 172,467 EUR 1,337 28/08/2018 RBC (49) - JPY 212,741,040 USD 1,931,090 10/07/2018 ANZ (1,019,233) (0.01) JPY 10,885,149 USD 99,197 10/07/2018 Barclays (95,333) - JPY 20,426,783 USD 185,912 10/07/2018 Deutsche Bank (152,580) - JPY 14,373,159 USD 130,914 10/07/2018 Goldman Sachs (118,249) - JPY 7,283,274 USD 67,184 10/07/2018 RBC (153,617) - JPY 27,868,509 USD 256,373 10/07/2018 Standard Chartered (510,432) (0.01) USD 9,096,436 JPY 1,009,095,877 10/07/2018 ANZ (2,174,031) (0.02) USD 47,198 JPY 5,236,868 10/07/2018 Standard Chartered (12,361) -

Total Unrealised Loss on Forward Currency Exchange Contracts (5,525,038) (0.06)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,890,250) (0.05)

160 JPMorgan Investment Funds - Japan Strategic Value Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value JPY Assets Investments Currency Value JPY Assets

Transferable securities and money market instruments admitted to an official exchange YAMABIKO Corp. JPY 12,500 16,606,250 0.04 listing Yokogawa Bridge Holdings Corp. JPY 125,000 328,500,000 0.75

Equities 43,342,577,500 98.51 Japan AOI TYO Holdings, Inc. JPY 140,000 218,890,000 0.50 Total Equities 43,342,577,500 98.51 Asahi Glass Co. Ltd. JPY 180,000 777,150,000 1.77 Total Transferable securities and money market instruments 43,342,577,500 98.51 Bridgestone Corp. JPY 135,000 584,550,000 1.33 admitted to an official exchange listing COMSYS Holdings Corp. JPY 215,000 632,100,000 1.44 Daicel Corp. JPY 110,000 134,915,000 0.31 Total Investments 43,342,577,500 98.51 Daikyonishikawa Corp. JPY 250,000 405,750,000 0.92 DMG Mori Co. Ltd. JPY 175,000 268,800,000 0.61 Cash 589,528,741 1.34 Dowa Holdings Co. Ltd. JPY 55,000 187,550,000 0.43 FCC Co. Ltd. JPY 180,000 562,500,000 1.28 Other Assets/(Liabilities) 64,630,262 0.15 Fuji Electric Co. Ltd. JPY 350,000 295,575,000 0.67 Furukawa Electric Co. Ltd. JPY 40,000 155,000,000 0.35 Total Net Assets 43,996,736,503 100.00 Hitachi Ltd. JPY 2,050,000 1,601,357,500 3.64 Honda Motor Co. Ltd. JPY 205,000 666,455,000 1.51 Isuzu Motors Ltd. JPY 300,000 441,225,000 1.00 ITOCHU Corp. JPY 250,000 501,625,000 1.14 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Izumi Co. Ltd. JPY 40,000 274,000,000 0.62 J Front Retailing Co. Ltd. JPY 215,000 362,597,500 0.82 Japan 98.51 JSP Corp. JPY 160,000 536,000,000 1.22 Total Investments 98.51 JXTG Holdings, Inc. JPY 2,050,000 1,578,500,000 3.59 Cash and Other Assets/(Liabilities) 1.49 KH Neochem Co. Ltd. JPY 150,000 503,625,000 1.14 Kitz Corp. JPY 180,000 163,800,000 0.37 Total 100.00 Kokuyo Co. Ltd. JPY 105,000 206,430,000 0.47 K’s Holdings Corp. JPY 160,000 184,240,000 0.42 Kureha Corp. JPY 100,000 792,000,000 1.80 Kyowa Exeo Corp. JPY 200,000 581,800,000 1.32 Maeda Corp. JPY 550,000 700,700,000 1.59 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets Makino Milling Machine Co. Ltd. JPY 140,000 120,540,000 0.27 Marui Group Co. Ltd. JPY 375,000 875,062,500 1.99 Japan 99.23 Mitsubishi Corp. 1,692,900,000 JPY 550,000 3.85 Total Investments 99.23 Mitsubishi Electric Corp. 1,289,093,750 JPY 875,000 2.93 Cash and Other Assets/(Liabilities) 0.77 Mitsubishi Gas Chemical Co., Inc. JPY 175,000 438,987,500 1.00 Mitsubishi UFJ Financial Group, Inc. JPY 2,700,000 1,702,620,000 3.87 Total 100.00 Mitsui Chemicals, Inc. JPY 225,000 664,087,500 1.51 Mitsui Mining & Smelting Co. Ltd. JPY 130,000 612,625,000 1.39 Murata Manufacturing Co. Ltd. JPY 100,000 1,859,750,000 4.23 Musashi Seimitsu Industry Co. Ltd. JPY 110,000 403,150,000 0.92 Nexon Co. Ltd. JPY 575,000 924,887,500 2.10 NGK Spark Plug Co. Ltd. JPY 150,000 474,000,000 1.08 Nippon Light Metal Holdings Co. Ltd. JPY 1,050,000 261,450,000 0.59 Nippon Telegraph & Telephone Corp. JPY 370,000 1,865,170,000 4.24 Nohmi Bosai Ltd. JPY 160,000 378,560,000 0.86 Ono Pharmaceutical Co. Ltd. JPY 155,000 402,845,000 0.92 Open House Co. Ltd. JPY 125,000 819,375,000 1.86 Pacific Industrial Co. Ltd. JPY 120,000 195,240,000 0.44 PALTAC Corp. JPY 32,500 207,675,000 0.47 Panasonic Corp. JPY 450,000 671,737,500 1.53 Piolax, Inc. JPY 180,000 480,690,000 1.09 SBI Holdings, Inc. JPY 350,000 998,375,000 2.27 Showa Denko KK JPY 180,000 885,150,000 2.01 Sompo Holdings, Inc. JPY 340,000 1,522,860,000 3.46 SUMCO Corp. JPY 275,000 614,762,500 1.40 Sumitomo Metal Mining Co. Ltd. JPY 50,000 211,750,000 0.48 Sumitomo Mitsui Financial Group, Inc. JPY 300,000 1,291,050,000 2.93 Sun Frontier Fudousan Co. Ltd. JPY 275,000 360,250,000 0.82 Suzuki Motor Corp. JPY 235,000 1,436,320,000 3.26 T&D Holdings, Inc. JPY 375,000 624,000,000 1.42 TDK Corp. JPY 35,000 396,375,000 0.90 Teikoku Sen-I Co. Ltd. JPY 100,000 231,650,000 0.53 Tokai Carbon Co. Ltd. JPY 100,000 199,050,000 0.45 Tokio Marine Holdings, Inc. JPY 375,000 1,946,437,500 4.42 Tokyu Fudosan Holdings Corp. JPY 750,000 586,500,000 1.33 Topre Corp. JPY 225,000 627,300,000 1.43 Tsubakimoto Chain Co. JPY 180,000 158,310,000 0.36 Unipres Corp. JPY 200,000 433,700,000 0.99 West Japan Railway Co. JPY 100,000 816,050,000 1.86

161 JPMorgan Investment Funds - Japan Strategic Value Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty JPY Assets

EUR 65,403 JPY 8,354,083 03/07/2018 HSBC 79,088 - EUR 1,135,042 JPY 144,888,617 10/07/2018 ANZ 1,471,143 0.01 EUR 1,517,846 JPY 194,374,367 10/07/2018 BNP Paribas 1,346,547 - EUR 1,278,652 JPY 163,749,911 10/07/2018 Deutsche Bank 1,127,764 - EUR 1,909,777 JPY 245,265,924 10/07/2018 Goldman Sachs 993,091 - EUR 29,679 JPY 3,799,747 10/07/2018 HSBC 27,272 - EUR 524,906 JPY 66,025,802 10/07/2018 Merrill Lynch 1,659,022 0.01 EUR 258,200 JPY 33,155,700 10/07/2018 National Australia Bank 138,272 - EUR 2,788,417 JPY 355,998,775 10/07/2018 Standard Chartered 3,557,895 0.01 EUR 413,512 JPY 52,736,760 10/07/2018 State Street 584,229 - JPY 5,924,515 EUR 45,279 10/07/2018 ANZ 85,904 - JPY 68,412,608 EUR 527,252 10/07/2018 Barclays 425,321 - JPY 2,230,984 EUR 17,053 10/07/2018 HSBC 32,089 - JPY 72,864,954 EUR 557,763 10/07/2018 Morgan Stanley 943,342 - JPY 34,251,379 EUR 261,982 10/07/2018 State Street 469,750 - USD 3,870 JPY 427,443 10/07/2018 ANZ 992 - USD 76,996 JPY 8,401,825 10/07/2018 Deutsche Bank 121,138 - USD 173,634 JPY 18,965,190 10/07/2018 Goldman Sachs 255,096 - USD 70,340 JPY 7,773,050 10/07/2018 Standard Chartered 13,121 - USD 77,950 JPY 8,553,829 10/07/2018 State Street 74,786 - USD 240,667 JPY 26,374,386 10/07/2018 Toronto-Dominion Bank 266,010 -

Total Unrealised Gain on Forward Currency Exchange Contracts 13,671,872 0.03

EUR 854,999 JPY 111,803,890 10/07/2018 ANZ (1,554,727) - EUR 83,340,137 JPY 10,909,969,844 10/07/2018 BNP Paribas (163,550,535) (0.37) EUR 270,301 JPY 35,238,386 10/07/2018 Citibank (384,041) - EUR 510,362 JPY 66,353,603 10/07/2018 Goldman Sachs (544,247) - EUR 370,355 JPY 48,223,532 10/07/2018 National Australia Bank (467,565) - EUR 1,213,426 JPY 158,391,938 10/07/2018 Standard Chartered (1,924,958) (0.01) EUR 200,352 JPY 26,035,905 10/07/2018 State Street (201,238) - JPY 77,314,246 EUR 604,376 02/07/2018 Standard Chartered (615,566) - JPY 140,444,791 EUR 1,101,554 10/07/2018 ANZ (1,596,788) - JPY 16,131,913 EUR 125,268 10/07/2018 Citibank (20,896) - JPY 296,595,705 EUR 2,329,720 10/07/2018 Deutsche Bank (3,813,500) (0.01) JPY 173,788,977 EUR 1,363,131 10/07/2018 Goldman Sachs (1,981,999) (0.01) JPY 8,354,192 EUR 65,403 10/07/2018 HSBC (79,233) - JPY 290,280,774 EUR 2,273,453 10/07/2018 RBC (2,873,086) (0.01) JPY 182,466,737 EUR 1,425,343 10/07/2018 Standard Chartered (1,326,203) - JPY 18,373,954 USD 167,442 10/07/2018 Barclays (160,851) - JPY 1,121,842 USD 10,258 10/07/2018 BNP Paribas (13,663) - JPY 30,598,357 USD 278,421 10/07/2018 Deutsche Bank (221,226) - JPY 21,925,978 USD 199,568 10/07/2018 Goldman Sachs (165,041) - JPY 7,160,386 USD 65,963 10/07/2018 RBC (141,299) - JPY 49,572,664 USD 455,960 10/07/2018 Standard Chartered (899,376) - JPY 8,102,500 USD 73,506 10/07/2018 State Street (34,223) - USD 11,519,354 JPY 1,277,390,359 10/07/2018 RBC (2,265,835) (0.01) USD 113,157 JPY 12,555,502 10/07/2018 Standard Chartered (29,635) -

Total Unrealised Loss on Forward Currency Exchange Contracts (184,865,731) (0.42)

Net Unrealised Loss on Forward Currency Exchange Contracts (171,193,859) (0.39)

162 JPMorgan Investment Funds - US Bond Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange Indonesia listing Pertamina Persero PT, Reg. S 5.625% 20/05/2043 USD 370,000 351,976 0.18 Bonds 351,976 0.18 Argentina Argentina Government Bond 4.625% Ireland 11/01/2023 USD 800,000 715,620 0.36 AerCap Ireland Capital DAC 3.5% 15/01/2025 USD 210,000 197,289 0.10 715,620 0.36 AerCap Ireland Capital DAC 3.65% 21/07/2027 USD 245,000 223,363 0.11 Australia Ardagh Packaging Finance plc, 144A Australia & New Zealand Banking Group 4.625% 15/05/2023 USD 200,000 198,770 0.10 Ltd., FRN, 144A 6.75% Perpetual USD 300,000 305,808 0.16 GE Capital International Funding Co. Westpac Banking Corp., Reg. S 2.25% Unlimited Co. 4.418% 15/11/2035 USD 600,000 581,052 0.29 09/11/2020 USD 475,000 466,115 0.23 Shire Acquisitions Investments Ireland DAC 2.875% 23/09/2023 USD 275,000 258,998 0.13 771,923 0.39 Shire Acquisitions Investments Ireland DAC 3.2% 23/09/2026 USD 160,000 146,764 0.07 Bermuda Bermuda Government Bond, 144A 4.854% 06/02/2024 USD 700,000 721,599 0.36 1,606,236 0.80 Weatherford International Ltd. 8.25% Israel 15/06/2023 USD 45,000 44,437 0.02 Israel Electric Corp. Ltd., Reg. S 7.25% 15/01/2019 USD 204,000 208,471 0.10 766,036 0.38 Canada 208,471 0.10 Bank of Montreal 2.35% 11/09/2022 USD 495,000 474,195 0.24 Kazakhstan Bank of Nova Scotia (The) 2.05% KazMunayGas National Co. JSC, 144A 30/10/2018 USD 760,000 758,913 0.38 5.75% 19/04/2047 USD 390,000 373,008 0.18 Cenovus Energy, Inc. 6.75% 15/11/2039 USD 114,000 125,830 0.06 KazMunayGas National Co. JSC, Reg. S Province of Alberta Canada 3.3% 3.875% 19/04/2022 USD 1,055,000 1,039,718 0.52 15/03/2028 USD 595,000 593,932 0.29 1,412,726 0.70 1,952,870 0.97 Luxembourg Cayman Islands Allergan Funding SCS 3.45% 15/03/2022 USD 140,000 137,924 0.07 ABQ Finance Ltd., Reg. S 3.5% Allergan Funding SCS 4.55% 15/03/2035 USD 75,000 71,929 0.04 22/02/2022 USD 550,000 528,825 0.27 Intelsat Jackson Holdings SA 7.25% BOS Funding Ltd., Reg. S 3.374% 15/10/2020 USD 10,000 9,975 0.00 08/06/2020 USD 350,000 345,011 0.17 Intelsat Jackson Holdings SA 7.5% CCBL Cayman 1 Corp. Ltd., Reg. S 2.375% 01/04/2021 USD 50,000 49,750 0.02 31/05/2019 USD 750,000 742,686 0.37 Intelsat Jackson Holdings SA 5.5% IBQ Finance Ltd., Reg. S 3.5% 25/11/2020 USD 250,000 247,571 0.12 01/08/2023 USD 10,000 8,969 0.00 Lamar Funding Ltd., Reg. S 3.958% Intelsat Luxembourg SA 7.75% 07/05/2025 USD 515,000 453,185 0.23 01/06/2021 USD 80,000 74,200 0.04 Noble Holding International Ltd. 7.75% Intelsat Luxembourg SA 8.125% 15/01/2024 USD 50,000 47,526 0.02 01/06/2023 USD 40,000 32,233 0.02 Transocean, Inc. 6.8% 15/03/2038 USD 117,000 97,866 0.05 384,980 0.19 2,462,670 1.23 Macau Chile Industrial & Commercial Bank of China Empresa Nacional de Macau Ltd., Reg. S, FRN 3.875% Telecomunicaciones SA, Reg. S 4.875% 10/09/2024 USD 510,000 509,546 0.25 30/10/2024 USD 700,000 693,441 0.35 Empresa Nacional del Petroleo, Reg. S 509,546 0.25 4.375% 30/10/2024 USD 650,000 648,495 0.32 Mexico 1,341,936 0.67 Banco Mercantil del Norte SA, Reg. S, FRN 6.875% Perpetual USD 200,000 197,552 0.10 Colombia Banco Santander Mexico SA Institucion Bancolombia SA 5.95% 03/06/2021 USD 650,000 684,294 0.34 de Banca Multiple Grupo Financiero Santand, Reg. S 4.125% 09/11/2022 USD 700,000 688,814 0.34 684,294 0.34 BBVA Bancomer SA, Reg. S 6.75% 30/09/2022 USD 1,450,000 1,552,827 0.78 Egypt Grupo Televisa SAB 6.625% 18/03/2025 USD 200,000 223,634 0.11 Egypt Government Bond, 144A 6.125% Grupo Televisa SAB 4.625% 30/01/2026 USD 200,000 200,389 0.10 31/01/2022 USD 505,000 498,511 0.25 Petroleos Mexicanos, FRN 5.977% 11/03/2022 USD 426,000 456,951 0.23 498,511 0.25 Germany 3,320,167 1.66 Kreditanstalt fuer Wiederaufbau 2.625% Netherlands 12/04/2021 USD 1,565,000 1,558,075 0.78 ING Groep NV, Reg. S, FRN 6.875% Perpetual USD 300,000 306,556 0.15 1,558,075 0.78 Shell International Finance BV 1.625% Hong Kong 10/11/2018 USD 1,000,000 996,905 0.50 Beijing State-Owned Assets Management Shell International Finance BV 3.75% Hong Kong Co. Ltd., Reg. S 4.125% 12/09/2046 USD 130,000 121,913 0.06 26/05/2025 USD 585,000 570,303 0.29 CITIC Ltd., Reg. S 6.8% 17/01/2023 USD 575,000 635,580 0.32 1,425,374 0.71 ICBCIL Finance Co. Ltd., Reg. S 3.25% Qatar 17/03/2020 USD 675,000 669,592 0.33 Qatar Government Bond, 144A 3.875% 23/04/2023 USD 200,000 200,235 0.10 1,875,475 0.94 Qatar Government Bond, 144A 5.103% India 23/04/2048 USD 320,000 319,709 0.16 ICICI Bank Ltd., 144A 3.5% 18/03/2020 USD 520,000 517,415 0.26 Qatar Government Bond, Reg. S 2.375% 02/06/2021 USD 1,250,000 1,208,837 0.60 ICICI Bank Ltd., Reg. S 4.8% 22/05/2019 USD 630,000 638,520 0.32 1,728,781 0.86 1,155,935 0.58

163 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Spain Dominion Energy, Inc. 5.2% 15/08/2019 USD 80,000 81,902 0.04 Banco Santander SA 3.848% 12/04/2023 USD 200,000 195,635 0.10 Dominion Energy, Inc. 2.85% 15/08/2026 USD 340,000 309,672 0.15 Duke Energy Corp. 2.65% 01/09/2026 USD 560,000 505,257 0.25 195,635 0.10 Edison International 4.125% 15/03/2028 USD 240,000 237,108 0.12 Sweden Embarq Corp. 7.995% 01/06/2036 USD 185,000 175,156 0.09 Nordea Bank AB, FRN, 144A 6.125% Energy Transfer Partners LP 5.15% Perpetual USD 200,000 195,844 0.10 01/02/2043 USD 30,000 27,000 0.01 Entergy Arkansas, Inc. 3.75% 15/02/2021 USD 70,000 70,908 0.04 195,844 0.10 Entergy Corp. 2.95% 01/09/2026 USD 145,000 132,819 0.07 Entergy Louisiana LLC 2.4% 01/10/2026 USD 130,000 118,273 0.06 Switzerland Entergy Louisiana LLC 4% 15/03/2033 USD 60,000 60,198 0.03 Credit Suisse AG 3.625% 09/09/2024 USD 250,000 246,368 0.12 Enterprise Products Operating LLC 2.55% Credit Suisse Group AG, FRN, 144A 7.5% 15/10/2019 USD 165,000 163,961 0.08 Perpetual USD 300,000 310,375 0.15 Enterprise Products Operating LLC 4.85% UBS AG 2.375% 14/08/2019 USD 685,000 681,157 0.34 15/08/2042 USD 65,000 65,413 0.03 UBS Group Funding Switzerland AG, FRN, Enterprise Products Operating LLC 4.9% 144A 2.859% 15/08/2023 USD 600,000 574,572 0.29 15/05/2046 USD 180,000 181,968 0.09 EPR Properties, REIT 4.5% 01/06/2027 USD 135,000 128,893 0.06 1,812,472 0.90 Exelon Corp. 3.4% 15/04/2026 USD 170,000 162,198 0.08 FedEx Corp. 3.875% 01/08/2042 81,022 United Arab Emirates USD 90,000 0.04 Abu Dhabi Crude Oil Pipeline LLC, 144A FHLMC 6.75% 15/03/2031 USD 400,000 546,198 0.27 4.6% 02/11/2047 USD 282,000 258,924 0.13 Ford Motor Co. 4.75% 15/01/2043 USD 165,000 143,321 0.07 General Electric Co. 2.2% 09/01/2020 USD 100,000 98,843 0.05 258,924 0.13 General Motors Co. 4.2% 01/10/2027 USD 180,000 172,935 0.09 General Motors Co. 5% 01/04/2035 USD 5,000 4,784 0.00 United Kingdom General Motors Financial Co., Inc. 4.35% Barclays plc, FRN 4.972% 16/05/2029 USD 350,000 346,773 0.17 17/01/2027 USD 135,000 131,450 0.07 BP Capital Markets plc 3.814% GEO Group, Inc. (The), REIT 5.125% 10/02/2024 USD 305,000 308,576 0.16 01/04/2023 USD 75,000 73,769 0.04 BP Capital Markets plc 3.535% GEO Group, Inc. (The), REIT 5.875% 04/11/2024 USD 165,000 164,270 0.08 15/10/2024 USD 95,000 92,833 0.05 Fresnillo plc, 144A 5.5% 13/11/2023 USD 675,000 698,682 0.35 Goldman Sachs Group, Inc. (The) 2.35% HSBC Holdings plc, FRN 3.95% 15/11/2021 USD 385,000 371,007 0.19 18/05/2024 USD 770,000 767,994 0.38 HCA, Inc. 7.5% 15/02/2022 USD 280,000 305,572 0.15 Lloyds Banking Group plc, FRN 3.574% HCA, Inc. 5.375% 01/02/2025 USD 555,000 549,136 0.27 07/11/2028 USD 240,000 221,976 0.11 HCP, Inc., REIT 3.875% 15/08/2024 USD 150,000 146,883 0.07 Nationwide Building Society, FRN, 144A Hertz Corp. (The) 6.25% 15/10/2022 USD 100,000 89,209 0.04 4.302% 08/03/2029 USD 200,000 193,132 0.10 Huntsman International LLC 4.875% Royal Bank of Scotland Group plc, FRN 15/11/2020 USD 215,000 219,010 0.11 3.498% 15/05/2023 USD 400,000 388,102 0.19 Huntsman International LLC 5.125% Royal Bank of Scotland Group plc, FRN 15/11/2022 USD 100,000 102,947 0.05 4.519% 25/06/2024 USD 200,000 200,097 0.10 International Paper Co. 4.35% Vodafone Group plc 4.375% 30/05/2028 USD 170,000 167,773 0.08 15/08/2048 USD 70,000 63,641 0.03 Vodafone Group plc 5% 30/05/2038 USD 120,000 119,019 0.06 Kroger Co. (The) 3.875% 15/10/2046 USD 190,000 160,408 0.08 Vodafone Group plc 5.25% 30/05/2048 USD 130,000 129,832 0.07 Level 3 Financing, Inc. 5.625% 01/02/2023 USD 154,000 154,328 0.08 3,706,226 1.85 Liberty Property LP, REIT 3.375% 15/06/2023 USD 20,000 19,598 0.01 United States of America Lowe’s Cos., Inc. 2.5% 15/04/2026 USD 180,000 165,046 0.08 Ally Financial, Inc. 4.25% 15/04/2021 USD 190,000 190,738 0.10 Marathon Petroleum Corp. 4.75% Altria Group, Inc. 2.625% 16/09/2026 114,066 USD 125,000 0.06 15/09/2044 USD 40,000 38,576 0.02 Altria Group, Inc. 3.875% 16/09/2046 USD 135,000 119,514 0.06 Martin Marietta Materials, Inc. 3.5% AMC Entertainment Holdings, Inc. 5.875% 15/12/2027 USD 100,000 92,888 0.05 15/11/2026 USD 120,000 116,039 0.06 Martin Marietta Materials, Inc. 4.25% American International Group, Inc. 15/12/2047 USD 120,000 104,431 0.05 3.875% 15/01/2035 285,962 USD 320,000 0.14 Masco Corp. 3.5% 15/11/2027 USD 110,000 101,619 0.05 American Tower Corp., REIT 3.125% Masco Corp. 4.5% 15/05/2047 USD 110,000 97,894 0.05 15/01/2027 USD 160,000 145,294 0.07 McCormick & Co., Inc. 2.7% 15/08/2022 120,714 American Tower Corp., REIT 3.6% USD 125,000 0.06 15/01/2028 USD 160,000 148,799 0.07 MetLife, Inc. 4.125% 13/08/2042 USD 45,000 42,762 0.02 Anheuser-Busch InBev Worldwide, Inc. MetLife, Inc. 4.721% 15/12/2044 USD 30,000 31,043 0.02 4% 13/04/2028 USD 240,000 239,461 0.12 MGM Resorts International 7.75% Anheuser-Busch InBev Worldwide, Inc. 15/03/2022 USD 205,000 223,728 0.11 4.375% 15/04/2038 USD 195,000 190,750 0.10 MGM Resorts International 6% AT&T, Inc. 4.3% 15/12/2042 USD 190,000 163,680 0.08 15/03/2023 USD 175,000 179,913 0.09 AT&T, Inc. 4.75% 15/05/2046 USD 160,000 143,621 0.07 Morgan Stanley 5.625% 23/09/2019 USD 380,000 391,803 0.20 AT&T, Inc. 4.5% 09/03/2048 USD 50,000 43,176 0.02 MPLX LP 4.125% 01/03/2027 USD 160,000 153,801 0.08 Bank of America Corp. 2.503% MPLX LP 5.2% 01/03/2047 USD 45,000 44,436 0.02 21/10/2022 USD 330,000 316,064 0.16 MUFG Americas Holdings Corp. 3% Bank of America Corp. 2.65% 10/02/2025 USD 40,000 38,289 0.02 01/04/2019 USD 345,000 344,865 0.17 New Albertsons LP 8% 01/05/2031 USD 120,000 99,406 0.05 Becton Dickinson and Co. 2.894% Newfield Exploration Co. 5.75% 06/06/2022 USD 25,000 24,196 0.01 30/01/2022 USD 225,000 234,984 0.12 Bristow Group, Inc. 6.25% 15/10/2022 USD 40,000 31,167 0.02 NiSource, Inc. 5.65% 01/02/2045 USD 100,000 115,093 0.06 Buckeye Partners LP 4.125% 01/12/2027 USD 285,000 259,602 0.13 Noble Energy, Inc. 5.25% 15/11/2043 USD 75,000 76,932 0.04 Chevron Corp. 2.895% 03/03/2024 USD 115,000 111,892 0.06 ONEOK Partners LP 4.9% 15/03/2025 USD 227,000 235,081 0.12 Citigroup, Inc. 2.05% 07/06/2019 USD 385,000 381,960 0.19 Oracle Corp. 2.65% 15/07/2026 USD 395,000 365,177 0.18 CNH Industrial Capital LLC 4.875% Oracle Corp. 4% 15/11/2047 USD 135,000 127,802 0.06 01/04/2021 USD 200,000 205,747 0.10 Owens Corning 4.3% 15/07/2047 USD 120,000 99,057 0.05 Columbia Pipeline Group, Inc. 4.5% Pacific Gas & Electric Co. 3.5% 01/06/2025 USD 305,000 305,842 0.15 15/06/2025 USD 150,000 140,197 0.07 Commonwealth Edison Co. 4% Philip Morris International, Inc. 2.125% 01/03/2048 USD 155,000 152,547 0.08 10/05/2023 USD 265,000 248,585 0.12 Community Health Systems, Inc. 6.875% Philip Morris International, Inc. 4.125% 01/02/2022 USD 101,000 52,520 0.03 04/03/2043 USD 40,000 37,272 0.02 CoreCivic, Inc., REIT 4.625% 01/05/2023 USD 260,000 256,299 0.13 Phillips 66 3.9% 15/03/2028 USD 210,000 206,059 0.10 CVS Health Corp. 2.875% 01/06/2026 USD 290,000 263,378 0.13 Phillips 66 4.875% 15/11/2044 USD 40,000 41,547 0.02 Dana, Inc. 5.5% 15/12/2024 USD 195,000 194,185 0.10 Phillips 66 Partners LP 4.9% 01/10/2046 USD 45,000 43,734 0.02 Discover Bank 3.2% 09/08/2021 USD 250,000 246,756 0.12 Plains All American Pipeline LP 4.3% 31/01/2043 USD 10,000 8,349 0.00

164 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

PPL Capital Funding, Inc. 3.1% Equities 15/05/2026 USD 120,000 111,980 0.06 Prudential Financial, Inc. 4.6% United States of America 15/05/2044 USD 145,000 147,669 0.07 Avaya Holdings Corp. USD 2,551 49,885 0.03 Qwest Capital Funding, Inc. 7.75% 15/02/2031 USD 115,000 104,650 0.05 49,885 0.03 Reynolds American, Inc. 4.45% 12/06/2025 USD 245,000 246,747 0.12 Total Equities 49,885 0.03 Reynolds Group Issuer, Inc. 5.75% 15/10/2020 USD 164,748 165,547 0.08 Total Transferable securities and money market instruments 99,953,408 49.87 Rockwell Collins, Inc. 3.2% 15/03/2024 USD 610,000 589,269 0.29 admitted to an official exchange listing Sempra Energy 3.25% 15/06/2027 USD 165,000 154,185 0.08 Sempra Energy 3.4% 01/02/2028 USD 180,000 169,558 0.08 Transferable securities and money market instruments dealt in on another regulated Sherwin-Williams Co. (The) 2.75% market 01/06/2022 USD 155,000 150,441 0.08 Southern California Edison Co. 4.125% Bonds 01/03/2048 114,506 USD 120,000 0.06 Australia Southern Power Co. 4.95% 15/12/2046 USD 72,000 72,373 0.04 Macquarie Group Ltd., FRN, 144A 3.189% Sprint Capital Corp. 8.75% 15/03/2032 USD 95,000 101,298 0.05 28/11/2023 USD 675,000 645,135 0.32 Sprint Corp. 7.625% 15/02/2025 USD 200,000 205,424 0.10 Westpac Banking Corp., FRN 4.322% Sprint Corp. 7.875% 15/09/2023 USD 600,000 625,491 0.31 23/11/2031 USD 160,000 154,556 0.08 Sunoco Logistics Partners Operations LP 5.3% 01/04/2044 USD 35,000 31,790 0.02 799,691 0.40 Sunoco Logistics Partners Operations LP 5.35% 15/05/2045 USD 240,000 219,659 0.11 Canada Synchrony Financial 3% 15/08/2019 USD 75,000 74,911 0.04 Athabasca Oil Corp., 144A 9.875% Tenet Healthcare Corp. 8.125% 24/02/2022 USD 20,000 20,700 0.01 01/04/2022 USD 245,000 256,848 0.13 Bank of Montreal, FRN 3.803% Tenet Healthcare Corp. 6.75% 15/12/2032 USD 250,000 231,819 0.11 15/06/2023 USD 305,000 303,641 0.15 Cenovus Energy, Inc. 4.25% 15/04/2027 USD 125,000 120,383 0.06 Thermo Fisher Scientific, Inc. 2.95% Cenovus Energy, Inc. 5.25% 15/06/2037 USD 39,000 38,338 0.02 19/09/2026 USD 85,000 78,859 0.04 Concordia International Corp., 144A 9% Time Warner, Inc. 2.95% 15/07/2026 USD 160,000 144,507 0.07 01/04/2022 USD 160,000 144,000 0.07 United Rentals North America, Inc. Concordia International Corp., 144A 7% 4.875% 15/01/2028 USD 175,000 162,762 0.08 15/04/2023 USD 185,000 11,563 0.01 UnitedHealth Group, Inc. 3.45% Enbridge, Inc., FRN 6.25% 01/03/2078 USD 205,000 194,033 0.10 15/01/2027 USD 275,000 268,246 0.13 Garda World Security Corp., 144A 8.75% US Treasury 1.5% 31/10/2019 USD 200,000 197,531 0.10 15/05/2025 USD 20,000 20,600 0.01 US Treasury 2.375% 30/04/2020 USD 2,120,000 2,114,493 1.05 Toronto-Dominion Bank (The), 144A US Treasury 1.375% 15/09/2020 USD 2,801,000 2,730,319 1.36 2.25% 15/03/2021 USD 1,015,000 993,507 0.50 US Treasury 1.875% 15/12/2020 USD 1,010,000 993,075 0.50 TransCanada PipeLines Ltd. 4.25% US Treasury 2.25% 15/02/2021 USD 1,225,000 1,214,186 0.61 15/05/2028 USD 360,000 360,815 0.18 US Treasury 2.375% 15/04/2021 USD 4,365,000 4,337,207 2.16 Valeant Pharmaceuticals International, Inc., 144A 7.5% 15/07/2021 USD 200,000 203,856 0.10 US Treasury 2.75% 30/04/2023 USD 3,121,700 3,124,505 1.56 Valeant Pharmaceuticals International, US Treasury 2.75% 31/05/2023 USD 600,000 600,727 0.30 Inc., 144A 5.875% 15/05/2023 USD 310,000 290,237 0.14 US Treasury 2.625% 31/03/2025 USD 1,480,000 1,463,466 0.73 Videotron Ltd., 144A 5.375% 15/06/2024 USD 500,000 512,500 0.26 US Treasury 2.375% 15/05/2027 USD 5,055,000 4,868,992 2.43 US Treasury 2.25% 15/11/2027 USD 570,000 541,901 0.27 3,142,351 1.57 US Treasury 2.75% 15/02/2028 USD 4,505,000 4,466,637 2.23 US Treasury 2.875% 15/05/2028 USD 2,285,000 2,290,534 1.14 Cayman Islands US Treasury 4.5% 15/02/2036 USD 270,000 330,687 0.17 GoldentTree Loan Management US CLO 1 US Treasury 3% 15/11/2045 USD 2,509,000 2,525,073 1.26 Ltd., FRN, Series 2017-1A ‘X’, 144A 2.545% 20/04/2029 572,316 US Treasury 2.5% 15/02/2046 USD 653,700 595,786 0.30 USD 571,500 0.29 Shelf Drilling Holdings Ltd., 144A 8.25% US Treasury 2.25% 15/08/2046 USD 3,161,000 2,729,820 1.36 15/02/2025 USD 45,000 45,988 0.02 US Treasury 2.875% 15/11/2046 USD 2,150,000 2,110,359 1.05 US Treasury 3% 15/02/2047 1,428,431 USD 1,420,000 0.71 618,304 0.31 US Treasury 2.75% 15/08/2047 USD 1,485,000 1,420,495 0.71 US Treasury 2.75% 15/11/2047 USD 1,150,000 1,100,227 0.55 France US Treasury 3% 15/02/2048 USD 2,181,000 2,193,950 1.09 BPCE SA, 144A 3.5% 23/10/2027 USD 255,000 233,794 0.12 US Treasury 3.125% 15/05/2048 USD 530,000 546,107 0.27 Credit Agricole SA, 144A 3.25% US Treasury Inflation Indexed 0.125% 04/10/2024 USD 355,000 333,505 0.17 15/04/2019 USD 3,880,000 4,122,977 2.06 Electricite de France SA, 144A 4.875% Verizon Communications, Inc. 2.625% 22/01/2044 USD 30,000 30,780 0.01 15/08/2026 USD 220,000 195,953 0.10 Verizon Communications, Inc. 4.272% 598,079 0.30 15/01/2036 USD 155,000 143,195 0.07 Verizon Communications, Inc. 4.125% Italy 15/08/2046 USD 320,000 275,155 0.14 Intesa Sanpaolo SpA, 144A 3.875% 14/07/2027 USD 225,000 194,399 0.09 Wells Fargo & Co. 4.9% 17/11/2045 USD 130,000 128,710 0.06 Intesa Sanpaolo SpA 3.875% 15/01/2019§ USD 215,000 215,406 0.11 Wells Fargo & Co. 4.4% 14/06/2046 USD 250,000 229,944 0.11 Western Gas Partners LP 5.45% 01/04/2044 USD 35,000 33,231 0.02 409,805 0.20 Whiting Petroleum Corp. 5.75% Japan 15/03/2021 USD 255,000 260,405 0.13 Sumitomo Mitsui Financial Group, Inc. 2.778% 18/10/2022 USD 165,000 159,410 0.08 68,716,397 34.28 Virgin Islands, British 159,410 0.08 China Cinda Finance 2015 I Ltd., Reg. S Luxembourg 3.125% 23/04/2020 USD 290,000 286,423 0.14 Intelsat Connect Finance SA, 144A 12.5% 01/04/2022 USD 50,000 49,750 0.02 286,423 0.14 Intelsat Jackson Holdings SA, 144A 9.75% 15/07/2025 USD 35,000 36,827 0.02 Total Bonds 99,903,523 49.84 86,577 0.04

165 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Mexico Citigroup, Inc., FRN 3.52% 27/10/2028 USD 75,000 70,435 0.04 Mexichem SAB de CV, Reg. S 4.875% Claire’s Stores, Inc., 144A 9% 19/09/2022 USD 700,000 711,722 0.36 15/03/2019§ USD 70,000 44,450 0.02 Petroleos Mexicanos 4.25% 15/01/2025 USD 625,000 586,478 0.29 Clear Channel Worldwide Holdings, Inc. 6.5% 15/11/2022 USD 710,000 723,170 0.36 1,298,200 0.65 Cleveland Electric Illuminating Co. (The), 144A 3.5% 01/04/2028 USD 145,000 137,825 0.07 Netherlands CNG Holdings, Inc., 144A 9.375% Enel Finance International NV, 144A 3.5% 15/05/2020 USD 100,000 99,500 0.05 06/04/2028 206,405 USD 230,000 0.10 Comcast Corp. 2.35% 15/01/2027 USD 265,000 232,630 0.12 Sensata Technologies BV, 144A 5.625% Comcast Corp. 3.2% 15/07/2036 USD 150,000 125,469 0.06 01/11/2024 USD 175,000 180,598 0.09 Comcast Corp. 3.4% 15/07/2046 209,938 Siemens Financieringsmaatschappij NV, USD 260,000 0.10 144A 2.35% 15/10/2026 USD 260,000 234,611 0.12 CommScope Technologies LLC, 144A 6% 15/06/2025 USD 380,000 388,550 0.19 Community Health Systems, Inc., 144A 621,614 0.31 8.125% 30/06/2024 USD 95,000 78,256 0.04 Supranational Cox Communications, Inc., 144A 3.5% Hexion, Inc. 9% 15/11/2020 USD 15,000 12,715 0.01 15/08/2027 USD 255,000 237,844 0.12 CSC Holdings LLC, 144A 6.625% 12,715 0.01 15/10/2025 USD 200,000 205,118 0.10 CSX Corp. 3.8% 01/11/2046 USD 100,000 88,825 0.04 Sweden CVS Health Corp. 4.3% 25/03/2028 USD 250,000 246,867 0.12 Skandinaviska Enskilda Banken AB, 144A CVS Health Corp. 4.78% 25/03/2038 USD 250,000 248,949 0.12 2.375% 20/11/2018 USD 700,000 699,435 0.35 CVS Pass-Through Trust, 144A 7.507% 10/01/2032 USD 55,124 64,736 0.03 699,435 0.35 Darden Restaurants, Inc. 4.55% 15/02/2048 18,594 United Kingdom USD 20,000 0.01 BAT International Finance plc, 144A Dell International LLC, 144A 4.42% 15/06/2021 116,678 2.75% 15/06/2020 USD 85,000 84,084 0.04 USD 115,000 0.06 HSBC Holdings plc, FRN 6.375% Dell International LLC, 144A 5.45% 15/06/2023 309,138 Perpetual USD 300,000 295,278 0.15 USD 295,000 0.15 Reckitt Benckiser Treasury Services plc, Dell International LLC, 144A 6.02% 15/06/2026 216,292 144A 2.75% 26/06/2024 USD 435,000 411,095 0.20 USD 205,000 0.11 Discover Bank 4.25% 13/03/2026 USD 250,000 245,358 0.12 790,457 0.39 DISH DBS Corp. 5% 15/03/2023 USD 555,000 481,779 0.24 DISH DBS Corp. 7.75% 01/07/2026 USD 95,000 83,531 0.04 United States of America DISH DBS Corp. 5.875% 15/11/2024 USD 150,000 126,916 0.06 A10 Term Asset Financing LLC, Series Downstream Development Authority of 2016-1 ‘A1’, 144A 2.42% 15/03/2035 USD 96,284 96,271 0.05 the Quapaw Tribe of Oklahoma, 144A ACE Cash Express, Inc., 144A 12% 10.5% 15/02/2023 USD 80,000 82,000 0.04 15/12/2022 USD 61,000 66,032 0.03 Emera US Finance LP 3.55% 15/06/2026 USD 90,000 85,357 0.04 Amazon.com, Inc. 2.8% 22/08/2024 USD 125,000 120,417 0.06 Emera US Finance LP 4.75% 15/06/2046 USD 155,000 153,417 0.08 Amazon.com, Inc. 3.15% 22/08/2027 USD 250,000 239,887 0.12 EP Energy LLC, 144A 9.375% 01/05/2024 USD 50,000 41,250 0.02 American Axle & Manufacturing, Inc. EP Energy LLC, 144A 8% 29/11/2024 USD 25,000 25,175 0.01 6.25% 01/04/2025 USD 170,000 169,574 0.08 EP Energy LLC, 144A 7.75% 15/05/2026 USD 23,000 23,517 0.01 Amkor Technology, Inc. 6.375% FHLB 2.79% 10/08/2038 USD 320,000 278,305 0.14 01/10/2022 404,895 USD 395,000 0.20 FHLMC G01589 5% 01/09/2033 USD 40,680 43,420 0.02 Anthem, Inc. 3.65% 01/12/2027 279,956 USD 295,000 0.14 FHLMC G07550 3% 01/08/2043 USD 177,104 172,876 0.09 Apple, Inc. 2.45% 04/08/2026 280,156 USD 305,000 0.14 FHLMC G08711 3.5% 01/06/2046 USD 1,875,275 1,870,352 0.93 Apple, Inc. 3.35% 09/02/2027 464,928 USD 475,000 0.23 FHLMC G08817 4% 01/06/2048 USD 1,166,346 1,190,378 0.59 AT&T, Inc., 144A 4.3% 15/02/2030 270,357 USD 285,000 0.14 FHLMC G60081 4% 01/06/2045 USD 227,233 233,648 0.12 Aviation Capital Group LLC, 144A 2.875% FHLMC G60143 3.5% 01/01/2045 USD 234,498 235,420 0.12 20/01/2022 USD 105,000 101,647 0.05 FHLMC G61215 3.5% 01/08/2044 1,011,932 Aviation Capital Group LLC, 144A 3.5% USD 1,009,343 0.51 01/11/2027 USD 205,000 189,219 0.09 FHLMC G61237 3.5% 01/08/2046 USD 320,321 321,133 0.16 Avis Budget Car Rental LLC 5.5% FHLMC J10977 4.5% 01/10/2019 USD 1,828 1,844 0.00 01/04/2023 USD 215,000 209,766 0.10 FHLMC Q08052 3.5% 01/05/2042 USD 15,471 15,510 0.01 Baker Hughes a GE Co. LLC 3.337% FHLMC Q08418 3.5% 01/05/2042 USD 47,171 46,945 0.02 15/12/2027 USD 155,000 144,529 0.07 FHLMC Q10023 3.5% 01/08/2042 USD 31,089 31,168 0.02 Bank of America Corp., FRN 3.004% FHLMC Q10324 3.5% 01/08/2042 USD 38,041 38,137 0.02 20/12/2023 USD 345,000 334,688 0.17 FHLMC Q28454 3.5% 01/09/2044 USD 49,535 49,864 0.03 Bank of America Corp., FRN 3.705% FHLMC Q31032 3.5% 01/01/2045 USD 67,488 67,754 0.03 24/04/2028 USD 625,000 602,819 0.30 FHLMC Q33362 3.5% 01/05/2045 USD 113,507 114,085 0.06 Bank of America Corp., FRN 3.419% FHLMC Q34742 3.5% 01/07/2045 USD 122,001 122,552 0.06 20/12/2028 USD 368,000 345,984 0.17 FHLMC Q38373 3.5% 01/01/2046 USD 607,047 606,330 0.30 Bank of America Corp., FRN 3.97% FHLMC Q52319 3.5% 01/11/2047 USD 4,400,664 4,379,736 2.19 05/03/2029 260,533 USD 265,000 0.13 FHLMC Q56064 4% 01/05/2048 USD 2,316,899 2,362,989 1.18 Bank of New York Mellon Corp. (The), FHLMC REMIC, IO, Series 4056 ‘BI’ 3% FRN 2.661% 16/05/2023 383,577 USD 395,000 0.19 15/05/2027 USD 45,433 4,044 0.00 BAT Capital Corp., 144A 3.557% FHLMC REMIC, IO, Series 4097 ‘HI’ 3% 15/08/2027 461,828 USD 495,000 0.23 15/08/2027 USD 123,326 11,785 0.01 Berkshire Hathaway Energy Co. 3.25% FHLMC REMIC, IO, Series 4323 ‘IW’ 3.5% 15/04/2028 157,687 USD 165,000 0.08 15/04/2028 USD 74,806 6,686 0.00 Brooklyn Union Gas Co. (The), 144A FHLMC REMIC, IO, Series 4207 ‘JI’ 3% 4.273% 15/03/2048 135,705 USD 135,000 0.07 15/05/2028 USD 73,758 7,327 0.00 California Resources Corp., 144A 8% FHLMC REMIC, Series 3859 ‘PD’ 3.5% 15/12/2022 59,312 USD 65,000 0.03 15/11/2039 USD 966,826 971,334 0.48 CB Escrow Corp., 144A 8% 15/10/2025 USD 35,000 32,900 0.02 FHLMC STRIP, FRN, Series 326 ‘F2’ CCO Holdings LLC, 144A 5.875% 2.623% 15/03/2044 USD 182,922 185,163 0.09 01/04/2024 USD 100,000 100,599 0.05 FHLMC STRIP, FRN, Series 317 ‘F3’ CCO Holdings LLC, 144A 5.375% 2.593% 15/11/2043 USD 623,018 630,643 0.31 01/05/2025 USD 575,000 556,312 0.28 First Data Corp., 144A 5.375% Central Garden & Pet Co. 5.125% 15/08/2023 USD 255,000 258,443 0.13 01/02/2028 74,390 USD 80,000 0.04 First Data Corp., 144A 5.75% 15/01/2024 USD 100,000 100,409 0.05 Charter Communications Operating LLC FNMA, IO, Series 390 ‘C7’ 4% 25/07/2023 USD 1,364 47 0.00 3.75% 15/02/2028 USD 115,000 104,237 0.05 FNMA, IO, Series 2009-95 ‘HI’ 6% Citigroup, Inc., FRN 3.142% 24/01/2023 196,258 USD 200,000 0.10 25/12/2038 USD 6,401 428 0.00 Citigroup, Inc., FRN 2.876% 24/07/2023 USD 680,000 655,986 0.33 FNMA, IO, FRN, Series 2008-17 ‘KS’ Citigroup, Inc., FRN 4.044% 01/06/2024 USD 240,000 241,380 0.12 4.259% 25/11/2037 USD 20,785 2,165 0.00 Citigroup, Inc., FRN 3.887% 10/01/2028 USD 640,000 621,757 0.31 FNMA 190360 5% 01/08/2035 USD 108,785 116,542 0.06

166 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

FNMA 787565 7.5% 01/03/2035 USD 35,316 37,227 0.02 GNMA, Series 2013-6 ‘PE’ 2% 20/01/2043 USD 1,719,000 1,441,422 0.72 FNMA 889183 5.5% 01/09/2021 USD 8,235 8,346 0.00 GNMA, Series 2013-88 ‘QB’ 2.5% FNMA 890720 4.5% 01/07/2044 USD 928,014 976,412 0.49 20/06/2043 USD 1,470,000 1,287,472 0.64 FNMA 890812 3.5% 01/01/2047 USD 270,786 271,568 0.14 GNMA, IO, FRN, Series 2015-144 ‘SA’ FNMA AB2812 4.5% 01/04/2041 USD 665,961 700,822 0.35 4.116% 20/10/2045 USD 865,907 168,350 0.08 FNMA AB4051 4% 01/12/2041 USD 107,796 110,885 0.06 GNMA 4746 4.5% 20/07/2040 USD 26,494 27,846 0.01 FNMA AB5473 3.5% 01/06/2042 USD 322,564 323,282 0.16 GNMA 4834 4.5% 20/10/2040 USD 43,600 45,827 0.02 FNMA AB9240 3% 01/05/2043 USD 569,747 556,391 0.28 GNMA 745151 4.5% 15/06/2040 USD 524,879 554,982 0.28 FNMA AI1193 4.5% 01/04/2041 USD 1,282,171 1,349,225 0.67 GNMA MA1922 5% 20/05/2044 USD 18,376 19,577 0.01 FNMA AI9856 5% 01/09/2041 USD 58,838 63,134 0.03 GNMA MA3036 4.5% 20/08/2045 USD 140,859 148,361 0.07 FNMA AK4520 4% 01/03/2042 USD 42,629 43,792 0.02 GNMA MA3312 4.5% 20/12/2045 USD 131,227 138,226 0.07 FNMA AK6740 4% 01/03/2042 USD 1,594,233 1,639,856 0.82 GNMA MA4587 4% 20/07/2047 USD 2,490,337 2,562,660 1.28 FNMA AL2922 4% 01/12/2042 USD 69,288 71,170 0.04 GNMA MA5079 4.5% 20/03/2048 USD 3,329,802 3,465,739 1.73 FNMA AL4751 3% 01/03/2043 USD 481,990 471,124 0.24 GNMA MA5193 4.5% 20/05/2048 USD 389,175 404,661 0.20 FNMA AL7522 4.5% 01/06/2044 USD 504,068 530,787 0.27 GNMA MA5194 5% 20/05/2048 USD 1,087,533 1,143,103 0.57 FNMA AL7696 3% 01/12/2043 USD 944,841 922,694 0.46 Goldman Sachs Group, Inc. (The), FRN 2.876% 31/10/2022 351,281 FNMA AL8709 4% 01/05/2044 USD 1,255,810 1,289,977 0.64 USD 360,000 0.18 Goldman Sachs Group, Inc. (The), FRN FNMA AL8832 4.5% 01/10/2042 USD 311,802 328,832 0.16 2.908% 05/06/2023 USD 690,000 666,585 0.33 FNMA AL9514 4% 01/02/2043 113,909 USD 110,902 0.06 Goldman Sachs Group, Inc. (The), FRN FNMA AL9566 3.5% 01/06/2046 USD 283,678 285,097 0.14 3.814% 23/04/2029 USD 360,000 343,039 0.17 FNMA AL9750 4% 01/03/2044 USD 163,272 167,725 0.08 Goldman Sachs Group, Inc. (The), FRN 5% FNMA AP4093 3.5% 01/09/2042 USD 25,124 25,164 0.01 Perpetual USD 272,000 256,194 0.13 FNMA AP4392 3.5% 01/08/2042 USD 44,491 44,563 0.02 Goodman US Finance Three LLC, REIT, FNMA AS2700 4% 01/06/2044 USD 529,480 544,646 0.27 144A 3.7% 15/03/2028 USD 250,000 236,679 0.12 FNMA AS3134 3.5% 01/08/2044 USD 544,237 544,079 0.27 Hardwoods Acquisition, Inc., 144A 7.5% FNMA AS5640 3.5% 01/08/2045 USD 634,984 634,210 0.32 01/08/2021 USD 110,000 102,575 0.05 FNMA AS6190 3.5% 01/11/2045 USD 467,717 466,736 0.23 Harris Corp. 4.4% 15/06/2028 USD 190,000 191,405 0.10 FNMA BF0144 3.5% 01/10/2056 USD 376,258 373,605 0.19 Hertz Corp. (The), 144A 7.625% FNMA BM3329 3.5% 01/01/2045 USD 737,686 739,602 0.37 01/06/2022 USD 175,000 168,072 0.08 FNMA BM3704 3% 01/09/2043 USD 2,927,965 2,859,112 1.43 Hertz Corp. (The), 144A 5.5% 15/10/2024 USD 80,000 63,400 0.03 FNMA BM3705 3% 01/12/2045 USD 2,861,045 2,785,398 1.39 Hexion, Inc. 6.625% 15/04/2020 USD 20,000 18,850 0.01 FNMA BM3779 3.5% 01/05/2046 USD 915,488 913,669 0.46 iHeartCommunications, Inc. 9% FNMA BM3780 3.5% 01/01/2046 USD 331,603 333,140 0.17 15/12/2019§ USD 240,000 184,800 0.09 FNMA BM3785 3.5% 01/07/2043 USD 107,999 108,441 0.05 Infor US, Inc. 6.5% 15/05/2022 USD 375,000 376,466 0.19 FNMA BM3786 3.5% 01/07/2047 USD 781,587 782,723 0.39 ITC Holdings Corp. 3.35% 15/11/2027 USD 285,000 267,591 0.13 FNMA BM3789 3.5% 01/12/2042 USD 285,053 285,715 0.14 J.P. Morgan Mortgage Trust, Series 2004-S1 ‘1A7’ 5% 25/09/2034 36,466 FNMA MA3276 3.5% 01/02/2048 USD 3,368,845 3,356,944 1.68 USD 35,930 0.02 Kraft Heinz Foods Co. 5.2% 15/07/2045 151,904 FNMA MA3415 4% 01/07/2048 USD 1,270,000 1,296,848 0.65 USD 155,000 0.08 FNMA Interest STRIP, IO, Series 421 ‘C3’ L3 Technologies, Inc. 4.4% 15/06/2028 USD 250,000 249,307 0.12 4% 25/07/2030 USD 468,409 57,729 0.03 LB-UBS Commercial Mortgage Trust, FRN, FNMA REMIC, IO, FRN, Series 2016-63 Series 2006-C6 ‘AJ’ 5.452% 15/09/2039 USD 585,247 450,510 0.23 ‘AS’ 3.909% 25/09/2046 USD 864,573 163,181 0.08 LMREC Inc., FRN, Series 2016-CRE2 ‘A’, FNMA REMIC, IO, Series 2010-116 ‘BI’ 5% 144A 3.597% 24/11/2031 USD 542,000 545,387 0.27 25/08/2020 USD 22,267 461 0.00 Maple Escrow Subsidiary, Inc., 144A FNMA REMIC, IO, Series 2012-145 ‘EI’ 3% 4.985% 25/05/2038 USD 90,000 91,160 0.05 25/01/2028 USD 92,980 8,177 0.00 Microsoft Corp. 2.4% 08/08/2026 USD 130,000 120,335 0.06 FNMA REMIC, FRN, Series 2016-40 ‘FA’ Microsoft Corp. 4.1% 06/02/2037 USD 300,000 312,780 0.16 2.741% 25/07/2046 USD 372,570 379,711 0.19 Morgan Stanley, FRN 3.737% FNMA REMIC, IO, Series 2003-22 ‘IO’ 6% 24/04/2024 USD 210,000 209,180 0.10 25/04/2033 USD 9,948 2,428 0.00 Morgan Stanley, FRN 3.591% 22/07/2028 USD 275,000 261,470 0.13 FNMA REMIC, Series 2017-49 ‘JA’ 4% Morgan Stanley, FRN 3.772% 24/01/2029 USD 230,000 221,700 0.11 25/07/2053 USD 851,298 877,221 0.44 Morgan Stanley 2.8% 16/06/2020 USD 1,335,000 1,324,373 0.66 FNMA REMIC, IO, Series 2014-13 ‘KI’ 3.5% Mosaic Co. (The) 4.05% 15/11/2027 USD 245,000 234,406 0.12 25/03/2029 USD 143,055 15,095 0.01 MPLX LP 4.5% 15/04/2038 USD 95,000 88,109 0.04 FNMA REMIC, Series 2017-46 ‘LB’ 3.5% National Rural Utilities Cooperative 25/12/2052 USD 906,812 911,809 0.46 Finance Corp. 2.95% 07/02/2024 USD 310,000 300,317 0.15 FNMA REMIC, IO, Series 2013-28 ‘MI’ 4% National Rural Utilities Cooperative 25/05/2042 USD 782,632 89,803 0.05 Finance Corp. 2.85% 27/01/2025 USD 65,000 62,181 0.03 FNMA REMIC, IO, Series 2014-91 ‘PI’ 4.5% National Rural Utilities Cooperative 25/02/2038 USD 1,343,731 78,473 0.04 Finance Corp. 3.4% 07/02/2028 USD 125,000 121,776 0.06 FNMA REMIC, IO, FRN, Series 2012-17 ‘SL’ Neiman Marcus Group Ltd. LLC, 144A 8% 4.509% 25/03/2032 USD 1,056,121 152,012 0.08 15/10/2021 USD 155,000 103,075 0.05 FNMA REMIC, IO, Series 2013-10 ‘YI’ 3% New York City Water & Sewer System 25/02/2028 USD 84,220 7,228 0.00 5.724% 15/06/2042 USD 145,000 185,256 0.09 FNMA STRIP, IO, Series 366 ‘18’ 4% New York Life Global Funding, 144A 25/11/2020 USD 1,163 28 0.00 1.55% 02/11/2018 USD 750,000 747,713 0.37 FNMA STRIP, IO, Series 390 ‘C8’ 4.5% Norfolk Southern Corp. 4.15% 25/07/2023 USD 3,129 138 0.00 28/02/2048 USD 160,000 154,319 0.08 Frontier Communications Corp. 6.875% PetSmart, Inc., 144A 7.125% 15/03/2023 USD 39,000 26,032 0.01 15/01/2025 USD 155,000 100,556 0.05 PetSmart, Inc., 144A 5.875% 01/06/2025 USD 70,000 53,970 0.03 Gilead Sciences, Inc. 4.15% 01/03/2047 USD 145,000 139,290 0.07 PetSmart, Inc., 144A 8.875% 01/06/2025 USD 51,000 32,970 0.02 GNMA, IO, Series 2012-138 ‘AI’ 4% Port Authority of New York & New Jersey 16/11/2042 USD 2,226,988 494,053 0.25 4.458% 01/10/2062 USD 70,000 75,592 0.04 GNMA, Series 2010-116 ‘GW’ 3% Reynolds Group Issuer, Inc. 6.875% 20/12/2039 USD 157,252 156,856 0.08 15/02/2021 USD 34,654 35,132 0.02 GNMA, Series 2013-26 ‘KD’ 2.5% Sabine Pass Liquefaction LLC 5.625% 16/02/2043 USD 400,000 361,728 0.18 15/04/2023 USD 150,000 159,380 0.08 GNMA, Series 2014-58 ‘ME’ 4% Sabre GLBL, Inc., 144A 5.375% 16/04/2044 USD 450,000 456,903 0.23 15/04/2023 USD 225,000 227,880 0.11 GNMA, Series 2012-77 ‘MY’ 2.5% Schlumberger Holdings Corp., 144A 4% 20/06/2042 USD 530,000 469,706 0.23 21/12/2025 USD 310,000 309,755 0.15 GNMA, Series 2013-170 ‘MZ’ 2.25% Sierra Pacific Power Co. 2.6% 20/11/2043 USD 728,300 520,582 0.26 01/05/2026 USD 225,000 208,542 0.10 GNMA, Series 2009-116 ‘NC’ 3% Sinclair Television Group, Inc., 144A 16/05/2037 USD 105,855 106,031 0.05 5.625% 01/08/2024 USD 200,000 198,500 0.10 GNMA, Series 2012-137 ‘PB’ 2% Sirius XM Radio, Inc., 144A 6% 20/11/2042 USD 914,568 726,256 0.36 15/07/2024 USD 325,000 332,498 0.17 GNMA, Series 2010-62 ‘PE’ 3.5% Southwestern Public Service Co. 3.7% 20/04/2039 USD 83,475 83,716 0.04 15/08/2047 USD 130,000 121,243 0.06 167 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Standard Industries, Inc., 144A 4.75% 15/01/2028 USD 80,000 73,489 0.04 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets Staples, Inc., 144A 8.5% 15/09/2025 USD 55,000 51,617 0.03 State of California 7.55% 01/04/2039 USD 80,000 118,586 0.06 United States of America 77.52 SunTrust Banks, Inc. 4% 01/05/2025 USD 350,000 352,086 0.18 Canada 2.54 Talen Energy Supply LLC 6.5% Mexico 2.31 01/06/2025 USD 83,000 63,495 0.03 United Kingdom 2.24 Team Health Holdings, Inc., 144A 6.375% Cayman Islands 1.54 01/02/2025 USD 31,000 26,489 0.01 Netherlands 1.02 Trans-Allegheny Interstate Line Co., 144A Hong Kong 0.94 3.85% 01/06/2025 USD 295,000 295,302 0.15 Switzerland 0.90 Ultra Resources, Inc., 144A 6.875% Qatar 15/04/2022 USD 50,000 37,688 0.02 0.86 Ultra Resources, Inc., 144A 7.125% Ireland 0.80 15/04/2025 USD 185,000 129,500 0.06 Australia 0.79 United Airlines Pass-Through Trust ‘A’ Germany 0.78 3.5% 01/09/2031 USD 200,000 194,000 0.10 Kazakhstan 0.70 Uniti Group LP, REIT, 144A 6% Chile 0.67 15/04/2023 USD 200,000 193,000 0.10 India 0.58 Valeant Pharmaceuticals International, Sweden 0.45 Inc., 144A 7.25% 15/07/2022 USD 90,000 92,174 0.05 Bermuda 0.38 Valeant Pharmaceuticals International, Argentina 0.36 Inc., 144A 9.25% 01/04/2026 USD 63,000 65,728 0.03 Colombia 0.34 Vertiv Group Corp., 144A 9.25% France 0.30 15/10/2024 USD 45,000 44,537 0.02 Macau 0.25 Viacom, Inc. 4.375% 15/03/2043 USD 90,000 75,319 0.04 Egypt 0.25 Virginia Electric & Power Co. 3.8% Luxembourg 0.23 01/04/2028 USD 120,000 119,881 0.06 Italy 0.20 Weatherford International LLC, 144A Indonesia 9.875% 01/03/2025 USD 25,000 25,073 0.01 0.18 Wells Fargo Mortgage Backed Securities Virgin Islands, British 0.14 Trust, FRN, Series 2004-X ‘1A1’ 3.681% United Arab Emirates 0.13 25/11/2034 USD 121,878 123,763 0.06 Israel 0.10 Windstream Services LLC, 144A 6.375% Spain 0.10 01/08/2023 USD 110,000 68,750 0.03 Japan 0.08 Windstream Services LLC, 144A 8.75% Supranational 0.01 15/12/2024 USD 312,000 198,120 0.10 Total Investments 97.69 Windstream Services LLC 6.375% Cash and Other Assets/(Liabilities) 2.31 01/08/2023 USD 105,000 65,625 0.03 Total 100.00 86,583,168 43.19

Total Bonds 95,819,806 47.80 Convertible Bonds Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets United States of America DISH Network Corp. 3.375% 15/08/2026 USD 40,000 38,740 0.02 United States of America 75.32 Canada 3.05 38,740 0.02 Mexico 2.55 Netherlands 1.89 Total Convertible Bonds 38,740 0.02 Cayman Islands 1.69 United Kingdom 1.50 Total Transferable securities and money market instruments 95,858,546 47.82 Switzerland dealt in on another regulated market 1.05 Hong Kong 0.95 Ireland 0.86 Other transferable securities and money market instruments Australia 0.80 Kazakhstan Bonds 0.73 Chile 0.69 United States of America Qatar 0.60 Avaya, Inc. 7% 01/04/2019* USD 265,000 26 0.00 India 0.57 France 0.51 26 0.00 Indonesia 0.45 Sweden 0.44 Total Bonds 26 0.00 Luxembourg 0.42 Bermuda 0.37 Total Other transferable securities and money market 26 0.00 Colombia 0.34 instruments Egypt 0.26 Total Investments 195,811,980 97.69 Israel 0.25 Macau 0.25 Cash 6,141,884 3.06 Italy 0.22 United Arab Emirates 0.14 Other Assets/(Liabilities) (1,510,696) (0.75) Virgin Islands, British 0.14 Japan 0.08 Total Net Assets 200,443,168 100.00 Spain 0.07 Total Investments 96.19 § Security is currently in default. Cash and Other Assets/(Liabilities) 3.81 * Security is valued at its fair value under the direction of the Board of Directors. Total 100.00

168 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

GBP 86,845 USD 113,863 10/08/2018 BNP Paribas 617 - USD 2,571 EUR 2,069 10/08/2018 ANZ 155 - USD 1,463 EUR 1,210 10/08/2018 Merrill Lynch 50 - USD 1,067 EUR 898 10/08/2018 RBC 19 - USD 187,772 GBP 138,555 10/08/2018 Barclays 5,126 - USD 286,915 GBP 211,861 10/08/2018 BNP Paribas 7,636 0.01 USD 295,010 GBP 220,230 10/08/2018 HSBC 4,699 - USD 532,409 GBP 391,651 10/08/2018 Merrill Lynch 16,127 0.01 USD 60,345 GBP 44,722 10/08/2018 Societe Generale 1,392 - USD 6,766,143 GBP 5,086,767 10/08/2018 Standard Chartered 60,677 0.03

Total Unrealised Gain on Forward Currency Exchange Contracts 96,498 0.05

EUR 166,837 USD 208,503 10/08/2018 Merrill Lynch (13,691) (0.01) EUR 1,148 USD 1,348 10/08/2018 RBC (8) - GBP 144,773 USD 192,460 10/08/2018 Barclays (1,618) - GBP 117,267 USD 156,035 10/08/2018 Deutsche Bank (1,452) - GBP 371,911 USD 499,127 10/08/2018 Merrill Lynch (8,868) (0.01) GBP 140,252 USD 186,226 10/08/2018 National Australia Bank (1,343) - GBP 173,216 USD 231,472 10/08/2018 Societe Generale (3,135) - GBP 65,489,947 USD 89,123,894 10/08/2018 Toronto-Dominion Bank (2,793,884) (1.39)

Total Unrealised Loss on Forward Currency Exchange Contracts (2,823,999) (1.41)

Net Unrealised Loss on Forward Currency Exchange Contracts (2,727,501) (1.36)

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency USD USD Assets

US 10 Year Note, 19/09/2018 95 USD 11,418,555 88,547 0.04 US 2 Year Note, 28/09/2018 74 USD 15,675,859 3,797 - US 5 Year Note, 28/09/2018 85 USD 9,656,465 38,801 0.02 US Long Bond, 19/09/2018 25 USD 3,629,297 58,797 0.03

Total Unrealised Gain on Financial Futures Contracts 189,942 0.09

US 10 Year Ultra Note, 19/09/2018 (144) USD (18,469,125) (219,984) (0.11) US Ultra Bond, 19/09/2018 (15) USD (2,398,360) (80,977) (0.04)

Total Unrealised Loss on Financial Futures Contracts (300,961) (0.15)

Net Unrealised Loss on Financial Futures Contracts (111,019) (0.06)

169 JPMorgan Investment Funds - US Bond Fund Schedule of Investments (continued) As at 30 June 2018 Credit Default Swap Contracts

% Interest Market Unrealised of Nominal (Paid)/ Maturity Value Gain/(Loss) Net Amount Currency Counterparty Reference Entity Buy/Sell Received Date USD USD Assets

3,875,000 USD Citigroup CDX.NA.HY.30-V1 Sell 5.00% 20/06/2023 229,570 (34,167) 0.11 1,000,000 USD Goldman Sachs Mexico Government Bond 4.15% 28/03/2027 Buy (1.00)% 20/06/2023 14,623 (6,374) 0.01

Total Unrealised Loss on Credit Default Swap Contracts 244,193 (40,541) 0.12

Net Unrealised Loss on Credit Default Swap Contracts 244,193 (40,541) 0.12

Inflation Rate Swap Contracts

% Market Unrealised of Nominal Maturity Value Gain/(Loss) Net Amount Currency Counterparty Security Description Date USD USD Assets

15,000,000 USD Morgan Stanley Pay fixed 2.118% Receive floating USCPI 1 month 01/05/2020 1,595 1,595 -

Total Unrealised Gain on Inflation Rate Swap Contracts 1,595 1,595 -

11,000,000 USD Morgan Stanley Pay floating USCPI 1 month Receive fixed 2.35% 01/05/2023 (5,371) (5,371) -

Total Unrealised Loss on Inflation Rate Swap Contracts (5,371) (5,371) -

Net Unrealised Loss on Inflation Rate Swap Contracts (3,776) (3,776) -

Interest Rate Swap Contracts

% Market Unrealised of Nominal Maturity Value Gain/(Loss) Net Amount Currency Counterparty Security Description Date USD USD Assets

1,484,000 USD Citigroup Pay fixed 3.05% Receive floating LIBOR 3 month 15/11/2043 (32,855) (32,855) (0.01) 1,162,000 USD Citigroup Pay fixed 3.005% Receive floating LIBOR 3 month 15/11/2043 (15,987) (15,987) (0.01)

Total Unrealised Loss on Interest Rate Swap Contracts (48,842) (48,842) (0.02)

Net Unrealised Loss on Interest Rate Swap Contracts (48,842) (48,842) (0.02)

170 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Transferable securities and money market instruments admitted to an official exchange First Republic Bank USD 52,076 5,106,833 0.26 listing Ford Motor Co. USD 247,319 2,786,049 0.14 Gilead Sciences, Inc. USD 65,934 4,674,061 0.24 Equities Goldman Sachs Group, Inc. (The) USD 7,972 1,781,264 0.09 Ireland Harris Corp. USD 29,598 4,304,141 0.22 Accenture plc ‘A’ USD 147,051 24,056,808 1.23 Hartford Financial Services Group, Inc. (The) USD 339,246 17,296,457 0.88 Allegion plc USD 44,745 3,446,707 0.18 Hewlett Packard Enterprise Co. USD 173,536 2,544,905 0.13 Allergan plc USD 11,103 1,865,026 0.09 Hilton Worldwide Holdings, Inc. USD 15,507 1,230,093 0.06 Eaton Corp. plc USD 322,023 24,343,329 1.24 Home Depot, Inc. (The) USD 92,010 18,258,924 0.93 Medtronic plc USD 230,331 19,849,926 1.01 Honeywell International, Inc. USD 72,135 10,410,523 0.53 Huntington Bancshares, Inc. 7,505,680 73,561,796 3.75 USD 501,214 0.38 Incyte Corp. USD 40,443 2,696,537 0.14 Jersey Intercontinental Exchange, Inc. USD 63,184 4,672,457 0.24 Aptiv plc USD 28,088 2,567,384 0.13 Intuit, Inc. USD 3,938 810,125 0.04 Delphi Technologies plc USD 36,044 1,641,444 0.08 Johnson & Johnson USD 305,979 37,424,291 1.91 KeyCorp USD 105,448 2,084,180 0.11 4,208,828 0.21 L3 Technologies, Inc. USD 64,884 12,520,990 0.64 Lennar Corp. ‘A’ 10,445,750 Netherlands USD 197,649 0.53 Lincoln National Corp. 8,215,374 Mylan NV USD 20,720 749,650 0.04 USD 130,891 0.42 Lowe’s Cos., Inc. USD 7,983 774,231 0.04 749,650 0.04 Marathon Petroleum Corp. USD 171,135 12,118,925 0.62 Masco Corp. USD 45,836 1,709,454 0.09 United States of America Mastercard, Inc. ‘A’ USD 19,172 3,792,030 0.19 Adobe Systems, Inc. USD 7,066 1,722,020 0.09 Merck & Co., Inc. USD 246,269 15,007,633 0.76 Aetna, Inc. USD 59,782 11,065,050 0.56 Microchip Technology, Inc. USD 131,084 11,885,386 0.61 Agilent Technologies, Inc. USD 1,203 74,454 0.00 Microsoft Corp. USD 837,778 83,346,344 4.24 Alexion Pharmaceuticals, Inc. USD 4,860 598,874 0.03 Molson Coors Brewing Co. ‘B’ USD 41,121 2,790,471 0.14 Alliance Data Systems Corp. USD 39,720 9,351,677 0.48 Mondelez International, Inc. ‘A’ USD 607,560 24,885,658 1.27 Alphabet, Inc. ‘A’ USD 62,462 71,144,218 3.62 Morgan Stanley USD 623,916 30,132,023 1.53 Alphabet, Inc. ‘C’ USD 21,786 24,527,223 1.25 Nektar Therapeutics USD 52,100 2,483,347 0.13 Altria Group, Inc. USD 47,025 2,679,720 0.14 Netflix, Inc. USD 13,350 5,294,610 0.27 Amazon.com, Inc. USD 38,600 66,352,628 3.38 NextEra Energy, Inc. USD 167,349 27,807,547 1.42 American Electric Power Co., Inc. USD 31,385 2,165,879 0.11 NIKE, Inc. ‘B’ USD 211,616 16,966,313 0.86 American International Group, Inc. USD 432,418 23,078,149 1.17 Norfolk Southern Corp. USD 232,705 35,084,933 1.79 AmerisourceBergen Corp. USD 26,339 2,255,277 0.11 NVIDIA Corp. USD 121,809 29,348,051 1.49 Analog Devices, Inc. USD 246,023 23,792,884 1.21 Occidental Petroleum Corp. USD 321,055 27,150,016 1.38 Andeavor USD 13,875 1,839,201 0.09 Oracle Corp. USD 141,993 6,246,982 0.32 Apple, Inc. USD 311,174 58,033,951 2.95 O’Reilly Automotive, Inc. USD 59,627 16,407,562 0.84 AutoZone, Inc. USD 29,920 20,097,563 1.02 Parker-Hannifin Corp. USD 11,695 1,842,898 0.09 AvalonBay Communities, Inc., REIT USD 45,214 7,757,366 0.39 Parsley Energy, Inc. ‘A’ USD 320,810 9,794,329 0.50 Bank of America Corp. USD 2,099,436 60,621,215 3.09 PayPal Holdings, Inc. USD 114,201 9,523,221 0.48 Bank of New York Mellon Corp. (The) USD 229,526 12,510,315 0.64 PepsiCo, Inc. USD 281,927 30,534,104 1.55 Becton Dickinson and Co. USD 14,121 3,393,629 0.17 Pfizer, Inc. USD 1,198,887 43,633,492 2.22 Berkshire Hathaway, Inc. ‘B’ USD 11,915 2,250,267 0.11 Philip Morris International, Inc. USD 70,873 5,758,431 0.29 Biogen, Inc. USD 48,406 14,025,154 0.71 Pioneer Natural Resources Co. USD 155,256 29,668,645 1.51 Boeing Co. (The) USD 85,770 29,065,309 1.48 Principal Financial Group, Inc. USD 150,773 8,082,941 0.41 Boston Scientific Corp. USD 497,265 16,178,517 0.82 Prudential Financial, Inc. USD 99,683 9,411,570 0.48 Brighthouse Financial, Inc. USD 59,754 2,466,645 0.13 Public Service Enterprise Group, Inc. USD 172,058 9,316,080 0.47 Bristol-Myers Squibb Co. USD 67,051 3,717,643 0.19 PVH Corp. USD 9,756 1,484,034 0.08 Broadcom, Inc. USD 128,272 31,413,813 1.60 Raytheon Co. USD 81,610 15,846,622 0.81 Capital One Financial Corp. USD 64,608 5,998,853 0.31 Ross Stores, Inc. USD 102,300 8,755,345 0.45 Caterpillar, Inc. USD 158,711 21,802,924 1.11 S&P Global, Inc. USD 5,613 1,162,059 0.06 Celgene Corp. USD 8,686 687,584 0.03 salesforce.com, Inc. USD 186,984 25,548,559 1.30 Charles Schwab Corp. (The) USD 60,094 3,133,001 0.16 Stanley Black & Decker, Inc. USD 49,065 6,618,378 0.34 Charter Communications, Inc. ‘A’ USD 69,790 20,487,552 1.04 SunTrust Banks, Inc. USD 133,300 8,941,764 0.46 Chevron Corp. USD 12,274 1,564,076 0.08 SVB Financial Group USD 10,556 3,096,655 0.16 Cigna Corp. USD 35,008 5,965,188 0.30 Texas Instruments, Inc. USD 306,275 33,904,642 1.73 Citigroup, Inc. USD 522,103 35,453,404 1.81 Thermo Fisher Scientific, Inc. USD 37,898 7,785,007 0.40 Coca-Cola Co. (The) USD 675,253 29,518,685 1.50 Time Warner, Inc. USD 54,590 5,391,854 0.27 Comcast Corp. ‘A’ USD 118,480 3,891,476 0.20 T-Mobile US, Inc. USD 111,060 6,650,828 0.34 Crown Holdings, Inc. USD 268,492 11,968,031 0.61 Twenty-First Century Fox, Inc. ‘A’ USD 24,101 1,196,012 0.06 CVS Health Corp. USD 306,023 19,963,410 1.02 Union Pacific Corp. USD 136,750 19,445,850 0.99 Danaher Corp. USD 16,912 1,678,601 0.09 United Technologies Corp. USD 9,826 1,231,050 0.06 Deere & Co. USD 15,271 2,167,337 0.11 UnitedHealth Group, Inc. USD 212,026 52,005,737 2.65 Delta Air Lines, Inc. USD 90,810 4,527,787 0.23 Universal Display Corp. USD 31,609 2,697,038 0.14 Diamondback Energy, Inc. USD 118,513 15,647,864 0.80 Ventas, Inc., REIT USD 115,860 6,599,386 0.34 Discovery Communications, Inc. ‘A’ USD 199,717 5,688,939 0.29 Verizon Communications, Inc. USD 382,034 19,229,681 0.98 DISH Network Corp. ‘A’ USD 200,615 6,780,787 0.35 Vertex Pharmaceuticals, Inc. USD 78,199 12,955,619 0.66 Dollar Tree, Inc. USD 142,706 12,137,859 0.62 Visa, Inc. ‘A’ USD 311,175 41,524,748 2.11 DowDuPont, Inc. USD 165,506 11,069,041 0.56 Vornado Realty Trust, REIT USD 49,477 3,645,465 0.19 DR Horton, Inc. USD 185,912 7,640,983 0.39 Voya Financial, Inc. USD 62,084 2,944,023 0.15 East West Bancorp, Inc. USD 10,898 725,262 0.04 Walt Disney Co. (The) USD 341,939 35,908,724 1.83 Eastman Chemical Co. USD 25,794 2,595,134 0.13 Waste Management, Inc. USD 24,020 1,945,740 0.10 Electronic Arts, Inc. USD 11,198 1,592,244 0.08 Wells Fargo & Co. USD 186,930 10,552,199 0.54 Eli Lilly & Co. USD 68,785 5,859,450 0.30 WestRock Co. USD 219,249 12,576,123 0.64 EOG Resources, Inc. USD 266,081 33,465,007 1.70 WEX, Inc. USD 10,058 1,930,533 0.10 EQT Corp. USD 54,401 3,107,657 0.16 Workday, Inc. ‘A’ USD 44,751 5,429,191 0.28 Expedia Group, Inc. USD 18,720 2,259,691 0.11 Worldpay, Inc. USD 11,216 921,450 0.05 Facebook, Inc. ‘A’ USD 136,860 26,905,992 1.37 Xcel Energy, Inc. USD 355,802 16,187,212 0.82 Fastenal Co. USD 257,974 12,653,625 0.64 Yum! Brands, Inc. USD 32,658 2,550,916 0.13 Fidelity National Information Services, Inc. USD 23,668 2,521,589 0.13

171 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments (continued) As at 30 June 2018

% % Quantity/ Market of Quantity/ Market of Nominal Value Net Nominal Value Net Investments Currency Value USD Assets Investments Currency Value USD Assets

Zimmer Biomet Holdings, Inc. USD 57,163 6,383,106 0.32 Zions Bancorp USD 111,101 5,913,351 0.30 Geographic Allocation of Portfolio as at 30 June 2018 % of Net Assets

1,876,162,436 95.53 United States of America 95.53 Ireland 3.75 Total Equities 1,954,682,710 99.53 Luxembourg 0.71 Jersey 0.21 Total Transferable securities and money market instruments 1,954,682,710 99.53 Netherlands 0.04 admitted to an official exchange listing Total Investments 100.24 Cash and Other Assets/(Liabilities) (0.24) Units of authorised UCITS or other collective investment undertakings Total 100.00 Collective Investment Schemes - UCITS Luxembourg JPMorgan US Dollar Liquidity Fund - JPM US Dollar Liquidity X (dist.)† USD 13,898,202 13,898,202 0.71 Geographic Allocation of Portfolio as at 31 December 2017 % of Net Assets 13,898,202 0.71 United States of America 92.54 Total Collective Investment Schemes - UCITS 13,898,202 0.71 Ireland 3.70 Luxembourg 1.22 Total Units of authorised UCITS or other collective investment 13,898,202 0.71 Switzerland 1.03 undertakings Singapore 0.43 Total Investments 1,968,580,912 100.24 Jersey 0.18 Netherlands 0.06 Cash 9,874,104 0.50 Total Investments 99.16 Cash and Other Assets/(Liabilities) 0.84 Other Assets/(Liabilities) (14,622,286) (0.74) Total 100.00 Total Net Assets 1,963,832,730 100.00

† Related Party Fund.

172 JPMorgan Investment Funds - US Select Equity Fund Schedule of Investments (continued) As at 30 June 2018 Forward Currency Exchange Contracts

% Unrealised of Currency Amount Maturity Gain/(Loss) Net Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets

AUD 26,052 USD 19,179 11/07/2018 Barclays 64 - AUD 23,187 USD 17,033 11/07/2018 Merrill Lynch 95 - EUR 145,372 USD 168,541 02/07/2018 BNP Paribas 719 - EUR 42,208 USD 48,941 11/07/2018 ANZ 230 - EUR 1,859,758 USD 2,151,386 11/07/2018 BNP Paribas 15,194 - EUR 73,599 USD 85,502 11/07/2018 Citibank 240 - EUR 1,661,035 USD 1,921,921 11/07/2018 Merrill Lynch 13,151 - EUR 322,830 USD 374,053 11/07/2018 National Australia Bank 2,037 - EUR 245,324 USD 285,167 11/07/2018 Toronto-Dominion Bank 631 - USD 22,572 AUD 30,517 11/07/2018 Barclays 30 - USD 34,430 AUD 46,601 11/07/2018 Merrill Lynch 7 - USD 12,846 AUD 17,282 11/07/2018 RBC 80 - USD 1,904,108 EUR 1,632,546 11/07/2018 ANZ 2,226 - USD 2,425,859 EUR 2,071,874 11/07/2018 BNP Paribas 12,168 - USD 2,023,257 EUR 1,715,946 11/07/2018 HSBC 24,214 - USD 14,822 EUR 12,526 11/07/2018 Merrill Lynch 229 - USD 7,011 EUR 5,961 11/07/2018 National Australia Bank 66 - USD 3,840,070 EUR 3,296,110 11/07/2018 RBC 169 - USD 3,710,983 EUR 3,183,262 11/07/2018 Toronto-Dominion Bank 2,548 -

Total Unrealised Gain on Forward Currency Exchange Contracts 74,098 -

AUD 2,962,499 USD 2,237,596 11/07/2018 Citibank (49,268) - AUD 109,771 USD 83,515 11/07/2018 Goldman Sachs (2,431) - AUD 28,769 USD 21,785 11/07/2018 RBC (534) - EUR 25,860 USD 30,171 11/07/2018 ANZ (45) - EUR 7,242 USD 8,544 11/07/2018 BNP Paribas (108) - EUR 228,234,496 USD 270,330,478 11/07/2018 HSBC (4,441,949) (0.23) EUR 139,355 USD 162,403 11/07/2018 National Australia Bank (57) - EUR 2,482,833 USD 2,928,520 11/07/2018 RBC (36,071) - USD 33,065 AUD 44,840 11/07/2018 Barclays (57) - USD 340,000 EUR 293,696 03/07/2018 National Australia Bank (1,955) - USD 1,306,454 EUR 1,127,175 11/07/2018 Barclays (6,682) - USD 174,015 EUR 149,986 11/07/2018 BNP Paribas (716) - USD 1,606,897 EUR 1,389,511 11/07/2018 Societe Generale (11,855) - USD 7,848,272 EUR 6,744,756 11/07/2018 Toronto-Dominion Bank (9,231) -

Total Unrealised Loss on Forward Currency Exchange Contracts (4,560,959) (0.23)

Net Unrealised Loss on Forward Currency Exchange Contracts (4,486,861) (0.23)

Financial Futures Contracts

% Global Unrealised of Number of Exposure Gain/(Loss) Net Security Description Contracts Currency USD USD Assets

S&P 500 Emini Index, 21/09/2018 37 USD 5,062,294 20,006 -

Total Unrealised Gain on Financial Futures Contracts 20,006 -

S&P 500 Emini Index, 21/09/2018 22 USD 3,010,012 (46,587) -

Total Unrealised Loss on Financial Futures Contracts (46,587) -

Net Unrealised Loss on Financial Futures Contracts (26,581) -

173 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - CZK 1.80% 1.80% 1.80% 1.80% - - 1.80% 16-Feb-18 JPM Europe Select Equity A (acc) - EUR 1.69% 1.69% 1.69% 1.69% 1.71% 1.80% 1.80% 29-Aug-97 JPM Europe Select Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 20-Dec-07 JPM Europe Select Equity A (dist) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-May-06 JPM Europe Select Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% - - 1.80% 23-Feb-18 JPM Europe Select Equity C (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 07-Jan-98 JPM Europe Select Equity C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 16-Oct-15 JPM Europe Select Equity C (dist) - EUR 0.70% 0.70% 0.70% 0.70% 0.74% 0.85% 0.70% 29-Sep-15 JPM Europe Select Equity C (dist) - GBP 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 25-Jan-13 JPM Europe Select Equity D (acc) - EUR 2.53% 2.53% 2.53% 2.53% 2.55% 2.55% 2.55% 19-Mar-07 JPM Europe Select Equity D (acc) - USD 2.53% 2.53% 2.53% 2.53% 2.55% 2.55% 2.55% 20-Dec-07 JPM Europe Select Equity I (acc) - EUR 0.65% 0.65% 0.65% 0.65% 0.81% 0.76% 0.66% 13-Apr-10 JPM Europe Select Equity I (acc) - USD* 0.66% 0.66% 0.66% 0.66% 0.81% 0.79% 0.66% 09-Oct-13 JPM Europe Select Equity I (acc) - USD (hedged) 0.66% 0.66% 0.66% 0.66% 0.81% 0.79% 0.66% 27-Jan-15 JPM Europe Select Equity I (dist) - EUR 0.65% 0.65% 0.65% 0.65% 0.81% 0.75% 0.66% 11-Oct-13 JPM Europe Select Equity I2 (acc) - EUR 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM Europe Select Equity I2 (acc) - USD 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM Europe Select Equity I2 (acc) - USD (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM Europe Select Equity I2 (dist) - EUR 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM Europe Select Equity X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.11% 0.15% 21-May-01 JPM Europe Select Equity X (acc) - USD (hedged) 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 29-Apr-15 JPM Europe Select Equity X (dist) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.13% 0.15% 06-Nov-13

* Share Class inactive as at end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

174 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - AUD (hedged) 1.80% 1.80% 1.80% 1.80% - - 1.80% 18-Jul-17 JPM Europe Strategic Dividend A (acc) - EUR 1.70% 1.70% 1.70% 1.70% 1.69% 1.80% 1.80% 24-Feb-05 JPM Europe Strategic Dividend A (acc) - HUF (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 06-Oct-14 JPM Europe Strategic Dividend A (acc) - USD (hedged) 1.72% 1.72% 1.72% 1.72% 1.72% 1.79% 1.80% 12-Sep-14 JPM Europe Strategic Dividend A (dist) - EUR 1.71% 1.71% 1.71% 1.71% 1.74% 1.80% 1.80% 15-May-06 JPM Europe Strategic Dividend A (div) - EUR 1.72% 1.72% 1.72% 1.72% 1.77% 1.80% 1.80% 01-Dec-11 JPM Europe Strategic Dividend A (inc) - EUR*** ----1.72% 1.80% 1.80% 04-Apr-07 JPM Europe Strategic Dividend A (mth) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 10-Mar-15 JPM Europe Strategic Dividend A (mth) - RMB (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 10-Jul-14 JPM Europe Strategic Dividend A (mth) - SGD (hedged) 1.79% 1.79% 1.79% 1.79% 1.76% 1.80% 1.80% 09-Apr-14 JPM Europe Strategic Dividend A (mth) - USD (hedged) 1.72% 1.72% 1.72% 1.72% 1.71% 1.80% 1.80% 06-Nov-13 JPM Europe Strategic Dividend C (acc) - EUR 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 23-Apr-07 JPM Europe Strategic Dividend C (acc) - PLN (hedged)* 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 06-Jul-15 JPM Europe Strategic Dividend C (acc) - USD (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 26-Feb-15 JPM Europe Strategic Dividend C (dist) - EUR 0.85% 0.85% 0.85% 0.85% 0.85% 0.82% 0.85% 26-Sep-12 JPM Europe Strategic Dividend C (dist) - EUR (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 15-Apr-14 JPM Europe Strategic Dividend C (dist) - GBP 0.85% 0.85% 0.85% 0.85% 0.85% 0.84% 0.85% 28-Jan-13 JPM Europe Strategic Dividend C (div) - EUR 0.84% 0.84% 0.84% 0.84% 0.85% 0.85% 0.85% 18-Jul-12 JPM Europe Strategic Dividend C (mth) - EUR* ----0.80% 0.72% 0.85% 06-Oct-15 JPM Europe Strategic Dividend C (mth) - RMB (hedged)* ----0.85% 0.80% 0.85% 06-Oct-15 JPM Europe Strategic Dividend C (mth) - SGD (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.79% 0.85% 06-Oct-15 JPM Europe Strategic Dividend C (mth) - USD (hedged) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 02-Dec-13 JPM Europe Strategic Dividend D (acc) - EUR 2.49% 2.49% 2.49% 2.49% 2.49% 2.55% 2.55% 09-Dec-05 JPM Europe Strategic Dividend D (div) - EUR 2.47% 2.47% 2.47% 2.47% 2.47% 2.55% 2.55% 01-Dec-11 JPM Europe Strategic Dividend D (mth) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% - - 2.55% 27-Feb-17 JPM Europe Strategic Dividend D (mth) - USD (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 16-Apr-15 JPM Europe Strategic Dividend I (acc) - EUR 0.81% 0.81% 0.81% 0.81% 0.81% 0.76% 0.81% 05-May-11 JPM Europe Strategic Dividend I (acc) - SGD* 0.81% 0.81% 0.81% 0.81% 0.81% - 0.81% 12-Oct-15 JPM Europe Strategic Dividend I (acc) - SGD (hedged)* 0.81% 0.81% 0.81% 0.81% 0.81% 0.77% 0.81% 27-Jan-15 JPM Europe Strategic Dividend I (acc) - USD 0.81% 0.81% 0.81% 0.81% - - 0.81% 21-Jul-17 JPM Europe Strategic Dividend I (acc) - USD (hedged)** 0.81% 0.81% 0.81% 0.81% 0.81% - 0.81% 27-Jun-16 JPM Europe Strategic Dividend I (dist) - EUR 0.81% 0.81% 0.81% 0.81% 0.81% 0.80% 0.81% 11-Oct-13 JPM Europe Strategic Dividend I (div) - EUR 0.81% 0.81% 0.81% 0.81% - - 0.81% 22-Nov-17 JPM Europe Strategic Dividend I2 (acc) - EUR 0.76% 0.73% 0.76% 0.73% - - 0.76% 18-Dec-17 JPM Europe Strategic Dividend I2 (dist) - EUR 0.76% 0.74% 0.76% 0.74% - - 0.76% 18-Dec-17 JPM Europe Strategic Dividend X (acc) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% 0.10% 0.15% 21-May-07 JPM Europe Strategic Dividend X (acc) - SGD 0.15% 0.15% 0.15% 0.15% - - 0.15% 22-Jan-18 JPM Europe Strategic Dividend X (acc) - SGD (hedged) 0.15% 0.15% 0.15% 0.15% - - 0.15% 22-Jan-18 JPM Europe Strategic Dividend X (acc) - USD (hedged) 0.15% 0.15% 0.15% 0.15% - - 0.15% 03-Mar-17 JPM Europe Strategic Dividend X (dist) - GBP 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.15% 28-May-13 JPM Europe Strategic Dividend X (div) - EUR 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 19-Jan-16

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 18-Jul-95 JPM Global Balanced A (acc) - USD (hedged) 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 20-Nov-13 JPM Global Balanced A (dist) - EUR 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 15-May-06 JPM Global Balanced A (dist) - USD (hedged) 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 20-Nov-13 JPM Global Balanced A (mth) - USD (hedged) 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 1.65% 20-Nov-13 JPM Global Balanced C (acc) - EUR 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 21-Jan-98 JPM Global Balanced C (acc) - USD (hedged) 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 27-Nov-13 JPM Global Balanced C (dist) - EUR 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 06-Aug-13 JPM Global Balanced C (dist) - USD (hedged) 0.90% 0.90% 0.90% 0.90% 0.90% 0.77% 0.90% 29-Sep-15 JPM Global Balanced C (mth) - USD (hedged) 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 0.90% 20-Nov-13 JPM Global Balanced D (acc) - EUR 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 10-Jul-02 JPM Global Balanced D (acc) - USD (hedged) 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 20-Nov-13 JPM Global Balanced D (mth) - USD (hedged) 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 20-Nov-13 JPM Global Balanced I (acc) - EUR 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 03-Oct-13 JPM Global Balanced I2 (acc) - EUR 0.69% 0.69% 0.69% 0.69% - - 0.69% 18-Dec-17 JPM Global Balanced T (acc) - EUR 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 28-Jun-11 JPM Global Balanced X (acc) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% - 0.10% 16-Jul-04

* Share Class inactive as at end of the period. ** Share Class reactivated during the period. *** Share Class closed as at the end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

175 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global Convertibles Conservative Fund (1) JPM Global Convertibles Conservative A (acc) - SGD (hedged) 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 04-Oct-13 JPM Global Convertibles Conservative A (acc) - USD 1.52% 1.52% 1.52% 1.52% 1.48% 1.55% 1.55% 15-Jun-04 JPM Global Convertibles Conservative A (dist) - USD 1.55% 1.55% 1.55% 1.55% 1.54% 1.55% 1.55% 27-Feb-14 JPM Global Convertibles Conservative A (mth) - USD 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 12-Jun-12 JPM Global Convertibles Conservative C (acc) - SGD (hedged)* ----0.95% 0.95% 0.95% 22-Sep-15 JPM Global Convertibles Conservative C (acc) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 08-Aug-05 JPM Global Convertibles Conservative C (dist) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.90% 0.95% 18-Sep-15 JPM Global Convertibles Conservative C (mth) - USD 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 12-Jun-12 JPM Global Convertibles Conservative D (acc) - USD 2.05% 2.05% 2.05% 2.05% 2.01% 2.05% 2.05% 28-Sep-04 JPM Global Convertibles Conservative D (mth) - USD 2.05% 2.05% 2.05% 2.05% 2.05% 2.05% 2.05% 12-Jun-12 JPM Global Convertibles Conservative I (acc) - USD 0.91% 0.91% 0.91% 0.91% 0.91% 0.87% 0.91% 01-Mar-07 JPM Global Convertibles Conservative I2 (acc) - USD 0.66% 0.66% 0.66% 0.66% - - 0.66% 18-Dec-17 JPM Global Convertibles Conservative X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 15-Jun-04

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 04-Oct-10 JPM Global Dividend A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 28-Nov-07 JPM Global Dividend A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 28-Nov-07 JPM Global Dividend A (dist) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 12-Feb-09 JPM Global Dividend A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 12-Oct-09 JPM Global Dividend A (div) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 01-Dec-11 JPM Global Dividend A (div) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 22-Feb-12 JPM Global Dividend A (div) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 13-Jan-12 JPM Global Dividend A (mth) - USD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-Sep-14 JPM Global Dividend C (acc) - EUR 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 02-Apr-09 JPM Global Dividend C (acc) - USD 0.80% 0.80% 0.80% 0.80% 0.80% - 0.80% 08-Nov-12 JPM Global Dividend C (dist) - EUR 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 14-Jul-11 JPM Global Dividend C (dist) - EUR (hedged) 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 24-Sep-13 JPM Global Dividend C (div) - EUR* ----0.80% 0.80% 0.80% 01-Dec-11 JPM Global Dividend D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 28-Nov-07 JPM Global Dividend D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 28-Nov-07 JPM Global Dividend D (div) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 22-Feb-12 JPM Global Dividend D (mth) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% - - 2.55% 27-Feb-17 JPM Global Dividend F (mth) - USD (hedged) 2.80% 2.80% 2.80% 2.80% - - 2.80% 14-Dec-17 JPM Global Dividend I (acc) - EUR 0.76% 0.76% 0.76% 0.76% - - 0.76% 04-Oct-13 JPM Global Dividend I (dist) - EUR (hedged)* ----0.76% 0.76% 0.76% 15-Oct-13 JPM Global Dividend T (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 17-Aug-12 JPM Global Dividend X (acc) - EUR (hedged)* 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 22-Nov-12 JPM Global Dividend X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 13-Jan-10 JPM Global Dividend X (dist) - AUD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 19-Dec-13

JPMorgan Investment Funds - Global Financials Fund (2) JPM Global Financials A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 14-Sep-06 JPM Global Financials A (acc) - SGD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 21-Sep-11 JPM Global Financials A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 11-Dec-00 JPM Global Financials A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-May-06 JPM Global Financials C (acc) - EUR 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 08-Aug-13 JPM Global Financials C (acc) - SGD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 21-Sep-15 JPM Global Financials C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 28-Dec-00 JPM Global Financials C (dist) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 05-Dec-13 JPM Global Financials D (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 12-Jul-01 JPM Global Financials X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% - 0.15% 07-Feb-02

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. (2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

176 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 03-Apr-14 JPM Global High Yield Bond A (acc) - CHF (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 25-Sep-12 JPM Global High Yield Bond A (acc) - CZK (hedged) 1.15% 1.15% 1.15% 1.15% - - 1.15% 09-Jan-17 JPM Global High Yield Bond A (acc) - EUR (hedged) 1.03% 1.03% 1.03% 1.03% 1.07% 1.15% 1.15% 24-Mar-00 JPM Global High Yield Bond A (acc) - HUF (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 24-Jul-14 JPM Global High Yield Bond A (acc) - USD 1.06% 1.06% 1.06% 1.06% 1.05% 1.15% 1.15% 02-Sep-08 JPM Global High Yield Bond A (dist) - EUR (hedged) 1.06% 1.06% 1.06% 1.06% 1.13% 1.15% 1.15% 15-May-06 JPM Global High Yield Bond A (dist) - USD 1.15% 1.15% 1.15% 1.15% 1.07% 1.15% 1.15% 17-Oct-12 JPM Global High Yield Bond A (irc) - AUD (hedged) 1.08% 1.08% 1.08% 1.08% 1.08% 1.15% 1.15% 12-Mar-13 JPM Global High Yield Bond A (irc) - CAD (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 19-Mar-13 JPM Global High Yield Bond A (irc) - NZD (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 14-Mar-13 JPM Global High Yield Bond A (irc) - RMB (hedged) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 17-Mar-14 JPM Global High Yield Bond A (mth) - HKD 1.09% 1.09% 1.09% 1.09% 1.08% 1.15% 1.15% 01-Feb-12 JPM Global High Yield Bond A (mth) - SGD 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 15-Nov-12 JPM Global High Yield Bond A (mth) - USD 1.07% 1.07% 1.07% 1.07% 1.07% 1.15% 1.15% 17-Sep-08 JPM Global High Yield Bond C (acc) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 24-Mar-00 JPM Global High Yield Bond C (acc) - PLN (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 18-Sep-12 JPM Global High Yield Bond C (acc) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 18-Aug-08 JPM Global High Yield Bond C (dist) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 12-Feb-13 JPM Global High Yield Bond C (dist) - GBP (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 20-Jan-15 JPM Global High Yield Bond C (dist) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 29-May-12 JPM Global High Yield Bond C (div) - EUR (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 04-May-12 JPM Global High Yield Bond C (inc) - EUR (hedged)*** ----0.60% 0.60% 0.60% 22-Feb-13 JPM Global High Yield Bond C (irc) - CAD (hedged) 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 16-Oct-15 JPM Global High Yield Bond C (irc) - RMB (hedged)* ----0.60% 0.60% 0.60% 23-Oct-15 JPM Global High Yield Bond C (mth) - HKD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 23-Oct-15 JPM Global High Yield Bond C (mth) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 13-Jul-12 JPM Global High Yield Bond D (acc) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.48% 1.55% 1.55% 18-Apr-01 JPM Global High Yield Bond D (acc) - PLN (hedged) 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 18-Sep-12 JPM Global High Yield Bond D (acc) - USD 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 1.55% 17-Sep-10 JPM Global High Yield Bond D (div) - EUR (hedged) 1.43% 1.43% 1.43% 1.43% 1.47% 1.55% 1.55% 31-Oct-12 JPM Global High Yield Bond D (mth) - EUR (hedged) 1.55% 1.55% 1.55% 1.55% - - 1.55% 27-Feb-17 JPM Global High Yield Bond F (irc) - AUD (hedged) 2.15% 2.15% 2.15% 2.15% - - 2.15% 14-Dec-17 JPM Global High Yield Bond F (mth) - USD 2.15% 2.15% 2.15% 2.15% - - 2.15% 14-Dec-17 JPM Global High Yield Bond I (acc) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 03-Oct-13 JPM Global High Yield Bond I (acc) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 19-Nov-09 JPM Global High Yield Bond I (dist) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% 0.56% 0.55% 0.56% 18-Oct-13 JPM Global High Yield Bond I (dist) - GBP (hedged)* 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 24-Jun-15 JPM Global High Yield Bond I (dist) - USD* 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 16-Oct-13 JPM Global High Yield Bond I (inc) - EUR (hedged)*** ----0.56% 0.55% 0.56% 09-Mar-07 JPM Global High Yield Bond I (mth) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.54% 0.56% 04-Dec-12 JPM Global High Yield Bond I2 (acc) - EUR (hedged) 0.45% 0.45% 0.45% 0.45% - - 0.45% 18-Dec-17 JPM Global High Yield Bond I2 (acc) - USD 0.45% 0.45% 0.45% 0.45% - - 0.45% 18-Dec-17 JPM Global High Yield Bond I2 (dist) - EUR (hedged) 0.45% 0.45% 0.45% 0.45% - - 0.45% 18-Dec-17 JPM Global High Yield Bond I2 (dist) - GBP (hedged) 0.45% 0.45% 0.45% 0.45% - - 0.45% 18-Dec-17 JPM Global High Yield Bond I2 (dist) - USD 0.45% 0.45% 0.45% 0.45% - - 0.45% 18-Dec-17 JPM Global High Yield Bond I2 (mth) - USD 0.37% 0.37% 0.37% 0.37% - - 0.45% 18-Dec-17 JPM Global High Yield Bond P (acc) - USD 0.41% 0.41% 0.41% 0.41% - - 0.60% 11-Oct-17 JPM Global High Yield Bond P (dist) - EUR (hedged) 0.41% 0.41% 0.41% 0.41% - - 0.60% 27-Jan-17 JPM Global High Yield Bond P (dist) - USD 0.41% 0.41% 0.41% 0.41% 0.41% - 0.60% 14-Apr-14 JPM Global High Yield Bond T (acc) - EUR (hedged) 1.50% 1.50% 1.50% 1.50% 1.55% 1.55% 1.55% 17-Aug-12 JPM Global High Yield Bond V (acc) - USD (hedged to BRL)* ----0.56% - 0.56% 21-Jul-16 JPM Global High Yield Bond X (acc) - EUR (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 24-Mar-00 JPM Global High Yield Bond X (acc) - USD 0.10% 0.10% 0.10% 0.10% 0.10% 0.09% 0.10% 06-Jan-11 JPM Global High Yield Bond X (dist) - USD* ------0.10% 11-Aug-15 JPM Global High Yield Bond X (mth) - USD 0.10% 0.10% 0.10% 0.10% - - 0.10% 12-Jan-18

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

177 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global Income Conservative Fund JPM Global Income Conservative A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 12-Oct-16 JPM Global Income Conservative A (acc) - SEK (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 12-Oct-16 JPM Global Income Conservative A (acc) - USD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 12-Oct-16 JPM Global Income Conservative A (div) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 12-Oct-16 JPM Global Income Conservative A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 12-Oct-16 JPM Global Income Conservative A (dist) - USD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 09-Nov-16 JPM Global Income Conservative C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 12-Oct-16 JPM Global Income Conservative C (dist) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 12-Oct-16 JPM Global Income Conservative D (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.63% - 1.80% 12-Oct-16 JPM Global Income Conservative D (div) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% - 1.80% 10-Nov-16 JPM Global Income Conservative D (mth) - EUR 1.80% 1.80% 1.80% 1.80% - - 1.80% 27-Feb-17

+ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

178 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 03-Apr-14 JPM Global Income A (acc) - CHF (hedged) 1.44% 1.44% 1.44% 1.44% 1.45% 1.45% 1.45% 25-Sep-12 JPM Global Income A (acc) - CZK (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 09-Jan-17 JPM Global Income A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.42% 1.43% 1.45% 01-Mar-12 JPM Global Income A (acc) - SGD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.42% 1.45% 12-Jun-15 JPM Global Income A (acc) - USD (hedged) 1.41% 1.41% 1.41% 1.41% 1.42% 1.43% 1.45% 30-May-12 JPM Global Income A (dist) - EUR 1.40% 1.40% 1.40% 1.40% 1.45% 1.45% 1.45% 24-Jan-13 JPM Global Income A (dist) - GBP (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 23-Mar-15 JPM Global Income A (div) - CHF (hedged) 1.45% 1.45% 1.45% 1.45% 1.41% 1.43% 1.45% 20-Jun-13 JPM Global Income A (div) - EUR 1.40% 1.40% 1.40% 1.40% 1.45% 1.45% 1.45% 11-Dec-08 JPM Global Income A (div) - SGD 1.45% 1.45% 1.45% 1.45% 1.45% 1.44% 1.45% 17-Sep-12 JPM Global Income A (div) - SGD (hedged) 1.45% 1.45% 1.45% 1.45% 1.42% 1.43% 1.45% 15-Feb-13 JPM Global Income A (div) - USD (hedged) 1.40% 1.40% 1.40% 1.40% 1.42% 1.43% 1.45% 13-Jan-12 JPM Global Income A (irc) - AUD (hedged) 1.44% 1.44% 1.44% 1.44% 1.44% 1.44% 1.45% 28-Mar-13 JPM Global Income A (irc) - CAD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 02-Jun-15 JPM Global Income A (irc) - RMB (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.44% 1.45% 04-Jun-14 JPM Global Income A (irc) - SGD (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 26-Mar-18 JPM Global Income A (irc) - USD (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 26-Mar-18 JPM Global Income A (mth) - EUR 1.43% 1.43% 1.43% 1.43% 1.45% 1.45% 1.45% 10-Jun-15 JPM Global Income A (mth) - GBP (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 04-Mar-15 JPM Global Income A (mth) - SGD (hedged) 1.44% 1.44% 1.44% 1.44% 1.45% 1.45% 1.45% 05-Apr-13 JPM Global Income A (mth) - USD (hedged) 1.43% 1.43% 1.43% 1.43% 1.44% 1.44% 1.45% 31-Aug-12 JPM Global Income C (acc) - EUR 0.74% 0.74% 0.74% 0.74% 0.75% 0.75% 0.75% 22-May-12 JPM Global Income C (acc) - PLN (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 06-Jul-15 JPM Global Income C (acc) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 30-May-12 JPM Global Income C (dist) - EUR 0.75% 0.75% 0.75% 0.75% - - 0.75% 30-Nov-17 JPM Global Income C (dist) - GBP (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 15-Oct-13 JPM Global Income C (dist) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 02-Dec-13 JPM Global Income C (div) - CHF (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 24-Jun-16 JPM Global Income C (div) - EUR 0.74% 0.74% 0.74% 0.74% 0.75% 0.75% 0.75% 16-Feb-10 JPM Global Income C (div) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 11-Dec-13 JPM Global Income C (irc) - AUD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 16-Oct-15 JPM Global Income C (irc) - RMB (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 16-Oct-15 JPM Global Income C (mth) - GBP (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 16-Oct-15 JPM Global Income C (mth) - SGD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 16-Oct-15 JPM Global Income C (mth) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 28-Sep-12 JPM Global Income D (acc) - EUR 1.75% 1.75% 1.75% 1.75% 1.77% 1.78% 1.80% 01-Mar-12 JPM Global Income D (acc) - USD (hedged) 1.76% 1.76% 1.76% 1.76% 1.77% 1.78% 1.80% 30-May-12 JPM Global Income D (div) - EUR 1.74% 1.74% 1.74% 1.74% 1.76% 1.78% 1.80% 08-Jul-09 JPM Global Income D (div) - USD (hedged) 1.78% 1.78% 1.78% 1.78% 1.80% 1.80% 1.80% 29-Feb-12 JPM Global Income D (mth) - EUR 1.80% 1.80% 1.80% 1.80% - - 1.80% 27-Feb-17 JPM Global Income D (mth) - USD (hedged) 1.77% 1.77% 1.77% 1.77% 1.77% 1.78% 1.80% 28-Sep-12 JPM Global Income F (irc) - AUD (hedged) 2.45% 2.45% 2.45% 2.45% - - 2.45% 14-Dec-17 JPM Global Income F (irc) - USD (hedged) 2.45% 2.45% 2.45% 2.45% - - 2.45% 28-Jun-18 JPM Global Income F (mth) - USD (hedged) 2.45% 2.45% 2.45% 2.45% - - 2.45% 14-Dec-17 JPM Global Income I (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.71% 0.71% 0.71% 24-Oct-14 JPM Global Income I (acc) - USD (hedged) 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 01-Oct-15 JPM Global Income I (div) - EUR 0.71% 0.71% 0.71% 0.71% - - 0.71% 20-Apr-17 JPM Global Income I (div) - USD (hedged) 0.71% 0.71% 0.71% 0.71% - - 0.71% 28-Sep-17 JPM Global Income I (mth) - JPY (hedged) 0.70% 0.70% 0.70% 0.70% 0.71% 0.71% 0.71% 17-Sep-14 JPM Global Income I2 (acc) - EUR 0.61% 0.61% 0.61% 0.61% - - 0.61% 08-Jun-18 JPM Global Income T (div) - EUR 1.75% 1.75% 1.75% 1.75% 1.77% 1.78% 1.80% 28-Jun-11 JPM Global Income V (acc) - EUR (hedged to BRL) 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 29-Jan-16 JPM Global Income X (div) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% 0.08% 0.10% 16-Nov-11 JPM Global Income X (irc) - AUD (hedged)* 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 02-Jul-14

* Share Class inactive as at end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

179 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global Macro Balanced Fund JPM Global Macro Balanced A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 15-Sep-95 JPM Global Macro Balanced A (acc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 31-Jul-06 JPM Global Macro Balanced A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 01-Jun-06 JPM Global Macro Balanced A (inc) - EUR*** ----1.45% 1.45% 1.45% 01-Jun-06 JPM Global Macro Balanced C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 16-May-97 JPM Global Macro Balanced C (acc) - USD (hedged) 0.75% 0.75% 0.75% 0.75% - - 0.75% 18-Apr-18 JPM Global Macro Balanced C (dist) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 13-Aug-13 JPM Global Macro Balanced D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 31-May-01 JPM Global Macro Balanced D (acc) - SEK (hedged) 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 12-Aug-08 JPM Global Macro Balanced X (acc) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 12-Feb-99

JPMorgan Investment Funds - Global Macro Fund JPM Global Macro A (acc) - AUD (hedged)* ----1.45% - 1.45% 20-Jan-16 JPM Global Macro A (acc) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 12-Jun-13 JPM Global Macro A (acc) - SGD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 11-Jan-16 JPM Global Macro A (acc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 28-Nov-05 JPM Global Macro A (dist) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 09-Jun-15 JPM Global Macro A (mth) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 12-Jun-12 JPM Global Macro C (acc) - EUR (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 29-Jul-13 JPM Global Macro C (acc) - NOK (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 01-Jul-16 JPM Global Macro C (acc) - USD 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 05-Jan-06 JPM Global Macro C (dist) - EUR (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 04-Feb-16 JPM Global Macro C (dist) - GBP (hedged) 0.75% 0.75% 0.75% 0.75% - - 0.75% 12-Jan-18 JPM Global Macro C (mth) - USD 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 12-Jun-12 JPM Global Macro D (acc) - EUR (hedged) 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 12-Jun-13 JPM Global Macro D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 28-Nov-05 JPM Global Macro D (mth) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 12-Jun-12 JPM Global Macro I (acc) - EUR (hedged) 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 03-Aug-16 JPM Global Macro I (acc) - SEK (hedged) 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 26-Feb-16 JPM Global Macro X (acc) - USD 0.10% 0.10% 0.10% 0.10% 0.10% - 0.10% 10-Feb-06

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

180 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 20-Jan-16 JPM Global Macro Opportunities A (acc) - CHF (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 05-Nov-15 JPM Global Macro Opportunities A (acc) - CZK (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 09-Jan-17 JPM Global Macro Opportunities A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 23-Oct-98 JPM Global Macro Opportunities A (acc) - HUF (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 23-Apr-18 JPM Global Macro Opportunities A (acc) - SEK (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 15-Feb-16 JPM Global Macro Opportunities A (acc) - SGD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% - 1.45% 11-Jan-16 JPM Global Macro Opportunities A (acc) - USD (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 05-Feb-15 JPM Global Macro Opportunities A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 01-Jun-06 JPM Global Macro Opportunities A (dist) - GBP (hedged) 1.45% 1.45% 1.45% 1.45% - - 1.45% 16-Mar-17 JPM Global Macro Opportunities A (inc) - EUR*** - - - - 1.45% 1.45% 1.45% 01-Jun-06 JPM Global Macro Opportunities C (acc) - AUD (hedged)* - - - - 0.75% - 0.75% 29-Apr-16 JPM Global Macro Opportunities C (acc) - CHF (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 19-Nov-15 JPM Global Macro Opportunities C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 26-Feb-99 JPM Global Macro Opportunities C (acc) - PLN (hedged)* 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 01-Feb-16 JPM Global Macro Opportunities C (acc) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% - 0.75% 31-Mar-16 JPM Global Macro Opportunities C (dist) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 22-Jul-15 JPM Global Macro Opportunities C (dist) - GBP (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 07-Aug-15 JPM Global Macro Opportunities C (dist) - USD (hedged) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 14-Aug-15 JPM Global Macro Opportunities C (inc) - EUR*** ----0.75% - 0.75% 04-Feb-16 JPM Global Macro Opportunities D (acc) - EUR 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 12-Dec-01 JPM Global Macro Opportunities D (acc) - HUF (hedged) 2.15% 2.15% 2.15% 2.15% - - 2.15% 14-May-18 JPM Global Macro Opportunities D (acc) - PLN (hedged) 2.15% 2.15% 2.15% 2.15% 2.15% - 2.15% 29-Sep-16 JPM Global Macro Opportunities D (acc) - USD (hedged) 2.15% 2.15% 2.15% 2.15% 2.15% - 2.15% 03-May-16 JPM Global Macro Opportunities I (acc) - EUR 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 08-Feb-16 JPM Global Macro Opportunities I (acc) - JPY (hedged) 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 21-Jun-16 JPM Global Macro Opportunities I (acc) - SEK (hedged)** 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 29-Dec-15 JPM Global Macro Opportunities I (acc) - USD (hedged) 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% 22-Sep-15 JPM Global Macro Opportunities T (acc) - EUR 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% 27-Jun-11 JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) 0.71% 0.71% 0.71% 0.71% 0.71% - 0.71% 29-Jan-16 JPM Global Macro Opportunities X (acc) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 25-Apr-06 JPM Global Macro Opportunities X (acc) - USD (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 01-Oct-14 JPM Global Macro Opportunities X (dist) - AUD (hedged) 0.10% 0.10% 0.10% 0.10% 0.10% - 0.10% 02-May-16

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 04-Mar-14 JPM Global Select Equity A (acc) - CZK 1.80% 1.80% 1.80% 1.80% - - 1.80% 16-Feb-18 JPM Global Select Equity A (acc) - SGD 1.80% 1.80% 1.80% 1.80% - - 1.80% 23-Feb-18 JPM Global Select Equity A (acc) - USD 1.79% 1.79% 1.79% 1.79% 1.80% 1.80% 1.80% 30-Apr-81 JPM Global Select Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-May-06 JPM Global Select Equity C (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.80% 0.80% 0.70% 05-Apr-11 JPM Global Select Equity C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.80% 0.80% 0.70% 26-Mar-98 JPM Global Select Equity C (dist) - USD 0.70% 0.70% 0.70% 0.70% - - 0.70% 23-Feb-18 JPM Global Select Equity D (acc) - USD 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 15-Apr-02 JPM Global Select Equity I2 (acc) - USD 0.56% 0.56% 0.56% 0.56% - - 0.56% 08-Jun-18 JPM Global Select Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 22-Sep-99

JPMorgan Investment Funds - Global Select Equity Plus Fund (2) JPM Global Select Equity Plus A (perf) (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 29-May-98 JPM Global Select Equity Plus A (perf) (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-May-06 JPM Global Select Equity Plus C (perf) (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 10-Jul-98 JPM Global Select Equity Plus D (perf) (acc) - USD 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 06-Feb-01

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. * Share Class inactive as at end of the period. ** Share Class reactivated during the period. *** Share Class closed as at the end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

181 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 1.20% 1.20% 1.20% 1.20% 1.19% 1.19% 1.20% 28-Sep-11 JPM Income Opportunity A (perf) (acc) - EUR (hedged) 1.20% 1.20% 1.20% 1.20% 1.18% 1.19% 1.20% 19-Jul-07 JPM Income Opportunity A (perf) (acc) - SEK (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 02-Jul-09 JPM Income Opportunity A (perf) (acc) - SGD (hedged) 1.20% 1.20% 1.23% 1.23% 1.20% 1.20% 1.20% 17-Dec-13 JPM Income Opportunity A (perf) (acc) - USD 1.20% 1.20% 1.20% 1.20% 1.18% 1.19% 1.20% 14-Oct-08 JPM Income Opportunity A (perf) (dist) - EUR (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 05-Feb-15 JPM Income Opportunity A (perf) (dist) - GBP (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.19% 1.20% 06-Feb-08 JPM Income Opportunity A (perf) (dist) - USD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 05-Feb-15 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 13-Dec-12 JPM Income Opportunity A (perf) (inc) - EUR (hedged)*** - - - - 1.20% 1.19% 1.20% 19-Jul-07 JPM Income Opportunity A (perf) (mth) - USD 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 06-Jul-12 JPM Income Opportunity C (perf) (acc) - CHF (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 17-Jul-14 JPM Income Opportunity C (perf) (acc) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 18-Jan-08 JPM Income Opportunity C (perf) (acc) - SEK (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 18-Mar-10 JPM Income Opportunity C (perf) (acc) - SGD (hedged)* - - - - 0.70% 0.70% 0.70% 21-Sep-15 JPM Income Opportunity C (perf) (acc) - USD 0.70% 0.70% 0.81% 0.81% 0.70% 0.70% 0.70% 22-Oct-09 JPM Income Opportunity C (perf) (dist) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 0.70% 03-Jun-13 JPM Income Opportunity C (perf) (dist) - GBP (hedged) 0.70% 0.70% 0.74% 0.74% 0.70% 0.70% 0.70% 17-Feb-09 JPM Income Opportunity C (perf) (dist) - USD 0.70% 0.70% 0.81% 0.81% 0.70% 0.70% 0.70% 04-Jun-13 JPM Income Opportunity C (perf) (inc) - EUR (hedged)*** - - - - 0.70% 0.70% 0.70% 04-Oct-13 JPM Income Opportunity C (perf) (mth) - USD 0.70% 0.70% 0.81% 0.81% 0.70% 0.70% 0.70% 06-Jul-12 JPM Income Opportunity D (perf) (acc) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.44% 1.44% 1.45% 19-Jul-07 JPM Income Opportunity D (perf) (acc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 24-Oct-13 JPM Income Opportunity D (perf) (dist) - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 19-Jul-07 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 13-Dec-12 JPM Income Opportunity I (perf) (acc) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.66% 0.64% 0.66% 04-Oct-13 JPM Income Opportunity I (perf) (acc) - SGD (hedged) 0.66% 0.66% 0.80% 0.80% 0.66% 0.66% 0.66% 02-Sep-14 JPM Income Opportunity I (perf) (acc) - USD 0.66% 0.66% 0.76% 0.76% 0.66% 0.64% 0.66% 19-Jan-11 JPM Income Opportunity I (perf) (dist) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.66% 0.65% 0.66% 11-Oct-12 JPM Income Opportunity I (perf) (dist) - GBP (hedged) 0.66% 0.66% 0.73% 0.73% 0.66% 0.66% 0.66% 15-Oct-13 JPM Income Opportunity I (perf) (dist) - USD* 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 0.66% 18-Oct-13 JPM Income Opportunity P (perf) (acc) - EUR (hedged) 0.30% 0.30% 0.30% 0.30% - - 0.70% 09-Oct-17 JPM Income Opportunity P (perf) (acc) - USD 0.41% 0.41% 0.57% 0.57% 0.41% 0.41% 0.70% 21-Jun-13 JPM Income Opportunity P (perf) (dist) - GBP (hedged) 0.41% 0.41% 0.51% 0.51% 0.41% 0.41% 0.70% 29-Apr-15 JPM Income Opportunity X (perf) (acc) - EUR (hedged) 0.10% 0.10% 0.14% 0.14% 0.10% 0.10% 0.10% 17-Nov-09 JPM Income Opportunity X (perf) (acc) - USD 0.10% 0.10% 0.18% 0.18% 0.10% 0.08% 0.10% 12-Mar-09 JPM Income Opportunity X (perf) (dist) - GBP (hedged) - - 0.04% 0.04% - - 0.10% 24-May-11 JPM Income Opportunity X (perf) (dist) - USD* ----0.09% 0.10% 0.10% 11-Aug-15

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 24-Sep-12 JPM Japan Select Equity A (acc) - JPY 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 12-Nov-93 JPM Japan Select Equity A (dist) - JPY 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 15-May-06 JPM Japan Select Equity C (acc) - EUR (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 10-May-13 JPM Japan Select Equity C (acc) - JPY 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 03-Jun-99 JPM Japan Select Equity C (acc) - USD (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 11-Oct-13 JPM Japan Select Equity C (dist) - JPY 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 08-Aug-13 JPM Japan Select Equity D (acc) - JPY 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 22-Mar-02 JPM Japan Select Equity I (acc) - JPY* ----0.91% 0.91% 0.91% 17-Nov-06 JPM Japan Select Equity I2 (acc) - JPY 0.68% 0.68% 0.68% 0.68% - - 0.76% 08-Jun-18 JPM Japan Select Equity X (acc) - JPY 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 26-May-98

* Share Class inactive as at end of the period. *** Share Class closed as at the end of the period. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

182 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 30-Nov-07 JPM Japan Strategic Value A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 21-Mar-13 JPM Japan Strategic Value A (acc) - JPY 1.77% 1.77% 1.77% 1.77% 1.80% 1.80% 1.80% 30-Nov-07 JPM Japan Strategic Value A (acc) - USD (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 21-Mar-13 JPM Japan Strategic Value A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 30-Nov-07 JPM Japan Strategic Value C (acc) - EUR (hedged) 0.95% 0.95% 0.95% 0.95% 0.95% - 0.95% 22-Nov-16 JPM Japan Strategic Value C (acc) - JPY 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% 02-Apr-09 JPM Japan Strategic Value C (acc) - USD 0.95% 0.95% 0.95% 0.95% - - 0.95% 08-Nov-13 JPM Japan Strategic Value D (acc) - EUR 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 30-Nov-07 JPM Japan Strategic Value D (acc) - EUR (hedged) 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 13-May-13 JPM Japan Strategic Value D (acc) - JPY 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 2.55% 30-Nov-07 JPM Japan Strategic Value I (acc) - EUR (hedged) 0.91% 0.91% 0.91% 0.91% - - 0.91% 29-Aug-17 JPM Japan Strategic Value X (acc) - JPY 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 30-Apr-09 JPM Japan Strategic Value X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 27-Jun-13 JPM Japan Strategic Value X (acc) - USD (hedged) 0.15% 0.15% 0.15% 0.15% - - 0.15% 03-Mar-17

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - EUR (hedged) 1.10% 1.10% 1.10% 1.10% - - 1.10% 11-Apr-18 JPM US Bond A (acc) - GBP (hedged) 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 16-Dec-15 JPM US Bond A (acc) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 15-May-97 JPM US Bond A (dist) - USD 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 15-May-06 JPM US Bond C (acc) - USD 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 12-Feb-98 JPM US Bond D (acc) - EUR (hedged) 1.29% 1.29% 1.29% 1.29% - - 1.35% 11-Apr-18 JPM US Bond D (acc) - USD 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 1.35% 13-Nov-01 JPM US Bond I (acc) - USD 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 23-Apr-07

JPMorgan Investment Funds - US Equity Fund (3) JPM US Equity A (acc) - EUR 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 23-Oct-13 JPM US Equity A (acc) - EUR (hedged) 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 27-Dec-06 JPM US Equity A (acc) - USD 1.80% 1.80% 1.80% 1.80% 1.75% 1.80% 1.80% 27-Dec-06 JPM US Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 25-Aug-09 JPM US Equity A (dist) - USD 1.80% 1.80% 1.80% 1.80% 1.78% 1.80% 1.80% 25-Aug-09 JPM US Equity C (acc) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 22-Mar-07 JPM US Equity C (dist) - USD 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 29-Sep-15 JPM US Equity D (acc) - EUR (hedged) 2.30% 2.30% 2.30% 2.30% 2.30% 2.30% 2.30% 27-Dec-06 JPM US Equity D (acc) - USD 2.30% 2.30% 2.30% 2.30% 2.30% 2.30% 2.30% 27-Dec-06 JPM US Equity I (acc) - EUR (hedged) 0.81% 0.81% 0.81% 0.81% 0.81% 0.80% 0.81% 14-Oct-13 JPM US Equity I (acc) - USD 0.81% 0.81% 0.81% 0.81% 0.81% 0.80% 0.81% 04-Oct-13 JPM US Equity I (dist) - EUR 0.81% 0.81% 0.81% 0.81% - - 0.81% 07-Mar-17 JPM US Equity I (dist) - GBP 0.81% 0.81% 0.81% 0.81% 0.81% 0.81% 0.81% 14-Oct-13 JPM US Equity I (dist) - USD 0.81% 0.81% 0.81% 0.81% - - 0.81% 07-Mar-17 JPM US Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 21-May-07

(3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018. + Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

183 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

1. Total Expense Ratios (continued) For the For the For the For the For the For the Capped Inception period period period period year year Expense Date ended ended ended ended ended ended Ratio 30 Jun 18+ 30 Jun 18 (a) 30 Jun 18 (b) 30 Jun 18 (c) 31 Dec 17+ 31 Dec 16+ 30 Jun 18+

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - AUD (hedged) 1.80% 1.80% 1.80% 1.80% - - 1.80% 20-Jul-17 JPM US Select Equity A (acc) - EUR 1.71% 1.71% 1.71% 1.71% 1.71% 1.80% 1.80% 10-Jun-08 JPM US Select Equity A (acc) - EUR (hedged) 1.70% 1.70% 1.70% 1.70% 1.71% 1.80% 1.80% 15-Mar-07 JPM US Select Equity A (acc) - USD 1.70% 1.70% 1.70% 1.70% 1.68% 1.80% 1.80% 05-Jul-84 JPM US Select Equity A (dist) - GBP 1.80% 1.80% 1.80% 1.80% - - 1.80% 23-Feb-18 JPM US Select Equity A (dist) - USD 1.77% 1.77% 1.77% 1.77% 1.75% 1.80% 1.80% 15-May-06 JPM US Select Equity C (acc) - EUR 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 06-Sep-11 JPM US Select Equity C (acc) - EUR (hedged) 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 19-Sep-08 JPM US Select Equity C (acc) - USD 0.69% 0.69% 0.69% 0.69% 0.83% 0.84% 0.70% 03-Feb-98 JPM US Select Equity C (dist) - GBP 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 06-Sep-11 JPM US Select Equity C (dist) - USD 0.70% 0.70% 0.70% 0.70% 0.85% 0.85% 0.70% 06-Aug-13 JPM US Select Equity D (acc) - EUR (hedged) 2.25% 2.25% 2.25% 2.25% 2.23% 2.30% 2.30% 15-Mar-07 JPM US Select Equity D (acc) - USD 2.22% 2.22% 2.22% 2.22% 2.18% 2.29% 2.30% 01-Feb-02 JPM US Select Equity I (acc) - EUR 0.66% 0.66% 0.66% 0.66% - - 0.66% 04-May-17 JPM US Select Equity I (acc) - EUR (hedged) 0.66% 0.66% 0.66% 0.66% 0.81% 0.80% 0.66% 11-Oct-13 JPM US Select Equity I (acc) - USD 0.66% 0.66% 0.66% 0.66% 0.81% 0.75% 0.66% 15-May-07 JPM US Select Equity I (dist) - GBP 0.66% 0.66% 0.66% 0.66% - - 0.66% 23-Feb-18 JPM US Select Equity I (dist) - USD 0.66% 0.66% 0.66% 0.66% 0.81% 0.80% 0.66% 11-Oct-13 JPM US Select Equity I2 (acc) - EUR (hedged) 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM US Select Equity I2 (acc) - USD 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM US Select Equity I2 (dist) - USD 0.56% 0.56% 0.56% 0.56% - - 0.56% 18-Dec-17 JPM US Select Equity X (acc) - USD 0.15% 0.15% 0.15% 0.15% 0.15% 0.11% 0.15% 06-Apr-98

+ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest and Performance Fees are excluded from the calculation.

The capped expense ratios and total expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements. All TER figures are annualised.

(a) These figures include Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable. (b) These figures include Performance Fees, where applicable. (c) These figures include i) Fee Waivers on Management and Advisory Fees or Operating and Administrative expenses and ii) Performance Fees, where applicable.

184 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

2. Summary of Investment Objectives of the Sub-Funds

JPMorgan Investment Funds - Europe Select Equity Fund To achieve a return in excess of the European equity markets by investing primarily in European companies.

JPMorgan Investment Funds - Europe Strategic Dividend Fund To provide long-term returns by investing primarily in high dividend-yielding equity securities of European companies.

JPMorgan Investment Funds - Global Balanced Fund To provide long-term capital growth and income by investing primarily in companies and debt securities issued or guaranteed by governments or their agencies, globally and using financial derivative instruments where appropriate.

JPMorgan Investment Funds - Global Convertibles Conservative Fund To provide a return by investing primarily in a conservatively constructed portfolio of convertible securities, globally.

JPMorgan Investment Funds - Global Dividend Fund To provide long-term capital growth by investing primarily in companies, globally, that generate high and rising income.

JPMorgan Investment Funds - Global High Yield Bond Fund To achieve a return in excess of global bond markets by investing primarily in global below investment grade corporate debt securities, using financial derivative instruments where appropriate.

JPMorgan Investment Funds - Global Income Conservative Fund To provide regular income by investing primarily in a conservatively constructed portfolio of income generating securities, globally, and through the use of financial derivative instruments.

JPMorgan Investment Funds - Global Income Fund To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of financial derivative instruments.

JPMorgan Investment Funds - Global Macro Balanced Fund To achieve capital growth in excess of its benchmark, by investing primarily in securities, globally, using financial derivative instruments where appropriate.

JPMorgan Investment Funds - Global Macro Fund To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using financial derivative instruments where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).

JPMorgan Investment Funds - Global Macro Opportunities Fund To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using financial derivative instruments where appropriate.

JPMorgan Investment Funds - Global Select Equity Fund To achieve a return in excess of the global equity markets by investing primarily in companies, globally.

JPMorgan Investment Funds - Income Opportunity Fund To achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the debt and currency markets, using financial derivative instruments where appropriate.

JPMorgan Investment Funds - Japan Select Equity Fund To achieve a return in excess of the Japanese equity market by investing primarily in Japanese companies.

JPMorgan Investment Funds - Japan Strategic Value Fund To provide long-term capital growth by investing primarily in a value style biased portfolio of Japanese companies.

JPMorgan Investment Funds - US Bond Fund To achieve a return in excess of US bond markets by investing primarily in US debt securities, using financial derivative instruments where appropriate.

JPMorgan Investment Funds - US Select Equity Fund To achieve a return in excess of the US equity market by investing primarily in US companies.

185 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility Performance Returns for periods greater than one year are annualised. SICAV performance includes reinvestment of income and is net of all expenses. Past performance is no indication of current or future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Volatility The standard deviation (D) of the price is calculated on a daily basis throughout each SICAV’s financial year. The details below relate to the period from 1 January 2018 to 30 June 2018. If D is equal to or less than 0.1 then volatility will be Low. If D is greater than 0.1 but less than or equal to 1.0 then volatility will be Medium. If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High. If D is greater than 2.4 then volatility will be Very High.

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - CZK 5.71% -----Medium JPM Europe Select Equity A (acc) - EUR 3.26% -1.37% 0.63% 1.58% 11.63% 1.87% Medium JPM Europe Select Equity A (acc) - USD -2.47% -4.30% -0.75% 3.46% 14.42% 3.17% Medium JPM Europe Select Equity A (dist) - EUR 3.24% -1.46% 0.53% 1.45% 11.41% 1.58% Medium JPM Europe Select Equity A (dist) - GBP 4.16% -----Medium JPM Europe Select Equity C (acc) - EUR 3.52% -0.89% 1.35% 2.53% 12.74% 2.82% Medium JPM Europe Select Equity C (acc) - USD -2.21% -3.78% 0.04% 4.54% 15.71% - Medium JPM Europe Select Equity C (dist) - EUR 3.53% -0.91% 1.32% 2.50% 12.64% - Medium JPM Europe Select Equity C (dist) - GBP 4.44% -1.17% 1.59% 3.06% 16.94% 10.96% Medium JPM Europe Select Equity D (acc) - EUR 3.05% -1.78% -0.01% 0.73% 10.61% 1.00% Medium JPM Europe Select Equity D (acc) - USD -2.66% -4.66% -1.30% 2.69% 13.52% 2.37% Medium JPM Europe Select Equity I (acc) - EUR 3.53% -0.86% 1.38% 2.57% 12.80% 2.86% Medium JPM Europe Select Equity I (acc) - USD* ------Medium JPM Europe Select Equity I (acc) - USD (hedged) 4.16% -0.06% 3.13% 5.47% 16.67% 7.25% Medium JPM Europe Select Equity I (dist) - EUR 3.46% -0.78% 1.47% 2.67% 12.73% 2.65% Medium JPM Europe Select Equity I2 (acc) - EUR 3.56% -0.83% ----Medium JPM Europe Select Equity I2 (acc) - USD -2.17% -3.70% ----Medium JPM Europe Select Equity I2 (acc) - USD (hedged) 4.17% -0.02% ----Medium JPM Europe Select Equity I2 (dist) - EUR 3.56% -0.83% ----Medium JPM Europe Select Equity X (acc) - EUR 3.67% -0.61% 1.80% 3.16% 13.57% 3.55% Medium JPM Europe Select Equity X (acc) - USD (hedged) 4.29% 0.19% 3.54% 6.07% 17.49% 8.02% Medium JPM Europe Select Equity X (dist) - EUR 3.67% -0.70% 1.71% 3.08% 13.37% 3.12% Medium

* Share Class inactive as at the end of the period.

186 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - AUD (hedged) 3.31% -1.34% 0.98% - - - Medium JPM Europe Strategic Dividend A (acc) - EUR 2.68% -2.02% -0.85% 0.74% 8.00% 0.25% Medium JPM Europe Strategic Dividend A (acc) - HUF (hedged) 2.67% -2.19% -0.45% 1.88% 9.99% 3.73% Medium JPM Europe Strategic Dividend A (acc) - USD (hedged) 3.29% -0.96% 1.30% 4.16% 11.89% 4.47% Medium JPM Europe Strategic Dividend A (dist) - EUR 2.69% -2.04% -0.88% 0.70% 7.90% 0.10% Medium JPM Europe Strategic Dividend A (div) - EUR 2.71% -2.00% -0.81% 0.78% 7.82% 0.04% Medium JPM Europe Strategic Dividend A (mth) - EUR 2.67% -2.05% -0.88% 0.68% 7.72% -0.05% Medium JPM Europe Strategic Dividend A (mth) - RMB (hedged) 3.62% -0.16% 2.72% 5.96% 14.81% 7.06% Medium JPM Europe Strategic Dividend A (mth) - SGD (hedged) 3.10% -1.31% 0.87% 3.49% 11.10% 4.04% Medium JPM Europe Strategic Dividend A (mth) - USD (hedged) 3.30% -0.95% 1.31% 4.14% 11.56% 4.00% Medium JPM Europe Strategic Dividend C (acc) - EUR 2.90% -1.60% -0.21% 1.60% 8.99% 1.12% Medium JPM Europe Strategic Dividend C (acc) - PLN (hedged)* ------Medium JPM Europe Strategic Dividend C (acc) - USD (hedged) 3.52% -0.52% 1.98% 5.08% 12.99% 5.48% Medium JPM Europe Strategic Dividend C (dist) - EUR 2.90% -1.65% -0.26% 1.55% 8.85% 0.91% Medium JPM Europe Strategic Dividend C (dist) - EUR (hedged) 2.88% -1.80% 0.08% 2.60% 10.52% 3.77% Medium JPM Europe Strategic Dividend C (dist) - GBP 3.82% -1.88% 0.03% 2.13% 12.95% 9.12% Medium JPM Europe Strategic Dividend C (div) - EUR 2.93% -1.57% -0.16% 1.64% 8.79% 0.87% Medium JPM Europe Strategic Dividend C (mth) - SGD (hedged) 3.27% -0.96% 1.40% 4.40% 12.18% - Medium JPM Europe Strategic Dividend C (mth) - USD (hedged) 3.52% -0.53% 1.96% 5.02% 12.59% 4.91% Medium JPM Europe Strategic Dividend D (acc) - EUR 2.48% -2.41% -1.43% -0.06% 7.09% -0.53% Medium JPM Europe Strategic Dividend D (div) - EUR 2.52% -2.36% -1.35% 0.05% 7.00% -0.65% Medium JPM Europe Strategic Dividend D (mth) - EUR (hedged) 2.45% -2.57% -1.10% 0.96% - - Medium JPM Europe Strategic Dividend D (mth) - USD (hedged) 3.09% -1.35% 0.69% 3.30% 10.59% 3.13% Medium JPM Europe Strategic Dividend I (acc) - EUR 2.91% -1.59% -0.18% 1.64% 9.04% 1.16% Medium JPM Europe Strategic Dividend I (acc) - SGD* ------Medium JPM Europe Strategic Dividend I (acc) - SGD (hedged)* ------Medium JPM Europe Strategic Dividend I (acc) - USD -2.78% -4.46% -1.48% - - - Medium JPM Europe Strategic Dividend I (acc) - USD (hedged)**+ ------Medium JPM Europe Strategic Dividend I (dist) - EUR 2.91% -1.64% -0.23% 1.59% 8.91% 0.92% Medium JPM Europe Strategic Dividend I (div) - EUR 2.95% -1.54% ----Medium JPM Europe Strategic Dividend I2 (acc) - EUR 2.94% -1.55% ----Medium JPM Europe Strategic Dividend I2 (dist) - EUR 2.93% -1.56% ----Medium JPM Europe Strategic Dividend X (acc) - EUR 3.08% -1.26% 0.31% 2.31% 9.82% 1.86% Medium JPM Europe Strategic Dividend X (acc) - SGD 1.30% -----Medium JPM Europe Strategic Dividend X (acc) - SGD (hedged) 3.55% -----Medium JPM Europe Strategic Dividend X (acc) - USD (hedged) 3.70% -0.18% 2.51% 5.81% - - Medium JPM Europe Strategic Dividend X (dist) - GBP 3.97% -1.60% 0.47% 2.73% 13.67% 9.83% Medium JPM Europe Strategic Dividend X (div) - EUR 3.12% -1.25% 0.35% 2.33% 9.58% - Medium

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 0.25% -1.04% 2.79% 5.07% 5.44% 3.54% Medium JPM Global Balanced A (acc) - USD (hedged) 0.92% 0.21% 4.66% 7.48% 7.64% 5.12% Medium JPM Global Balanced A (dist) - EUR 0.25% -1.04% 2.79% 5.07% 5.38% 3.45% Medium JPM Global Balanced A (dist) - USD (hedged) 0.92% 0.22% 4.67% 7.48% 7.55% 4.99% Medium JPM Global Balanced A (mth) - USD (hedged) 0.92% 0.22% 4.66% 7.45% 7.53% 4.95% Medium JPM Global Balanced C (acc) - EUR 0.44% -0.67% 3.36% 5.86% 6.28% 4.38% Medium JPM Global Balanced C (acc) - USD (hedged) 1.11% 0.59% 5.25% 8.28% 8.51% 5.99% Medium JPM Global Balanced C (dist) - EUR 0.44% -0.67% 3.37% 5.87% 6.20% 4.25% Medium JPM Global Balanced C (dist) - USD (hedged) 1.11% 0.60% 5.26% 8.29% 8.40% - Medium JPM Global Balanced C (mth) - USD (hedged) 1.11% 0.60% 5.25% 8.25% 8.38% 5.79% Medium JPM Global Balanced D (acc) - EUR 0.12% -1.30% 2.40% 4.54% 4.89% 2.99% Medium JPM Global Balanced D (acc) - USD (hedged) 0.79% -0.03% 4.27% 6.95% 7.07% 4.55% Medium JPM Global Balanced D (mth) - USD (hedged) 0.80% -0.03% 4.28% 6.92% 6.97% 4.39% Medium JPM Global Balanced I (acc) - EUR 0.44% -0.66% 3.39% 5.89% 6.32% 4.42% Medium JPM Global Balanced I2 (acc) - EUR 0.49% -0.56% ----Medium JPM Global Balanced T (acc) - EUR 0.12% -1.29% 2.40% 4.54% 4.89% 2.99% Medium JPM Global Balanced X (acc) - EUR 0.64% -0.28% 3.98% 6.70% 7.18% - Medium

JPMorgan Investment Funds - Global Convertibles Conservative Fund (1) JPM Global Convertibles Conservative A (acc) - SGD (hedged) -0.42% -0.59% 1.20% 3.23% 6.88% 2.48% Medium JPM Global Convertibles Conservative A (acc) - USD -0.25% -0.30% 1.66% 3.85% 7.32% 2.49% Medium JPM Global Convertibles Conservative A (dist) - USD -0.26% -0.31% 1.64% 3.82% 7.27% 2.42% Medium JPM Global Convertibles Conservative A (mth) - USD -0.26% -0.31% 1.64% 3.81% 7.20% 2.33% Medium JPM Global Convertibles Conservative C (acc) - USD -0.11% -0.02% 2.09% 4.43% 7.96% 3.08% Medium JPM Global Convertibles Conservative C (dist) - USD -0.11% -0.06% 2.05% 4.39% 7.92% - Medium JPM Global Convertibles Conservative C (mth) - USD -0.10% -0.01% 2.10% 4.44% 7.89% 2.97% Medium JPM Global Convertibles Conservative D (acc) - USD -0.39% -0.56% 1.25% 3.29% 6.71% 1.92% Medium JPM Global Convertibles Conservative D (mth) - USD -0.38% -0.56% 1.26% 3.30% 6.64% 1.81% Medium JPM Global Convertibles Conservative I (acc) - USD -0.11% - 2.12% 4.47% 8.01% 3.12% Medium JPM Global Convertibles Conservative I2 (acc) - USD -0.06% 0.08% ----Medium JPM Global Convertibles Conservative X (acc) - USD 0.09% 0.38% 2.70% 5.27% 8.89% 3.96% Medium

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. * Share Class inactive as at the end of the period. ** Share Class reactivated during the period. + No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.

187 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 7.02% 1.30% 6.24% 6.74% 10.53% 5.26% Medium JPM Global Dividend A (acc) - EUR (hedged) 3.24% -1.26% 4.44% 6.99% 11.34% 6.33% Medium JPM Global Dividend A (acc) - USD 1.11% -1.65% 4.87% 8.84% 13.39% 6.79% Medium JPM Global Dividend A (dist) - EUR (hedged) 3.24% -1.26% 4.44% 6.98% 11.18% 6.06% Medium JPM Global Dividend A (dist) - USD 1.10% -1.63% 4.88% 8.85% 13.16% 6.46% Medium JPM Global Dividend A (div) - EUR 7.00% 1.25% 6.18% 6.61% 10.25% 4.88% Medium JPM Global Dividend A (div) - EUR (hedged) 3.23% -1.27% 4.43% 6.92% 11.05% 5.87% Medium JPM Global Dividend A (div) - USD 1.10% -1.64% 4.86% 8.77% 13.02% 6.29% Medium JPM Global Dividend A (mth) - USD (hedged) 3.71% -0.06% 6.36% 9.45% 13.24% 7.27% Medium JPM Global Dividend C (acc) - EUR 7.28% 1.81% 7.04% 7.81% 11.75% 6.44% Medium JPM Global Dividend C (acc) - USD 1.36% -1.15% 5.69% 9.96% - - Medium JPM Global Dividend C (dist) - EUR 7.29% 1.66% 6.88% 7.66% 11.55% 6.09% Medium JPM Global Dividend C (dist) - EUR (hedged) 3.50% -0.78% 5.21% 8.03% 12.36% 7.17% Medium JPM Global Dividend D (acc) - EUR (hedged) 3.05% -1.63% 3.86% 6.19% 10.43% 5.45% Medium JPM Global Dividend D (acc) - USD 0.91% -2.02% 4.28% 8.02% 12.45% 5.90% Medium JPM Global Dividend D (div) - EUR (hedged) 3.04% -1.63% 3.85% 6.14% 10.17% 5.04% Medium JPM Global Dividend D (mth) - EUR (hedged) 3.04% -1.61% 3.87% 6.14% - - Medium JPM Global Dividend F (mth) - USD (hedged) 3.45% -0.55% ----Medium JPM Global Dividend I (acc) - EUR 7.30% 1.83% ----Medium JPM Global Dividend T (acc) - EUR (hedged) 3.04% -1.63% 3.85% 6.18% 10.42% 5.45% Medium JPM Global Dividend X (acc) - EUR (hedged)* ------Medium JPM Global Dividend X (acc) - USD 1.52% -0.84% 6.17% 10.64% 15.51% - Medium JPM Global Dividend X (dist) - AUD 5.56% 4.80% 12.32% 15.02% 15.52% 10.05% Medium

JPMorgan Investment Funds - Global Financials Fund (2) JPM Global Financials A (acc) - EUR - -1.57% 5.23% 7.46% 23.36% 5.27% Medium JPM Global Financials A (acc) - SGD - -0.14% 6.79% 11.18% 29.65% 8.32% Medium JPM Global Financials A (acc) - USD - 0.98% 9.77% 15.79% 31.21% 9.09% Medium JPM Global Financials A (dist) - USD - 0.97% 9.76% 15.78% 30.88% 8.58% Medium JPM Global Financials C (acc) - EUR - -1.46% 5.58% 8.03% 24.35% 6.10% Medium JPM Global Financials C (acc) - SGD ------Medium JPM Global Financials C (acc) - USD - 1.10% 10.12% 16.39% 32.29% 10.00% Medium JPM Global Financials C (dist) - USD - 1.10% 10.13% 16.39% 31.92% 9.43% Medium JPM Global Financials D (acc) - USD - 0.82% 9.33% 15.04% 29.87% 7.97% Medium JPM Global Financials X (acc) - USD - 1.24% 10.50% 17.04% 33.44% - Medium

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. Performance has been calculated with the last available NAV date. * Share Class inactive as at the end of the period.

188 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 1.34% 0.08% 0.92% 2.46% 7.41% 5.49% Medium JPM Global High Yield Bond A (acc) - CHF (hedged) 0.65% -1.26% -1.28% -0.43% 4.23% 2.35% Medium JPM Global High Yield Bond A (acc) - CZK (hedged) 0.89% -0.88% -1.22% -0.48% - - Medium JPM Global High Yield Bond A (acc) - EUR (hedged) 0.75% -1.04% -0.91% 0.07% 4.79% 3.01% Medium JPM Global High Yield Bond A (acc) - HUF (hedged) 0.86% -0.92% -0.67% 0.37% 5.37% 3.78% Medium JPM Global High Yield Bond A (acc) - USD 1.42% 0.18% 0.94% 2.47% 7.01% 4.81% Medium JPM Global High Yield Bond A (dist) - EUR (hedged) 0.75% -1.07% -0.93% 0.05% 4.72% 2.69% Medium JPM Global High Yield Bond A (dist) - USD 1.40% 0.10% 0.83% 2.34% 6.73% 4.23% Medium JPM Global High Yield Bond A (irc) - AUD (hedged) 1.38% 0.10% 1.01% 2.49% 7.18% 4.91% Medium JPM Global High Yield Bond A (irc) - CAD (hedged) 1.23% -0.20% 0.46% 1.64% 6.12% 3.63% Medium JPM Global High Yield Bond A (irc) - NZD (hedged) 1.40% 0.16% 1.13% 2.80% 7.50% 5.24% Medium JPM Global High Yield Bond A (irc) - RMB (hedged) 1.73% 0.95% 2.21% 4.15% 9.47% 6.95% Medium JPM Global High Yield Bond A (mth) - HKD 1.43% 0.55% 1.31% 2.88% 7.35% 4.62% Medium JPM Global High Yield Bond A (mth) - SGD 5.40% 2.02% 1.15% 1.26% 7.37% 4.70% Medium JPM Global High Yield Bond A (mth) - USD 1.41% 0.16% 0.91% 2.41% 6.76% 4.24% Medium JPM Global High Yield Bond C (acc) - EUR (hedged) 0.87% -0.83% -0.59% 0.51% 5.29% 3.51% Medium JPM Global High Yield Bond C (acc) - PLN (hedged) 1.37% 0.11% 0.89% 2.49% 7.58% 5.60% Medium JPM Global High Yield Bond C (acc) - USD 1.53% 0.41% 1.29% 2.94% 7.54% 5.33% Medium JPM Global High Yield Bond C (dist) - EUR (hedged) 0.88% -0.85% -0.60% 0.51% 5.21% 3.14% Medium JPM Global High Yield Bond C (dist) - GBP (hedged) 1.14% -0.36% 0.15% 1.44% 6.30% 4.03% Medium JPM Global High Yield Bond C (dist) - USD 1.54% 0.36% 1.24% 2.88% 7.35% 4.57% Medium JPM Global High Yield Bond C (div) - EUR (hedged) 0.86% -0.83% -0.58% 0.53% 5.16% 3.12% Medium JPM Global High Yield Bond C (irc) - CAD (hedged) 1.35% 0.05% 0.81% 2.14% 6.67% - Medium JPM Global High Yield Bond C (mth) - HKD 1.54% 0.81% 1.75% 3.32% 7.75% - Medium JPM Global High Yield Bond C (mth) - USD 1.53% 0.40% 1.27% 2.87% 7.27% 4.74% Medium JPM Global High Yield Bond D (acc) - EUR (hedged) 0.65% -1.25% -1.22% -0.34% 4.34% 2.56% Medium JPM Global High Yield Bond D (acc) - PLN (hedged) 1.13% -0.36% 0.18% 1.53% 6.50% 4.51% Medium JPM Global High Yield Bond D (acc) - USD 1.29% -0.06% 0.57% 1.97% 6.46% 4.24% Medium JPM Global High Yield Bond D (div) - EUR (hedged) 0.65% -1.23% -1.18% -0.28% 4.29% 2.27% Medium JPM Global High Yield Bond D (mth) - EUR (hedged) 0.63% -1.29% -1.25% -0.39% - - Medium JPM Global High Yield Bond F (irc) - AUD (hedged) 1.11% -0.42% ----Medium JPM Global High Yield Bond F (mth) - USD 1.14% -0.37% ----Medium JPM Global High Yield Bond I (acc) - EUR (hedged) 0.89% -0.81% -0.56% 0.56% 5.33% 3.55% Medium JPM Global High Yield Bond I (acc) - USD 1.55% 0.44% 1.32% 2.98% 7.59% 5.37% Medium JPM Global High Yield Bond I (dist) - EUR (hedged) 0.88% -0.84% -0.59% 0.53% 5.24% 3.16% Medium JPM Global High Yield Bond I (dist) - GBP (hedged)* ------Medium JPM Global High Yield Bond I (dist) - USD* ------Medium JPM Global High Yield Bond I (mth) - USD 1.55% 0.42% 1.29% 2.92% 7.31% 4.78% Medium JPM Global High Yield Bond I2 (acc) - EUR (hedged) 0.92% -0.75% ----Medium JPM Global High Yield Bond I2 (acc) - USD 1.58% 0.50% ----Medium JPM Global High Yield Bond I2 (dist) - EUR (hedged) 0.91% -0.76% ----Medium JPM Global High Yield Bond I2 (dist) - GBP (hedged) 1.17% -0.27% ----Medium JPM Global High Yield Bond I2 (dist) - USD 1.57% 0.48% ----Medium JPM Global High Yield Bond I2 (mth) - USD 1.60% 0.52% ----Medium JPM Global High Yield Bond P (acc) - USD 1.58% 0.51% ----Medium JPM Global High Yield Bond P (dist) - EUR (hedged) 0.91% -0.76% -0.47% 0.68% - - Medium JPM Global High Yield Bond P (dist) - USD 1.58% 0.46% 1.39% 3.09% 7.58% - Medium JPM Global High Yield Bond T (acc) - EUR (hedged) 0.64% -1.28% -1.27% -0.40% 4.27% 2.49% Medium JPM Global High Yield Bond X (acc) - EUR (hedged) 0.99% -0.59% -0.22% 1.02% 5.84% 4.06% Medium JPM Global High Yield Bond X (acc) - USD 1.67% 0.66% 1.67% 3.45% 8.12% 5.91% Medium JPM Global High Yield Bond X (mth) - USD 1.66% -----Medium

JPMorgan Investment Funds - Global Income Conservative Fund JPM Global Income Conservative A (acc) - EUR -0.24% -2.43% -1.39% 0.19% - - Medium JPM Global Income Conservative A (acc) - SEK (hedged) -0.27% -2.50% -1.49% 0.04% - - Medium JPM Global Income Conservative A (acc) - USD (hedged) 0.43% -1.17% 0.47% 2.58% - - Medium JPM Global Income Conservative A (dist) - EUR -0.24% -2.42% -1.37% 0.20% - - Medium JPM Global Income Conservative A (dist) - USD (hedged) 0.43% -1.18% 0.48% 2.58% - - Medium JPM Global Income Conservative A (div) - EUR -0.24% -2.42% -1.35% 0.22% - - Medium JPM Global Income Conservative C (acc) - EUR -0.06% -2.08% -0.87% 0.88% - - Medium JPM Global Income Conservative C (dist) - EUR -0.06% -2.08% -0.86% 0.89% - - Medium JPM Global Income Conservative D (acc) - EUR -0.33% -2.60% -1.64% -0.17% - - Medium JPM Global Income Conservative D (div) - EUR -0.33% -2.59% -1.61% -0.13% - - Medium JPM Global Income Conservative D (mth) - EUR -0.32% -2.58% -1.61% -0.13% - - Medium

* Share Class inactive as at the end of the period.

189 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 0.98% -1.51% 0.98% 2.73% 6.56% 4.82% Medium JPM Global Income A (acc) - CHF (hedged) 0.23% -2.75% -1.06% -0.05% 3.50% 1.81% Medium JPM Global Income A (acc) - CZK (hedged) 0.46% -2.42% -1.05% -0.13% - - Medium JPM Global Income A (acc) - EUR 0.30% -2.62% -0.82% 0.35% 3.96% 2.39% Medium JPM Global Income A (acc) - SGD (hedged) 0.73% -1.86% 0.45% 2.03% 5.57% 3.90% Medium JPM Global Income A (acc) - USD (hedged) 0.98% -1.43% 0.97% 2.61% 6.09% 3.91% Medium JPM Global Income A (dist) - EUR 0.30% -2.60% -0.80% 0.36% 3.94% 2.25% Medium JPM Global Income A (dist) - GBP (hedged) 0.54% -2.17% -0.12% 1.16% 4.88% 3.01% Medium JPM Global Income A (div) - CHF (hedged) 0.24% -2.73% -1.02% 0.01% 3.45% 1.64% Medium JPM Global Income A (div) - EUR 0.30% -2.61% -0.78% 0.39% 3.91% 2.20% Medium JPM Global Income A (div) - SGD -1.45% -3.53% -1.72% 1.37% 6.97% 3.94% Medium JPM Global Income A (div) - SGD (hedged) 0.78% -1.80% 0.53% 2.01% 5.41% 3.54% Medium JPM Global Income A (div) - USD (hedged) 0.99% -1.44% 0.98% 2.60% 5.91% 3.57% Medium JPM Global Income A (irc) - AUD (hedged) 0.95% -1.43% 1.06% 2.79% 6.29% 4.25% Medium JPM Global Income A (irc) - CAD (hedged) 0.73% -1.90% 0.50% 2.03% 5.31% 3.08% Medium JPM Global Income A (irc) - RMB (hedged) 1.26% -0.52% 2.40% 4.45% 8.63% 6.32% Medium JPM Global Income A (irc) - SGD (hedged) 0.83% -----Medium JPM Global Income A (irc) - USD (hedged) 0.95% -----Medium JPM Global Income A (mth) - EUR 0.30% -2.61% -0.80% 0.36% 3.87% 2.17% Medium JPM Global Income A (mth) - GBP (hedged) 0.54% -2.15% -0.11% 1.17% 4.83% 2.91% Medium JPM Global Income A (mth) - SGD (hedged) 0.72% -1.79% 0.47% 1.96% 5.40% 3.54% Medium JPM Global Income A (mth) - USD (hedged) 0.98% -1.43% 0.97% 2.58% 5.90% 3.56% Medium JPM Global Income C (acc) - EUR 0.47% -2.29% -0.32% 1.01% 4.69% 3.11% Medium JPM Global Income C (acc) - PLN (hedged) 0.97% -1.36% 1.06% 2.87% 6.85% - Medium JPM Global Income C (acc) - USD (hedged) 1.15% -1.11% 1.48% 3.29% 6.84% 4.67% Medium JPM Global Income C (dist) - EUR 0.47% -2.32% ----Medium JPM Global Income C (dist) - GBP (hedged) 0.71% -1.83% 0.38% 1.86% 5.62% 3.67% Medium JPM Global Income C (dist) - USD (hedged) 1.15% -1.12% 1.47% 3.28% 6.71% 4.32% Medium JPM Global Income C (div) - CHF (hedged) 0.41% -2.40% -0.52% 0.68% 4.14% - Medium JPM Global Income C (div) - EUR 0.47% -2.29% -0.30% 1.04% 4.59% 2.86% Medium JPM Global Income C (div) - USD (hedged) 1.15% -1.12% 1.46% 3.25% 6.62% 4.27% Medium JPM Global Income C (irc) - AUD (hedged) 1.09% -1.15% 1.49% 3.39% 7.00% - Medium JPM Global Income C (irc) - RMB (hedged) 1.44% -0.21% 2.95% 5.20% 9.49% - Medium JPM Global Income C (mth) - GBP (hedged) 0.72% -1.81% 0.41% 1.87% 5.57% - Medium JPM Global Income C (mth) - SGD (hedged) 0.92% -1.39% 1.07% 2.75% 6.16% - Medium JPM Global Income C (mth) - USD (hedged) 1.15% -1.11% 1.47% 3.26% 6.63% 4.27% Medium JPM Global Income D (acc) - EUR 0.21% -2.79% -1.08% - 3.59% 2.02% Medium JPM Global Income D (acc) - USD (hedged) 0.90% -1.60% 0.71% 2.25% 5.69% 3.52% Medium JPM Global Income D (div) - EUR 0.22% -2.77% -1.02% 0.06% 3.56% 1.85% Medium JPM Global Income D (div) - USD (hedged) 0.89% -1.62% 0.70% 2.21% 5.51% 3.18% Medium JPM Global Income D (mth) - EUR 0.20% -2.79% -1.06% 0.01% - - Medium JPM Global Income D (mth) - USD (hedged) 0.89% -1.59% 0.72% 2.24% 5.54% 3.21% Medium JPM Global Income F (irc) - AUD (hedged) 0.66% -1.98% ----Medium JPM Global Income F (irc) - USD (hedged)+ ------Medium JPM Global Income F (mth) - USD (hedged) 0.72% -1.93% ----Medium JPM Global Income I (acc) - EUR 0.48% -2.28% -0.30% 1.06% 4.73% 3.15% Medium JPM Global Income I (acc) - USD (hedged) 1.16% -1.10% 1.50% 3.33% - - Medium JPM Global Income I (div) - EUR 0.48% -2.27% -0.27% 1.08% - - Medium JPM Global Income I (div) - USD (hedged) 1.17% -1.10% 1.49% - - - Medium JPM Global Income I (mth) - JPY (hedged) 0.58% -2.07% 0.01% 1.46% 4.86% 3.01% Medium JPM Global Income I2 (acc) - EUR+ ------Medium JPM Global Income T (div) - EUR 0.22% -2.77% -1.03% 0.05% 3.54% 1.85% Medium JPM Global Income V (acc) - EUR (hedged to BRL) -7.27% -11.41% -13.52% -9.54% 1.52% - Medium JPM Global Income X (div) - EUR 0.63% -1.98% 0.17% 1.67% 5.27% 3.52% Medium JPM Global Income X (irc) - AUD (hedged)* ------Medium

JPMorgan Investment Funds - Global Macro Balanced Fund JPM Global Macro Balanced A (acc) - EUR -2.20% -3.33% -1.23% 1.73% -1.50% 0.29% Medium JPM Global Macro Balanced A (acc) - USD -7.61% -6.15% -2.51% 3.72% 0.80% 1.63% Medium JPM Global Macro Balanced A (dist) - EUR -2.20% -3.34% -1.23% 1.72% -1.55% 0.26% Medium JPM Global Macro Balanced C (acc) - EUR -2.03% -2.99% -0.71% 2.44% -0.81% 1.01% Medium JPM Global Macro Balanced C (acc) - USD (hedged)+ ------Medium JPM Global Macro Balanced C (dist) - EUR -2.03% -2.98% -0.69% 2.45% -0.87% 0.96% Medium JPM Global Macro Balanced D (acc) - EUR -2.31% -3.54% -1.56% 1.28% -1.93% -0.16% Medium JPM Global Macro Balanced D (acc) - SEK (hedged) -2.48% -3.76% -1.80% 0.97% -2.19% -0.43% Medium JPM Global Macro Balanced X (acc) - EUR -1.87% -2.68% -0.23% 3.10% -0.17% 1.68% Medium

* Share Class inactive as at the end of the period. + No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.

190 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Global Macro Fund JPM Global Macro A (acc) - EUR (hedged) -1.96% -1.04% 1.08% 6.20% 0.86% 1.31% Medium JPM Global Macro A (acc) - SGD (hedged) -1.49% -0.09% 2.53% 8.09% 2.54% - Medium JPM Global Macro A (acc) - USD -1.28% 0.28% 2.94% 8.57% 2.85% 3.00% Medium JPM Global Macro A (dist) - EUR (hedged) -1.97% -1.03% 1.09% 6.20% 0.81% 1.28% Medium JPM Global Macro A (mth) - USD -1.27% 0.30% 2.96% 8.57% 2.82% 2.95% Medium JPM Global Macro C (acc) - EUR (hedged) -1.79% -0.70% 1.61% 6.93% 1.57% 2.04% Medium JPM Global Macro C (acc) - NOK (hedged) -1.44% -0.08% 2.54% 8.24% - - Medium JPM Global Macro C (acc) - USD -1.09% 0.63% 3.49% 9.34% 3.60% - Medium JPM Global Macro C (dist) - EUR (hedged) -1.79% -0.68% 1.62% 6.94% 1.55% - Medium JPM Global Macro C (dist) - GBP (hedged) -1.52% -----Medium JPM Global Macro C (mth) - USD -1.10% 0.64% 3.49% 9.32% 3.56% 3.72% Medium JPM Global Macro D (acc) - EUR (hedged) -2.07% -1.26% 0.74% 5.71% 0.40% 0.84% Medium JPM Global Macro D (acc) - USD -1.39% 0.06% 2.60% 8.08% 2.38% 2.51% Medium JPM Global Macro D (mth) - USD -1.39% 0.06% 2.61% 8.09% 2.35% 2.47% Medium JPM Global Macro I (acc) - EUR (hedged) -1.79% -0.68% 1.63% 6.97% - - Medium JPM Global Macro I (acc) - SEK (hedged) -1.81% -0.78% 1.52% 6.79% 1.42% - Medium JPM Global Macro X (acc) - USD -0.94% 0.95% 3.98% 10.04% 4.30% - Medium

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) -2.46% -0.45% 3.74% 12.46% 5.06% - Medium JPM Global Macro Opportunities A (acc) - CHF (hedged) -3.02% -1.56% 1.84% 9.62% 1.99% - Medium JPM Global Macro Opportunities A (acc) - CZK (hedged) -2.83% -1.22% 1.85% 9.58% - - Medium JPM Global Macro Opportunities A (acc) - EUR -2.98% -1.47% 2.05% 10.02% 2.38% 3.02% Medium JPM Global Macro Opportunities A (acc) - HUF (hedged)+ ------Medium JPM Global Macro Opportunities A (acc) - SEK (hedged) -3.01% -1.57% 1.94% 9.79% 2.17% - Medium JPM Global Macro Opportunities A (acc) - SGD (hedged) -2.51% -0.55% 3.43% 11.96% 4.08% - Medium JPM Global Macro Opportunities A (acc) - USD (hedged) -2.26% -0.07% 3.95% 12.46% 4.43% 4.81% Medium JPM Global Macro Opportunities A (dist) - EUR -2.98% -1.46% 2.07% 10.04% 2.26% 2.92% Medium JPM Global Macro Opportunities A (dist) - GBP (hedged) -2.73% -0.87% 2.85% 10.87% - - Medium JPM Global Macro Opportunities C (acc) - CHF (hedged) -2.85% -1.22% 2.37% 10.39% 2.72% - Medium JPM Global Macro Opportunities C (acc) - EUR -2.81% -1.12% 2.59% 10.80% 3.11% 3.79% Medium JPM Global Macro Opportunities C (acc) - PLN (hedged)* ------Medium JPM Global Macro Opportunities C (acc) - USD (hedged) -2.09% 0.28% 4.50% 13.26% 5.20% - Medium JPM Global Macro Opportunities C (dist) - EUR -2.81% -1.08% 2.64% 10.84% 3.01% - Medium JPM Global Macro Opportunities C (dist) - GBP (hedged) -2.54% -0.49% 3.41% 11.68% 3.89% - Medium JPM Global Macro Opportunities C (dist) - USD (hedged) -2.10% 0.31% 4.53% 13.28% 5.06% - Medium JPM Global Macro Opportunities D (acc) - EUR -3.16% -1.81% 1.52% 9.26% 1.65% 2.26% Medium JPM Global Macro Opportunities D (acc) - HUF (hedged)+ ------Medium JPM Global Macro Opportunities D (acc) - PLN (hedged) -2.71% -0.69% 3.14% 11.44% - - Medium JPM Global Macro Opportunities D (acc) - USD (hedged) -2.43% -0.42% 3.42% 11.69% 3.69% - Medium JPM Global Macro Opportunities I (acc) - EUR -2.80% -1.10% 2.62% 10.84% 3.16% - Medium JPM Global Macro Opportunities I (acc) - JPY (hedged) -2.67% -0.83% 2.99% 11.59% 3.69% - Medium JPM Global Macro Opportunities I (acc) - SEK (hedged)**+ ------Medium JPM Global Macro Opportunities I (acc) - USD (hedged) -2.09% 0.30% 4.53% 13.30% 5.24% - Medium JPM Global Macro Opportunities T (acc) - EUR -3.15% -1.80% 1.53% 9.27% 1.65% - Medium JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) -10.40% -10.42% -11.07% -0.94% -0.09% - Medium JPM Global Macro Opportunities X (acc) - EUR -2.66% -0.80% 3.09% 11.51% 3.80% - Medium JPM Global Macro Opportunities X (acc) - USD (hedged) -1.93% 0.60% 5.01% 13.98% 5.92% 6.38% Medium JPM Global Macro Opportunities X (dist) - AUD (hedged) -2.07% 0.35% 4.93% 14.20% 6.50% - Medium

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - CZK 10.67% -----Medium JPM Global Select Equity A (acc) - EUR 8.10% 2.42% 7.59% 8.46% 14.94% 7.29% Medium JPM Global Select Equity A (acc) - SGD 6.30% -----Medium JPM Global Select Equity A (acc) - USD 2.13% -0.57% 6.21% 10.61% 18.04% 8.91% Medium JPM Global Select Equity A (dist) - USD 2.12% -0.57% 6.20% 10.59% 17.94% 8.68% Medium JPM Global Select Equity C (acc) - EUR 8.40% 2.98% 8.46% 9.62% 16.30% 8.56% Medium JPM Global Select Equity C (acc) - USD 2.41% -0.02% 7.06% 11.77% 19.44% 10.21% Medium JPM Global Select Equity C (dist) - USD 2.41% -----Medium JPM Global Select Equity D (acc) - USD 1.93% -0.94% 5.61% 9.77% 17.02% 7.96% Medium JPM Global Select Equity I2 (acc) - USD+ ------Medium JPM Global Select Equity X (acc) - USD 2.55% 0.25% 7.52% 12.43% 20.31% 11.04% Medium

JPMorgan Investment Funds - Global Select Equity Plus Fund (2) JPM Global Select Equity Plus A (perf) (acc) - USD - 0.59% 8.75% 12.53% 18.27% 8.21% Medium JPM Global Select Equity Plus A (perf) (dist) - USD - 0.59% 8.70% 12.48% 18.10% 7.93% Medium JPM Global Select Equity Plus C (perf) (acc) - USD - 0.71% 9.09% 13.12% 19.18% 9.10% Medium JPM Global Select Equity Plus D (perf) (acc) - USD - 0.44% 8.31% 11.80% 17.16% 7.12% Medium

(2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. Performance has been calculated with the last available NAV date. * Share Class inactive as at the end of the period. ** Share Class reactivated during the period. + No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.

191 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 0.02% -0.62% -1.23% -1.14% 1.32% 0.39% Medium JPM Income Opportunity A (perf) (acc) - EUR (hedged) 0.11% -0.43% -0.95% -0.77% 1.56% 0.78% Medium JPM Income Opportunity A (perf) (acc) - SEK (hedged) 0.09% -0.48% -1.00% -0.86% 1.42% 0.56% Medium JPM Income Opportunity A (perf) (acc) - SGD (hedged) 0.56% 0.47% 0.37% 0.94% 2.97% 2.22% Medium JPM Income Opportunity A (perf) (acc) - USD 0.76% 0.83% 0.86% 1.51% 3.44% 2.27% Medium JPM Income Opportunity A (perf) (dist) - EUR (hedged) 0.11% -0.43% -1.00% -0.83% 1.39% 0.62% Medium JPM Income Opportunity A (perf) (dist) - GBP (hedged) 0.38% 0.10% -0.24% 0.07% 2.31% 1.43% Medium JPM Income Opportunity A (perf) (dist) - USD 0.71% 0.77% 0.75% 1.40% 3.31% 2.13% Medium JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 0.10% -0.42% -0.95% -0.77% 1.56% 0.71% Medium JPM Income Opportunity A (perf) (mth) - USD 0.76% 0.82% 0.84% 1.47% 3.34% 2.09% Medium JPM Income Opportunity C (perf) (acc) - CHF (hedged) 0.14% -0.37% -0.89% -0.70% 1.71% 0.81% Medium JPM Income Opportunity C (perf) (acc) - EUR (hedged) 0.23% -0.18% -0.60% -0.33% 1.84% 1.15% Medium JPM Income Opportunity C (perf) (acc) - SEK (hedged) 0.21% -0.24% -0.66% -0.42% 1.75% 0.99% Medium JPM Income Opportunity C (perf) (acc) - USD 0.83% 1.03% 1.17% 1.91% 3.78% 2.68% Medium JPM Income Opportunity C (perf) (dist) - EUR (hedged) 0.23% -0.18% -0.60% -0.33% 1.89% 1.09% Medium JPM Income Opportunity C (perf) (dist) - GBP (hedged) 0.48% 0.32% 0.12% 0.56% 2.67% 1.85% Medium JPM Income Opportunity C (perf) (dist) - USD 0.83% 1.00% 1.11% 1.84% 3.63% 2.43% Medium JPM Income Opportunity C (perf) (mth) - USD 0.82% 1.02% 1.13% 1.86% 3.66% 2.62% Medium JPM Income Opportunity D (perf) (acc) - EUR (hedged) 0.04% -0.55% -1.12% -1.00% 1.40% 0.58% Medium JPM Income Opportunity D (perf) (acc) - USD 0.70% 0.69% 0.67% 1.27% 3.28% 2.06% Medium JPM Income Opportunity D (perf) (dist) - EUR (hedged) 0.04% -0.55% -1.11% -0.99% 1.37% 0.50% Medium JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 0.04% -0.54% -1.10% -0.98% 1.42% 0.54% Medium JPM Income Opportunity I (perf) (acc) - EUR (hedged) 0.23% -0.16% -0.57% -0.28% 1.96% 1.25% Medium JPM Income Opportunity I (perf) (acc) - SGD (hedged) 0.65% 0.74% 0.74% 1.40% 3.45% 2.73% Medium JPM Income Opportunity I (perf) (acc) - USD 0.84% 1.05% 1.20% 1.97% 3.87% 2.75% Medium JPM Income Opportunity I (perf) (dist) - EUR (hedged) 0.25% -0.16% -0.60% -0.31% 1.88% 1.12% Medium JPM Income Opportunity I (perf) (dist) - GBP (hedged) 0.47% 0.33% 0.13% 0.56% 2.73% 1.88% Medium JPM Income Opportunity I (perf) (dist) - USD* ------Medium JPM Income Opportunity P (perf) (acc) - EUR (hedged) 0.32% -----Medium JPM Income Opportunity P (perf) (acc) - USD 0.88% 1.14% 1.39% 2.20% 4.08% 2.97% Medium JPM Income Opportunity P (perf) (dist) - GBP (hedged) 0.52% 0.45% 0.29% 0.79% 3.00% 2.18% Medium JPM Income Opportunity X (perf) (acc) - EUR (hedged) 0.40% 0.13% -0.19% 0.21% 2.33% 1.68% Medium JPM Income Opportunity X (perf) (acc) - USD 1.00% 1.36% 1.66% 2.58% 4.49% 3.42% Medium JPM Income Opportunity X (perf) (dist) - GBP (hedged) 0.65% 0.66% 0.63% 1.25% 3.41% 2.57% Medium

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 1.05% 0.18% 9.83% 9.47% 13.68% 4.95% Medium JPM Japan Select Equity A (acc) - JPY -0.48% -4.26% 6.54% 10.20% 21.86% 2.72% Medium JPM Japan Select Equity A (dist) - JPY -0.48% -4.26% 6.55% 10.20% 21.73% 2.58% Medium JPM Japan Select Equity C (acc) - EUR (hedged) -0.54% -4.35% 6.52% 10.15% 21.96% 2.94% Medium JPM Japan Select Equity C (acc) - JPY -0.27% -3.86% 7.22% 11.14% 23.09% 3.65% Medium JPM Japan Select Equity C (acc) - USD (hedged) 0.11% -3.26% 8.28% 12.59% 24.51% 3.98% Medium JPM Japan Select Equity C (dist) - JPY -0.26% -3.86% 7.22% 11.13% 22.94% 3.43% Medium JPM Japan Select Equity D (acc) - JPY -0.66% -4.61% 5.95% 9.39% 20.80% 1.91% Medium JPM Japan Select Equity I2 (acc) - JPY+ ------Medium JPM Japan Select Equity X (acc) - JPY -0.07% -3.47% 7.87% 12.03% 24.27% 4.54% Medium

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 2.17% -4.75% 5.12% 7.24% 15.53% 4.53% Medium JPM Japan Strategic Value A (acc) - EUR (hedged) 0.29% -9.46% 1.29% 6.95% 22.85% 1.64% Medium JPM Japan Strategic Value A (acc) - JPY 0.63% -8.96% 1.99% 7.99% 23.98% 2.32% Medium JPM Japan Strategic Value A (acc) - USD (hedged) 0.93% -8.68% 2.65% 8.98% 25.16% 2.40% Medium JPM Japan Strategic Value A (dist) - GBP 2.99% -5.01% 5.38% 7.80% 20.03% 13.52% Medium JPM Japan Strategic Value C (acc) - EUR (hedged) 0.50% -9.08% 1.93% 7.86% - - Medium JPM Japan Strategic Value C (acc) - JPY 0.84% -8.58% 2.62% 8.88% 25.21% 3.22% Medium JPM Japan Strategic Value C (acc) - USD -3.28% -7.13% 4.42% - - - Medium JPM Japan Strategic Value D (acc) - EUR 1.98% -5.11% 4.53% 6.44% 14.55% 3.67% Medium JPM Japan Strategic Value D (acc) - EUR (hedged) 0.10% -9.80% 0.72% 6.15% 21.77% 0.86% Medium JPM Japan Strategic Value D (acc) - JPY 0.44% -9.31% 1.41% 7.16% 22.85% 1.51% Medium JPM Japan Strategic Value I (acc) - EUR (hedged) 0.51% -9.07% 1.96% - - - Medium JPM Japan Strategic Value X (acc) - JPY 1.04% -8.22% 3.24% 9.75% 26.43% 4.11% Medium JPM Japan Strategic Value X (acc) - USD -3.09% -6.76% 5.04% 11.15% 20.92% 8.01% Medium JPM Japan Strategic Value X (acc) - USD (hedged) 1.35% -7.93% 3.94% 10.79% - - Medium

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - EUR (hedged)+ ------Medium JPM US Bond A (acc) - GBP (hedged) -0.45% -2.47% -2.57% -1.96% -1.10% - Medium JPM US Bond A (acc) - USD -0.06% -1.85% -1.64% -0.73% -0.15% 1.38% Medium JPM US Bond A (dist) - USD -0.06% -1.86% -1.65% -0.74% -0.15% 1.39% Medium JPM US Bond C (acc) - USD 0.06% -1.61% -1.27% -0.23% 0.35% 1.91% Medium JPM US Bond D (acc) - EUR (hedged)+ ------Medium JPM US Bond D (acc) - USD -0.12% -1.97% -1.82% -0.98% -0.40% 1.12% Medium JPM US Bond I (acc) - USD 0.08% -1.59% -1.24% -0.20% 0.39% - Medium

* Share Class inactive as at the end of the period. + No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end.

192 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

3. Performance and Volatility (continued)

Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

JPMorgan Investment Funds - US Equity Fund (3) JPM US Equity A (acc) - EUR - -0.77% 6.44% 7.84% 11.15% 5.77% Medium JPM US Equity A (acc) - EUR (hedged) - 1.45% 10.02% 14.52% 15.71% 8.34% Medium JPM US Equity A (acc) - USD - 1.79% 11.00% 16.19% 17.70% 9.66% Medium JPM US Equity A (dist) - GBP - -1.59% 6.12% 7.81% 15.02% 14.84% Medium JPM US Equity A (dist) - USD - 1.79% 11.01% 16.19% 17.57% 9.39% Medium JPM US Equity C (acc) - USD - 1.94% 11.44% 16.90% 18.75% 10.72% Medium JPM US Equity C (dist) - USD - 1.95% 11.44% 16.92% 18.60% - Medium JPM US Equity D (acc) - EUR (hedged) - 1.38% 9.81% 14.16% 15.17% 7.79% Medium JPM US Equity D (acc) - USD - 1.72% 10.79% 15.81% 17.12% 9.06% Medium JPM US Equity I (acc) - EUR (hedged) - 1.61% 10.47% 15.28% 16.80% 9.44% Medium JPM US Equity I (acc) - USD - 1.95% 11.46% 16.94% 18.79% 10.77% Medium JPM US Equity I (dist) - EUR ------Medium JPM US Equity I (dist) - GBP - -1.45% 6.53% 8.50% 16.07% 16.08% Medium JPM US Equity I (dist) - USD ------Medium JPM US Equity X (acc) - USD - 2.06% 11.75% 17.44% 19.56% 11.55% Medium

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - AUD (hedged) 4.57% 1.01% 8.71% - - - Medium JPM US Select Equity A (acc) - EUR 10.67% 4.48% 10.51% 10.65% 14.77% 8.41% Medium JPM US Select Equity A (acc) - EUR (hedged) 3.99% 0.15% 7.10% 10.16% 15.26% 8.39% Medium JPM US Select Equity A (acc) - USD 4.56% 1.44% 9.09% 12.81% 17.84% 10.07% Medium JPM US Select Equity A (dist) - GBP 11.63% -----Medium JPM US Select Equity A (dist) - USD 4.54% 1.40% 9.02% 12.71% 17.62% 9.82% Medium JPM US Select Equity C (acc) - EUR 10.95% 5.01% 11.32% 11.68% 15.94% 9.52% Medium JPM US Select Equity C (acc) - EUR (hedged) 4.25% 0.65% 7.88% 11.21% 16.44% 9.51% Medium JPM US Select Equity C (acc) - USD 4.82% 1.95% 9.88% 13.88% 19.07% 11.24% Medium JPM US Select Equity C (dist) - GBP 11.95% 4.70% 11.58% 12.25% 20.44% 19.68% Medium JPM US Select Equity C (dist) - USD 4.82% 1.95% 9.88% 13.87% 18.94% 10.95% Medium JPM US Select Equity D (acc) - EUR (hedged) 3.85% -0.12% 6.67% 9.57% 14.56% 7.73% Medium JPM US Select Equity D (acc) - USD 4.42% 1.18% 8.67% 12.23% 17.16% 9.42% Medium JPM US Select Equity I (acc) - EUR 10.96% 5.03% 11.35% 11.74% - - Medium JPM US Select Equity I (acc) - EUR (hedged) 4.26% 0.67% 7.92% 11.26% 16.50% 9.55% Medium JPM US Select Equity I (acc) - USD 4.83% 1.96% 9.91% 13.91% 19.11% 11.28% Medium JPM US Select Equity I (dist) - GBP 11.94% -----Medium JPM US Select Equity I (dist) - USD 4.83% 1.95% 9.90% 13.90% 18.99% 10.98% Medium JPM US Select Equity I2 (acc) - EUR (hedged) 4.28% 0.70% ----Medium JPM US Select Equity I2 (acc) - USD 4.86% 2.00% ----Medium JPM US Select Equity I2 (dist) - USD 4.83% 1.94% ----Medium JPM US Select Equity X (acc) - USD 4.97% 2.22% 10.36% 14.56% 19.97% 12.13% Medium

(3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018. Performance has been calculated with the last available NAV date.

193 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

4. Interest Rate Received/(Charged) on Bank Accounts Basis for Bank Interest Rates The rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of the SICAV’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.

5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum:

Share Class Name Share Class Name JPM Europe Select Equity I (acc) - EUR JPM Global Income I (acc) - USD (hedged) JPM Europe Select Equity I (acc) - USD (hedged) JPM Global Income I (div) - EUR JPM Europe Select Equity I (dist) - EUR JPM Global Income I (div) - USD (hedged) JPM Europe Select Equity I2 (acc) - EUR JPM Global Income I (mth) - JPY (hedged) JPM Europe Select Equity I2 (acc) - USD JPM Global Income I2 (acc) - EUR JPM Europe Select Equity I2 (acc) - USD (hedged) JPM Global Income V (acc) - EUR (hedged to BRL) JPM Europe Select Equity I2 (dist) - EUR JPM Global Income X (div) - EUR JPM Europe Select Equity X (acc) - EUR JPM Global Macro Balanced X (acc) - EUR JPM Europe Select Equity X (acc) - USD (hedged) JPM Global Macro I (acc) - EUR (hedged) JPM Europe Select Equity X (dist) - EUR JPM Global Macro I (acc) - SEK (hedged) JPM Europe Strategic Dividend I (acc) - EUR JPM Global Macro X (acc) - USD JPM Europe Strategic Dividend I (acc) - USD JPM Global Macro Opportunities I (acc) - EUR JPM Europe Strategic Dividend I (acc) - USD (hedged) JPM Global Macro Opportunities I (acc) - JPY (hedged) JPM Europe Strategic Dividend I (dist) - EUR JPM Global Macro Opportunities I (acc) - SEK (hedged) JPM Europe Strategic Dividend I (div) - EUR JPM Global Macro Opportunities I (acc) - USD (hedged) JPM Europe Strategic Dividend I2 (acc) - EUR JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) JPM Europe Strategic Dividend I2 (dist) - EUR JPM Global Macro Opportunities X (acc) - EUR JPM Europe Strategic Dividend X (acc) - EUR JPM Global Macro Opportunities X (acc) - USD (hedged) JPM Europe Strategic Dividend X (acc) - SGD JPM Global Macro Opportunities X (dist) - AUD (hedged) JPM Europe Strategic Dividend X (acc) - SGD (hedged) JPM Global Select Equity I2 (acc) - USD JPM Europe Strategic Dividend X (acc) - USD (hedged) JPM Global Select Equity X (acc) - USD JPM Europe Strategic Dividend X (dist) - GBP JPM Income Opportunity I (perf) (acc) - EUR (hedged) JPM Europe Strategic Dividend X (div) - EUR JPM Income Opportunity I (perf) (acc) - SGD (hedged) JPM Global Balanced I (acc) - EUR JPM Income Opportunity I (perf) (acc) - USD JPM Global Balanced I2 (acc) - EUR JPM Income Opportunity I (perf) (dist) - EUR (hedged) JPM Global Balanced X (acc) - EUR JPM Income Opportunity I (perf) (dist) - GBP (hedged) JPM Global Convertibles Conservative I (acc) - USD JPM Income Opportunity X (perf) (acc) - EUR (hedged) JPM Global Convertibles Conservative I2 (acc) - USD JPM Income Opportunity X (perf) (acc) - USD JPM Global Convertibles Conservative X (acc) - USD JPM Income Opportunity X (perf) (dist) - GBP (hedged) JPM Global Dividend I (acc) - EUR JPM Japan Select Equity I2 (acc) - JPY JPM Global Dividend X (acc) - USD JPM Japan Select Equity X (acc) - JPY JPM Global Dividend X (dist) - AUD JPM Japan Strategic Value I (acc) - EUR (hedged) JPM Global High Yield Bond I (acc) - EUR (hedged) JPM Japan Strategic Value X (acc) - JPY JPM Global High Yield Bond I (acc) - USD JPM Japan Strategic Value X (acc) - USD JPM Global High Yield Bond I (dist) - EUR (hedged) JPM Japan Strategic Value X (acc) - USD (hedged) JPM Global High Yield Bond I (mth) - USD JPM US Bond I (acc) - USD JPM Global High Yield Bond I2 (acc) - EUR (hedged) JPM US Select Equity I (acc) - EUR JPM Global High Yield Bond I2 (acc) - USD JPM US Select Equity I (acc) - EUR (hedged) JPM Global High Yield Bond I2 (dist) - EUR (hedged) JPM US Select Equity I (acc) - USD JPM Global High Yield Bond I2 (dist) - GBP (hedged) JPM US Select Equity I (dist) - GBP JPM Global High Yield Bond I2 (dist) - USD JPM US Select Equity I (dist) - USD JPM Global High Yield Bond I2 (mth) - USD JPM US Select Equity I2 (acc) - EUR (hedged) JPM Global High Yield Bond X (acc) - EUR (hedged) JPM US Select Equity I2 (acc) - USD JPM Global High Yield Bond X (acc) - USD JPM US Select Equity I2 (dist) - USD JPM Global High Yield Bond X (mth) - USD JPM US Select Equity X (acc) - USD JPM Global Income I (acc) - EUR

194 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

6. Portfolio Turnover Ratio The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy. The Portfolio Turnover Ratio is calculated in accordance with the CSSF Circular 03/122 as outlined below: (Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares) Average net Sub-Fund assets in Sub-Fund currency The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published. Sub-Fund Portfolio Turnover Ratio (%) JPMorgan Investment Funds - Europe Select Equity Fund 33.29 JPMorgan Investment Funds - Europe Strategic Dividend Fund - JPMorgan Investment Funds - Global Balanced Fund 145.64 JPMorgan Investment Funds - Global Convertibles Conservative Fund (1) 60.47 JPMorgan Investment Funds - Global Dividend Fund 84.42 JPMorgan Investment Funds - Global Financials Fund (2) 140.93 JPMorgan Investment Funds - Global High Yield Bond Fund - JPMorgan Investment Funds - Global Income Conservative Fund 23.36 JPMorgan Investment Funds - Global Income Fund 58.99 JPMorgan Investment Funds - Global Macro Balanced Fund 140.45 JPMorgan Investment Funds - Global Macro Fund 62.70 JPMorgan Investment Funds - Global Macro Opportunities Fund 129.81 JPMorgan Investment Funds - Global Select Equity Fund 113.89 JPMorgan Investment Funds - Global Select Equity Plus Fund (2) 116.31 JPMorgan Investment Funds - Income Opportunity Fund - JPMorgan Investment Funds - Japan Select Equity Fund 23.60 JPMorgan Investment Funds - Japan Strategic Value Fund 57.70 JPMorgan Investment Funds - US Bond Fund 159.78 JPMorgan Investment Funds - US Equity Fund (3) 187.03 JPMorgan Investment Funds - US Select Equity Fund 89.35

(1) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Convertibles Fund (USD) to JPMorgan Investment Funds - Global Convertibles Conservative Fund on 2 February 2018. (2) This Sub-Fund was merged into JPMorgan Investment Funds - Global Select Equity Fund on 23 February 2018. (3) This Sub-Fund was merged into JPMorgan Investment Funds - US Select Equity Fund on 23 February 2018.

195 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

7. Calculation Method of the Risk Exposure Global exposure using the VaR approach

Leverage Minimum Maximum Average -Average Effective Over Last 12 Market Usage of Reg Limit Over Last 12 Confidence Holding Observation Months to Sub-Fund Name Risk Limit Months to 29 Jun 2018 Fund Benchmark Model Interval Period Period 29 Jun 2018 JPMorgan Investment Funds - Relative 200% 50% 75% 60% 50% J.P. Morgan Government Bond Historical 99% 20 days 250 days 158% Global Balanced Fund Index Global (Total Return Gross) Hedged to EUR / 45% MSCI World Index (Total Return Net) Hedged to EUR / 5% MSCI Emerging Markets Index (Total Return Net) JPMorgan Investment Funds - Relative 200% 49% 67% 57% ICE BofAML US High Yield Master II Historical 99% 20 days 250 days 2% Global High Yield Bond Fund Constrained Index (Total Return Gross) JPMorgan Investment Funds - Relative 200% 45% 71% 57% 55% Bloomberg Barclays Global Historical 99% 20 days 250 days 135% Global Income Conservative Aggregate Index (Total Return Gross) Fund Hedged to EUR / 30% Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (Total Return Gross) Hedged to EUR / 15% MSCI World Index (Total Return Net) Hedged to EUR JPMorgan Investment Funds - Relative 200% 43% 67% 52% 40% Bloomberg Barclays US High Yield Historical 99% 20 days 250 days 116% Global Income Fund 2% Issuer Cap Index (Total Return Gross) Hedged to EUR / 35% MSCI World Index (Total Return Net) Hedged to EUR / 25% Bloomberg Barclays Global Credit Index (Total Return Gross) Hedged to EUR JPMorgan Investment Funds - Relative 200% 31% 65% 52% 70% JPM Government Bond Index Global Historical 99% 20 days 250 days 203% Global Macro Balanced Fund (Total Return Gross) Hedged to EUR/ 30% MSCI World Index (Total Return Net) Hedged to EUR JPMorgan Investment Funds - Absolute 20% 6% 23% 15% Historical 99% 20 days 250 days 255% Global Macro Fund JPMorgan Investment Funds - Absolute 20% 11% 35% 23% Historical 99% 20 days 250 days 451% Global Macro Opportunities Fund JPMorgan Investment Funds - Absolute 20% 3% 5% 3% Historical 99% 20 days 250 days 235% Income Opportunity Fund JPMorgan Investment Funds - US Relative 200% 44% 56% 49% Bloomberg Barclays US Aggregate Index Historical 99% 20 days 250 days 49% Bond Fund (Total Return Gross)

Global exposure using the commitment approach Sub-Fund Name Fund Benchmark JPMorgan Investment Funds - Europe Select Equity Fund MSCI Europe Index (Total Return Net) JPMorgan Investment Funds - Europe Strategic Dividend Fund MSCI Europe Index (Total Return Net) JPMorgan Investment Funds - Global Convertibles Conservative Fund Thomson Reuters Global Focus Convertible Bond Index (Total Return Gross) Hedged to USD JPMorgan Investment Funds - Global Dividend Fund MSCI All Country World Index (Total Return Net) JPMorgan Investment Funds - Global Select Equity Fund MSCI World Index (Total Return Net) JPMorgan Investment Funds - Japan Select Equity Fund TOPIX (Total Return Net) JPMorgan Investment Funds - Japan Strategic Value Fund TOPIX (Total Return Net) JPMorgan Investment Funds - US Select Equity Fund S&P 500 Index (Total Return Net of 30% withholding tax)

196 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

8. Collateral Received Collateral Received with respect to financial derivative instruments:

Type of Collateral Counterparty Currency Collateral Amount

JPMorgan Investment Funds - Global Macro Fund Cash HSBC USD 1,562,491

1,562,491

JPMorgan Investment Funds - Global Macro Opportunities Fund Cash BNP Paribas EUR 14,540,000 Cash Goldman Sachs EUR 3,360,000 Cash HSBC EUR 3,470,000 Cash Standard Chartered EUR 1,810,000

23,180,000

JPMorgan Investment Funds - Income Opportunity Fund Cash Bank of America USD 450,091 Cash Barclays USD 912,000 Cash Credit Suisse USD 499,000 Cash Goldman Sachs USD 3,800,000 Cash Morgan Stanley USD 390,000

6,051,091

197 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

9. Securities Financing Transactions The SICAV engages in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, Securities Financing Transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions) through its exposure on securities lending transactions during the period. In accordance with Article 13 of the Regulation, the information on securities lending transactions are detailed below. Collaterals received or granted with respect to Securities Financing Transactions are disclosed on a trade date basis of accounting. Global Data Amount of securities on loan The total value of securities on loan as a proportion of the Sub-Funds’ total lendable assets as at the reporting date is detailed below. Total lendable assets represents the aggregate value of asset types forming part of the Sub-Funds’ securities lending programme. Sub-Fund % of Total Lendable Assets JPMorgan Investment Funds - Europe Select Equity Fund 2.87 JPMorgan Investment Funds - Europe Strategic Dividend Fund 2.86 JPMorgan Investment Funds - Global Dividend Fund 0.47 JPMorgan Investment Funds - Global Select Equity Fund 1.11 JPMorgan Investment Funds - Japan Select Equity Fund 11.64 JPMorgan Investment Funds - Japan Strategic Value Fund 9.06 JPMorgan Investment Funds - US Select Equity Fund 0.65

Amount of assets engaged in securities lending transactions The following table represents the total value of assets engaged in securities lending as at the reporting date. Market Value of Securities Sub-Fund Sub-Fund Currency on Loan (in Sub-Fund Currency) % of AUM JPMorgan Investment Funds - Europe Select Equity Fund EUR 41,229,088 2.77 JPMorgan Investment Funds - Europe Strategic Dividend Fund EUR 83,874,681 2.75 JPMorgan Investment Funds - Global Dividend Fund USD 773,539 0.43 JPMorgan Investment Funds - Global Select Equity Fund USD 3,707,050 1.05 JPMorgan Investment Funds - Japan Select Equity Fund JPY 1,370,177,917 14.67 JPMorgan Investment Funds - Japan Strategic Value Fund JPY 3,967,990,022 9.02 JPMorgan Investment Funds - US Select Equity Fund USD 12,568,731 0.64

Concentration Data Ten largest collateral issuers The followingtable lists the ten largest issuers by value of non-cash collaterals received by the Sub-Funds across securities lending as at the reporting date: JPMorgan Investment Funds - Europe Select Equity Fund JPMorgan Investment Funds - Europe Strategic Dividend Fund Non-Cash Collateral Value Non-Cash Collateral Value Issuer EUR Issuer EUR UK Treasury 19,381,404 UK Treasury 49,267,125 Austria Government 9,294,922 Belgium Government 12,244,046 France Government 5,027,879 US Treasury 10,079,858 US Treasury 3,367,978 Germany Government 3,302,201 Belgium Government 2,055,124 Austria Government 3,221,756 Netherlands Government 97,407 France Government 2,926,448 Germany Government 46,179 Finland Government 229,010 Netherlands Government 192,974

JPMorgan Investment Funds - Global Dividend Fund JPMorgan Investment Funds - Global Select Equity Fund Non-Cash Collateral Value Non-Cash Collateral Value Issuer USD Issuer USD UK Treasury 278,868 US Treasury 780,461 US Treasury 1,122 UK Treasury 555,819 France Government 961 Germany Government 124,703 Finland Government 546 Netherlands Government 12,512 Belgium Government 8,557 France Government 2,986

198 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

9. Securities Financing Transactions (continued)

JPMorgan Investment Funds - Japan Select Equity Fund JPMorgan Investment Funds - Japan Strategic Value Fund Non-Cash Collateral Value Non-Cash Collateral Value Issuer JPY Issuer JPY UK Treasury 617,143,031 UK Treasury 1,535,216,546 US Treasury 146,280,584 Austria Government 691,729,260 France Government 125,393,775 France Government 547,837,817 Austria Government 117,630,920 US Treasury 512,638,433 Germany Government 100,792,358 Belgium Government 213,128,740 Netherlands Government 83,777,084 Germany Government 177,393,744 Belgium Government 35,292,481 Netherlands Government 171,037,352 Finland Government 776,950 Finland Government 3,187,651

JPMorgan Investment Funds - US Select Equity Fund Non-Cash Collateral Value Issuer USD UK Treasury 5,280,060 France Government 2,129,957 Germany Government 1,179,350 US Treasury 918,836 Austria Government 92,519 Netherlands Government 10,843 Belgium Government 7,416

In cases where less than 10 issuers are disclosed, a total of less than 10 issuers is available for that Sub-Fund.

Top ten counterparties As disclosed in Note 9, JPMorgan Chase Bank, N.A. is the only counterparty in respect of securities lending transactions as at the reporting date.

Aggregate Transaction Data Type and quality of non-cash collateral Collaterals received by the Sub-Funds in respect of securities lending as at the reporting date are in the form of debt securities having investment grade credit rating. Non-cash Collateral % of Total Non-Cash Sub-Fund Sub-Fund Currency (in Sub-Fund Currency) Collateral JPMorgan Investment Funds - Europe Select Equity Fund EUR 39,270,893 100.00 JPMorgan Investment Funds - Europe Strategic Dividend Fund EUR 81,463,418 100.00 JPMorgan Investment Funds - Global Dividend Fund USD 281,497 100.00 JPMorgan Investment Funds - Global Select Equity Fund USD 1,485,038 100.00 JPMorgan Investment Funds - Japan Select Equity Fund JPY 1,227,087,183 100.00 JPMorgan Investment Funds - Japan Strategic Value Fund JPY 3,852,169,543 100.00 JPMorgan Investment Funds - US Select Equity Fund USD 9,618,981 100.00

Maturity tenor of collateral The following table provides an analysis of the maturity tenor of collaterals received in relation securities lending transactions as at the reporting date. JPMorgan Investment Funds - JPMorgan Investment Funds - JPMorgan Investment Funds - JPMorgan Investment Funds - Europe Select Equity Fund Europe Strategic Dividend Fund Global Dividend Fund Global Select Equity Fund Maturity EUR EUR USD USD

Cash less than 1 day ---- Non-Cash 1 to 7 days ---- 1 to 4 weeks 2,140,781 740,507 - 3,947 1 to 3 months - 291,842 - 9,381 3 to 12 months 227,667 1,176,324 - 93,243 more than 1 year 36,902,445 79,254,745 281,497 1,378,467

39,270,893 81,463,418 281,497 1,485,038

199 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

9. Securities Financing Transactions (continued)

JPMorgan Investment Funds - JPMorgan Investment Funds - JPMorgan Investment Funds - Japan Select Equity Fund Japan Strategic Value Fund US Select Equity Fund Maturity JPY JPY USD

Cash less than 1 day - - - Non-Cash 1 to 7 days - - 309 1 to 4 weeks 718,996 89,784,782 4,386 1 to 3 months 2,112,451 1,869,030 39,902 3 to 12 months 20,264,501 57,295,597 473,783 more than 1 year 1,203,991,235 3,703,220,134 9,100,601

1,227,087,183 3,852,169,543 9,618,981

Currency of collateral The following table provides currency of collaterals received in relation to securities lending transactions as at the reporting date. Collateral Value (in Sub-Fund Currency) Sub-Fund Sub-Fund Currency EUR GBP USD Total JPMorgan Investment Funds - Europe Select Equity Fund EUR 16,521,511 19,381,404 3,367,978 39,270,893 JPMorgan Investment Funds - Europe Strategic Dividend Fund EUR 22,116,435 49,267,125 10,079,858 81,463,418 JPMorgan Investment Funds - Global Dividend Fund USD 1,507 278,868 1,122 281,497 JPMorgan Investment Funds - Global Select Equity Fund USD 148,757 555,820 780,461 1,485,038 JPMorgan Investment Funds - Japan Select Equity Fund JPY 463,663,569 617,143,031 146,280,583 1,227,087,183 JPMorgan Investment Funds - Japan Strategic Value Fund JPY 1,804,314,564 1,535,216,546 512,638,433 3,852,169,543 JPMorgan Investment Funds - US Select Equity Fund USD 3,420,085 5,280,060 918,836 9,618,981

Maturity tenor of securities lending agreements The SICAV’s securities lending transactions have open maturity.

Country in which counterparties are established JPMorgan Chase Bank, N.A. was incorporated in United States of America.

Settlement and clearing All Sub-Funds engaged in securities lending agreements utilise bi-lateral settlement and clearing with their respective counterparty.

Reuse of collateral Share of collateral received that is reused and reinvestment return Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, reverse repurchase agreements and OTC derivative transactions, cannot be sold, reinvested or pledged. Securities lending transactions As at the period end, all of the cash collateral received in respect of securities lending was re-invested into Reverse Repurchase Transactions with high quality government bonds as collateral. This is managed by the Securities Lending Agent based solely on the approved guidelines and agreement issued by JPMorgan Asset Management (Europe) S.à r.l.. Income earned by the Sub-Funds from the reinvestment of cash collateral in the form of Reverse Repurchase Transactions, net of any interest payable to the relevant counterparty, amounted to USD 208,570 for the period ended 30 June 2018 and is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets. Details relating to the permitted reuse of cash collateral are disclosed in the latest Prospectus available from http://www.jpmorganassetmanagement.lu.

200 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

9. Securities Financing Transactions (continued) Safekeeping of Collateral Collateral received The following tables provide an analysis of collateral received held at each custodian as at the reporting date: Securities lending transactions

Collateral Value Sub-Fund Custodian Sub-Fund Currency (in Sub-Fund Currency) JPMorgan Investment Funds - Europe Select Equity Fund JPMorgan Bank Luxembourg S.A. EUR 39,270,893 JPMorgan Investment Funds - Europe Strategic Dividend Fund JPMorgan Bank Luxembourg S.A. EUR 81,463,418 JPMorgan Investment Funds - Global Dividend Fund JPMorgan Bank Luxembourg S.A. USD 281,497 JPMorgan Investment Funds - Global Select Equity Fund JPMorgan Bank Luxembourg S.A. USD 1,485,038 JPMorgan Investment Funds - Japan Select Equity Fund JPMorgan Bank Luxembourg S.A. JPY 1,227,087,183 JPMorgan Investment Funds - Japan Strategic Value Fund JPMorgan Bank Luxembourg S.A. JPY 3,852,169,543 JPMorgan Investment Funds - US Select Equity Fund JPMorgan Bank Luxembourg S.A. USD 9,618,981

Collateral granted As at the reporting date, there was no collateral granted with respect to securities lending transactions.

Return and cost The total income earned from securities lending transactions is split between the relevant Sub-Funds and the securities lending agent. Detail of this split is disclosed in Note 9 to the financial statements.

201 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

10. UCITS Remuneration Disclosures JPMorgan Asset Management (Europe) S.à r.l. (the “Management Company”) is the authorised manager of JPMorgan Investment Funds (the “Company”) and is part of the J.P. Morgan Chase & Co. group of companies. In this section, the terms “J.P. Morgan” or “Firm” refer to that group, and each of the entities in that group globally, unless otherwise specified. This section of the annual report has been prepared in accordance with the Undertakings for Collective Investment in Transferable Securities (the “UCITS Directive”) and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the UCITS Directive. Remuneration Policy A summary of the Remuneration Policy currently applying to the Management Company (the “Remuneration Policy Statement”) can be found at http://www.jpmorganassetmanagement.lu/legal/emea-remuneration-policy. This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the Management Company. The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material impact on the risk profile of the Management Company or the UCITS Funds it manages (“UCITS Identified Staff”). The UCITS Identified Staff include members of the Board of the Management Company (the “Board”), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis. The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of UCITS Identified Staff. As at 30 June 2018, the Board last reviewed and adopted the Remuneration Policy in June 2017 with no material changes and was satisfied with its implementation. Quantitative Disclosures The table below provides an overview of the aggregate 2017 total remuneration paid to staff of the Management Company and the number of beneficiaries. Due to the Firm’s operational structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and would not be relevant or reliable. However, for context, the Management Company manages 3 Alternative Investment Funds (with 9 Sub-Funds) and 8 UCITS (with 170 Sub-Funds), with a combined AUM as at December 2017 of USD 2,224m and USD 352,485m respectively. Fixed remuneration Variable remuneration Total remuneration Number of beneficiaries All staff (USD ‘000s) 41,236 19,359 60,595 332

The aggregate 2017 total remuneration paid to UCITS Identified Staff was USD 140,385,145, of which USD 7,342,989 relates to Senior Management and USD 133,042,156 relates to other Identified Staff(1).

(1) For 2017 the UCITS Identified Staff disclosures includes employees of companies to which portfolio management has been formally delegated, in line with the latest ESMA guidance.

202 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 192,251.949 244,817.268 166,521.733 270,547.484 JPM Europe Select Equity A (acc) - USD 61,958.369 585.557 29,370.900 33,173.026 JPM Europe Select Equity A (dist) - EUR 95,721.240 31,811.888 18,691.751 108,841.377 JPM Europe Select Equity C (acc) - EUR 1,432,856.715 1,262,294.896 1,143,669.490 1,551,482.121 JPM Europe Select Equity C (acc) - USD 11,017.525 189,486.834 70,269.175 130,235.184 JPM Europe Select Equity C (dist) - EUR 10.000 16,473.395 10.000 16,473.395 JPM Europe Select Equity C (dist) - GBP 12,391.524 - 1,391.740 10,999.784 JPM Europe Select Equity D (acc) - EUR 81,481.688 48,850.153 35,596.951 94,734.890 JPM Europe Select Equity D (acc) - USD 18.751 5.495 14.441 9.805 JPM Europe Select Equity I (acc) - EUR 2,174,357.832 1,493,182.685 893,555.270 2,773,985.247 JPM Europe Select Equity I (acc) - USD 20,466.800 3,786.753 6,504.672 17,748.881 JPM Europe Select Equity I (acc) - USD (hedged) 85,791.019 101,518.911 57,487.871 129,822.059 JPM Europe Select Equity I (dist) - EUR 472,407.769 176,994.394 190,853.385 458,548.778 JPM Europe Select Equity I2 (acc) - EUR - 10.000 - 10.000 JPM Europe Select Equity I2 (acc) - USD - 10.000 - 10.000 JPM Europe Select Equity I2 (acc) - USD (hedged) - 10.000 - 10.000 JPM Europe Select Equity I2 (dist) - EUR - 10.000 - 10.000 JPM Europe Select Equity X (acc) - EUR 646,800.098 397,417.665 234,627.512 809,590.251 JPM Europe Select Equity X (acc) - USD (hedged) 493,000.573 367,244.000 250,144.000 610,100.573 JPM Europe Select Equity X (dist) - EUR 44,378.600 8,499.586 16,197.342 36,680.844

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - AUD (hedged) - 200,904.097 969.932 199,934.165 JPM Europe Strategic Dividend A (acc) - EUR 2,688,325.490 363,045.796 1,122,449.298 1,928,921.988 JPM Europe Strategic Dividend A (acc) - HUF (hedged) 6,440.871 3,425.974 1,345.275 8,521.570 JPM Europe Strategic Dividend A (acc) - USD (hedged) 783,100.843 519,279.762 288,733.732 1,013,646.873 JPM Europe Strategic Dividend A (dist) - EUR 422,359.707 1,277,220.027 241,801.316 1,457,778.418 JPM Europe Strategic Dividend A (div) - EUR 451,907.306 103,489.055 116,065.910 439,330.451 JPM Europe Strategic Dividend A (inc) - EUR*** 2,581,155.051 62,897.808 2,644,052.859 - JPM Europe Strategic Dividend A (mth) - EUR 71,491.438 64,964.470 25,376.685 111,079.223 JPM Europe Strategic Dividend A (mth) - RMB (hedged) 1,644,992.096 - 455,296.343 1,189,695.753 JPM Europe Strategic Dividend A (mth) - SGD (hedged) 2,924,900.479 906,159.870 823,662.579 3,007,397.770 JPM Europe Strategic Dividend A (mth) - USD (hedged) 2,264,248.475 618,979.138 840,777.323 2,042,450.290 JPM Europe Strategic Dividend C (acc) - EUR 3,008,060.063 898,365.444 1,661,546.136 2,244,879.371 JPM Europe Strategic Dividend C (acc) - PLN (hedged) 5,022.222 4,062.065 3,082.736 6,001.551 JPM Europe Strategic Dividend C (acc) - USD (hedged) 196,664.404 174,797.749 158,099.095 213,363.058 JPM Europe Strategic Dividend C (dist) - EUR 767,565.034 75,789.291 225,216.713 618,137.612 JPM Europe Strategic Dividend C (dist) - EUR (hedged)^ 128,324.000 12,720.000 23,214.000 117,830.000 JPM Europe Strategic Dividend C (dist) - GBP 6,842.917 3,955.045 1,284.183 9,513.779 JPM Europe Strategic Dividend C (div) - EUR 3,521,504.940 2,503,532.931 592,780.341 5,432,257.530 JPM Europe Strategic Dividend C (mth) - EUR* 10.000 - 10.000 - JPM Europe Strategic Dividend C (mth) - RMB (hedged)* 8.911 - 8.911 - JPM Europe Strategic Dividend C (mth) - SGD (hedged) 99,380.507 86,418.813 59,080.735 126,718.585 JPM Europe Strategic Dividend C (mth) - USD (hedged) 232,214.384 69,742.895 51,130.764 250,826.515 JPM Europe Strategic Dividend D (acc) - EUR 244,659.790 50,274.963 93,806.590 201,128.163 JPM Europe Strategic Dividend D (div) - EUR 761,654.302 356,727.626 179,500.164 938,881.764 JPM Europe Strategic Dividend D (mth) - EUR (hedged) - 19,034.603 349.069 18,685.534 JPM Europe Strategic Dividend D (mth) - USD (hedged) 3,379.012 23,014.163 16,363.877 10,029.298 JPM Europe Strategic Dividend I (acc) - EUR 3,494,137.180 1,347,797.948 777,068.856 4,064,866.272 JPM Europe Strategic Dividend I (acc) - SGD 135.441 2,060,686.166 135.441 2,060,686.166 JPM Europe Strategic Dividend I (acc) - SGD (hedged) 11,789,406.735 12,597,556.428 1,582,572.965 22,804,390.198 JPM Europe Strategic Dividend I (acc) - USD** - 39,025.460 4,023.592 35,001.868 JPM Europe Strategic Dividend I (acc) - USD (hedged)* 35,887.679 24,867.624 60,755.303 - JPM Europe Strategic Dividend I (dist) - EUR 50,600.504 167,314.736 100,407.821 117,507.419 JPM Europe Strategic Dividend I (div) - EUR - 10.000 - 10.000 JPM Europe Strategic Dividend I2 (acc) - EUR - 10.000 - 10.000 JPM Europe Strategic Dividend I2 (dist) - EUR - 10.000 - 10.000 JPM Europe Strategic Dividend X (acc) - EUR 1,669,329.205 555,745.996 937,377.251 1,287,697.950 JPM Europe Strategic Dividend X (acc) - USD (hedged) - 60,712.000 32,776.000 27,936.000 JPM Europe Strategic Dividend X (dist) - GBP 11.578 - - 11.578 JPM Europe Strategic Dividend X (div) - EUR 1,090,680.796 51,409.000 301,711.882 840,377.914

* Share Class inactive as at end of the year. ** Share Class reactivated during the year. *** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 203 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 198,275.659 53,298.746 54,180.248 197,394.157 JPM Global Balanced A (acc) - USD (hedged) 3,059,198.944 283,384.184 870,687.798 2,471,895.330 JPM Global Balanced A (dist) - EUR 804,696.943 245,485.490 132,470.515 917,711.918 JPM Global Balanced A (dist) - USD (hedged) 126,196.888 5,860.523 30,320.247 101,737.164 JPM Global Balanced A (mth) - USD (hedged) 15,430.676 7,470.387 2,097.377 20,803.686 JPM Global Balanced C (acc) - EUR 132,095.987 116,151.662 127,214.197 121,033.452 JPM Global Balanced C (acc) - USD (hedged) 1,669,247.559 1,094,400.900 685,632.085 2,078,016.374 JPM Global Balanced C (dist) - EUR 5,671.489 1,747.115 20.119 7,398.485 JPM Global Balanced C (dist) - USD (hedged) 25,050.562 21,837.170 8,495.092 38,392.640 JPM Global Balanced C (mth) - USD (hedged) 249,820.649 16,359.043 227,371.610 38,808.082 JPM Global Balanced D (acc) - EUR 698,477.814 322,033.011 187,919.338 832,591.487 JPM Global Balanced D (acc) - USD (hedged) 620,643.977 129,657.652 169,399.932 580,901.697 JPM Global Balanced D (mth) - USD (hedged) 19,628.925 3,021.718 7,989.777 14,660.866 JPM Global Balanced I (acc) - EUR 226,665.696 408,187.111 91,501.098 543,351.709 JPM Global Balanced I2 (acc) - EUR - 10.000 - 10.000 JPM Global Balanced T (acc) - EUR 144,566.441 111,272.621 39,630.898 216,208.164 JPM Global Balanced X (acc) - EUR

JPMorgan Investment Funds - Global Convertibles Fund (USD) JPM Global Convertibles (USD) A (acc) - SGD (hedged) 49,872.522 680.001 10,362.346 40,190.177 JPM Global Convertibles (USD) A (acc) - USD 1,296,051.626 182,289.911 524,964.806 953,376.731 JPM Global Convertibles (USD) A (dist) - USD 75,206.975 14,991.437 23,458.001 66,740.411 JPM Global Convertibles (USD) A (mth) - USD 35,748.268 4,230.588 22,563.362 17,415.494 JPM Global Convertibles (USD) C (acc) - SGD (hedged)* 141.644 - 141.644 - JPM Global Convertibles (USD) C (acc) - USD 555,355.065 749,712.485 626,935.302 678,132.248 JPM Global Convertibles (USD) C (dist) - USD 38,170.100 5,472.754 3,755.100 39,887.754 JPM Global Convertibles (USD) C (mth) - USD 32,591.985 - 26,589.596 6,002.389 JPM Global Convertibles (USD) D (acc) - USD 168,926.004 12,884.920 47,541.497 134,269.427 JPM Global Convertibles (USD) D (mth) - USD 21,779.715 77.868 10,396.733 11,460.850 JPM Global Convertibles (USD) I (acc) - USD 208,359.705 161,459.726 296,504.509 73,314.922 JPM Global Convertibles (USD) I2 (acc) - USD - 10.000 - 10.000 JPM Global Convertibles (USD) X (acc) - USD 79,253.206 8,040.113 5,502.156 81,791.163

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 39,440.783 16,836.873 26,430.284 29,847.372 JPM Global Dividend A (acc) - EUR (hedged) 18,579.339 26,852.384 7,337.782 38,093.941 JPM Global Dividend A (acc) - USD 112,360.679 8,498.862 30,280.811 90,578.730 JPM Global Dividend A (dist) - EUR (hedged)^ 48.673 1,563.000 8.673 1,603.000 JPM Global Dividend A (dist) - USD^ 76,928.070 12,332.366 13,273.272 75,987.164 JPM Global Dividend A (div) - EUR 39,026.462 15,415.637 12,267.579 42,174.520 JPM Global Dividend A (div) - EUR (hedged) 11,431.508 6,414.917 2,283.415 15,563.010 JPM Global Dividend A (div) - USD 14,650.716 941.909 2,822.566 12,770.059 JPM Global Dividend A (mth) - USD (hedged) 4,081.633 6,352.603 6,379.927 4,054.309 JPM Global Dividend C (acc) - EUR 12,589.780 44,812.925 31,518.494 25,884.211 JPM Global Dividend C (acc) - USD 1,353.074 54,265.654 46,978.433 8,640.295 JPM Global Dividend C (dist) - EUR 841.073 525.000 481.073 885.000 JPM Global Dividend C (dist) - EUR (hedged)^ 1,801.488 1,127.000 1,219.488 1,709.000 JPM Global Dividend C (div) - EUR* 8,580.000 - 8,580.000 - JPM Global Dividend D (acc) - EUR (hedged) 167,248.962 83,132.034 60,408.794 189,972.202 JPM Global Dividend D (acc) - USD 66,265.676 34,850.269 25,250.820 75,865.125 JPM Global Dividend D (div) - EUR (hedged) 307,308.400 209,604.539 111,058.078 405,854.861 JPM Global Dividend D (mth) - EUR (hedged) - 7,891.643 615.367 7,276.276 JPM Global Dividend F (mth) - USD (hedged) - 20.000 - 20.000 JPM Global Dividend I (acc) - EUR** - 56,720.643 - 56,720.643 JPM Global Dividend I (dist) - EUR (hedged)*^ 9.948 - 9.948 - JPM Global Dividend T (acc) - EUR (hedged) 24,123.280 57,603.718 11,030.270 70,696.728 JPM Global Dividend X (acc) - EUR (hedged) 1,328.492 - 822.950 505.542 JPM Global Dividend X (acc) - USD 1,534.856 1,370.764 9.912 2,895.708 JPM Global Dividend X (dist) - AUD 52,014.140 2,210.500 1,231.791 52,992.849

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - EUR 132,410.489 124,244.925 65,752.481 190,902.933 JPM Global Financials A (acc) - SGD 148,792.469 256,272.022 209,041.120 196,023.371 JPM Global Financials A (acc) - USD 714,003.265 269,155.657 504,730.703 478,428.219 JPM Global Financials A (dist) - USD 59,862.704 16,300.097 13,777.345 62,385.456 JPM Global Financials C (acc) - EUR 216,564.650 37,807.238 58,829.266 195,542.622 JPM Global Financials C (acc) - SGD 140.996 - - 140.996 JPM Global Financials C (acc) - USD 103,541.680 442,886.746 420,383.539 126,044.887 JPM Global Financials C (dist) - USD 3,125.170 36,924.364 5,614.778 34,434.756 JPM Global Financials D (acc) - USD 55,777.797 59,328.659 42,474.927 72,631.529 JPM Global Financials X (acc) - USD 576.997 974.757 11.645 1,540.109

* Share Class inactive as at end of the year. ** Share Class reactivated during the year. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 204 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 750,050.990 2,356,958.944 1,960,685.115 1,146,324.819 JPM Global High Yield Bond A (acc) - CHF (hedged) 17,426.000 2,557.000 10,245.000 9,738.000 JPM Global High Yield Bond A (acc) - CZK (hedged) - 5,078.080 - 5,078.080 JPM Global High Yield Bond A (acc) - EUR (hedged) 349,887.320 660,767.297 184,995.203 825,659.414 JPM Global High Yield Bond A (acc) - HUF (hedged) 22,752.082 12,101.383 5,872.764 28,980.701 JPM Global High Yield Bond A (acc) - USD 3,042,864.958 2,405,843.402 3,410,652.580 2,038,055.780 JPM Global High Yield Bond A (dist) - EUR (hedged)^ 338,942.442 175,652.082 100,314.471 414,280.053 JPM Global High Yield Bond A (dist) - USD 38,602.044 4,999.821 18,832.117 24,769.748 JPM Global High Yield Bond A (irc) - AUD (hedged) 60,464,522.025 17,426,421.222 25,803,232.769 52,087,710.478 JPM Global High Yield Bond A (irc) - CAD (hedged) 1,286,294.017 149,714.660 491,351.864 944,656.813 JPM Global High Yield Bond A (irc) - NZD (hedged) 153,450.480 143,537.262 87,600.018 209,387.724 JPM Global High Yield Bond A (irc) - RMB (hedged) 216,850.840 50,482.497 - 267,333.337 JPM Global High Yield Bond A (mth) - HKD 69,952,794.905 77,579,020.813 69,913,838.088 77,617,977.630 JPM Global High Yield Bond A (mth) - SGD 403,712.572 211,101.986 99,862.579 514,951.979 JPM Global High Yield Bond A (mth) - USD 27,468,959.753 8,952,929.212 11,241,051.873 25,180,837.092 JPM Global High Yield Bond C (acc) - EUR (hedged) 1,041,180.562 389,144.447 746,965.334 683,359.675 JPM Global High Yield Bond C (acc) - PLN (hedged) 28,889.877 69,196.595 16,107.176 81,979.296 JPM Global High Yield Bond C (acc) - USD 2,529,578.231 2,171,224.256 1,533,950.329 3,166,852.158 JPM Global High Yield Bond C (dist) - EUR (hedged) 13,658.882 86,639.655 11,443.564 88,854.973 JPM Global High Yield Bond C (dist) - GBP (hedged) 515,540.235 89,685.621 175,491.854 429,734.002 JPM Global High Yield Bond C (dist) - USD 141,771.498 181,443.782 76,963.740 246,251.540 JPM Global High Yield Bond C (div) - EUR (hedged) 42,562.322 35,446.801 6,475.046 71,534.077 JPM Global High Yield Bond C (inc) - EUR (hedged)*** 42,063.702 8,800.000 50,863.702 - JPM Global High Yield Bond C (irc) - CAD (hedged) 147,674.923 155,180.669 - 302,855.592 JPM Global High Yield Bond C (irc) - RMB (hedged)* 639.280 - 639.280 - JPM Global High Yield Bond C (mth) - HKD 774.606 5,129,782.449 774.606 5,129,782.449 JPM Global High Yield Bond C (mth) - USD 1,014,025.253 826,375.715 286,315.569 1,554,085.399 JPM Global High Yield Bond D (acc) - EUR (hedged) 232,309.408 132,159.547 73,397.507 291,071.448 JPM Global High Yield Bond D (acc) - PLN (hedged) 24,977.373 367,850.426 364,798.331 28,029.468 JPM Global High Yield Bond D (acc) - USD 86,996.754 226,780.422 276,127.268 37,649.908 JPM Global High Yield Bond D (div) - EUR (hedged) 2,740,356.023 2,844,456.091 558,258.599 5,026,553.515 JPM Global High Yield Bond D (mth) - EUR (hedged) - 59,224.663 2,705.963 56,518.700 JPM Global High Yield Bond F (irc) - AUD (hedged) - 260.485 - 260.485 JPM Global High Yield Bond F (mth) - USD - 20.000 - 20.000 JPM Global High Yield Bond I (acc) - EUR (hedged) 3,203,010.326 2,386,690.085 2,108,050.191 3,481,650.220 JPM Global High Yield Bond I (acc) - USD 2,695,924.313 3,117,119.147 2,854,715.554 2,958,327.906 JPM Global High Yield Bond I (dist) - EUR (hedged) 77,638.548 999,083.264 165,040.538 911,681.274 JPM Global High Yield Bond I (dist) - GBP (hedged) 204,120.662 165,475.357 132,205.552 237,390.467 JPM Global High Yield Bond I (dist) - USD 702,812.985 211,966.539 509,788.147 404,991.377 JPM Global High Yield Bond I (inc) - EUR (hedged)*** 943,604.837 196,297.482 1,139,902.319 - JPM Global High Yield Bond I (mth) - USD 1,856,512.894 20,052.187 375,349.134 1,501,215.947 JPM Global High Yield Bond I2 (acc) - EUR (hedged) - 10.000 - 10.000 JPM Global High Yield Bond I2 (acc) - USD - 10.000 - 10.000 JPM Global High Yield Bond I2 (dist) - EUR (hedged) - 10.000 - 10.000 JPM Global High Yield Bond I2 (dist) - GBP (hedged) - 10.000 - 10.000 JPM Global High Yield Bond I2 (dist) - USD - 10.000 - 10.000 JPM Global High Yield Bond I2 (mth) - USD - 10.000 - 10.000 JPM Global High Yield Bond P (acc) - USD - 5,830.416 - 5,830.416 JPM Global High Yield Bond P (dist) - EUR (hedged) - 212,566.284 - 212,566.284 JPM Global High Yield Bond P (dist) - USD 12,660.731 8,547.739 9,101.843 12,106.627 JPM Global High Yield Bond T (acc) - EUR (hedged) 53,341.000 103,847.772 22,863.952 134,324.820 JPM Global High Yield Bond V (acc) - USD (hedged to BRL)* 35,905.262 - 35,905.262 - JPM Global High Yield Bond X (acc) - EUR (hedged) 1,731,597.610 717,945.329 665,123.876 1,784,419.063 JPM Global High Yield Bond X (acc) - USD 2,785,059.305 1,267,470.854 1,681,112.263 2,371,417.896 JPM Global High Yield Bond X (dist) - USD* 10.000 - 10.000 -

JPMorgan Investment Funds - Global Income Conservative Fund JPM Global Income Conservative A (acc) - EUR 449,976.365 164,084.849 453,785.553 160,275.661 JPM Global Income Conservative A (acc) - SEK (hedged) 1,768.144 - - 1,768.144 JPM Global Income Conservative A (acc) - USD (hedged) 2,000.000 2,984.933 - 4,984.933 JPM Global Income Conservative A (dist) - EUR^ 920.833 37,137.456 1,823.455 36,234.834 JPM Global Income Conservative A (dist) - USD (hedged)^ 7,510.052 - 10.052 7,500.000 JPM Global Income Conservative A (div) - EUR 609.073 2,667,997.928 51,913.208 2,616,693.793 JPM Global Income Conservative C (acc) - EUR 9.073 87,107.465 641.383 86,475.155 JPM Global Income Conservative C (dist) - EUR^ 9.073 490.000 9.073 490.000 JPM Global Income Conservative D (acc) - EUR 9.073 183,430.645 6,451.233 176,988.485 JPM Global Income Conservative D (div) - EUR 10.000 3,310,026.307 989,060.749 2,320,975.558 JPM Global Income Conservative D (mth) - EUR - 68,826.708 1,669.121 67,157.587

* Share Class inactive as at end of the year. *** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 205 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 2,226,146.647 2,274,464.528 1,645,577.945 2,855,033.230 JPM Global Income A (acc) - CHF (hedged) 199,752.589 92,439.565 48,579.566 243,612.588 JPM Global Income A (acc) - CZK (hedged) - 8,190.587 158.608 8,031.979 JPM Global Income A (acc) - EUR 6,790,844.903 11,348,201.172 5,076,348.000 13,062,698.075 JPM Global Income A (acc) - SGD (hedged) 19,319.653 943,606.463 36,596.535 926,329.581 JPM Global Income A (acc) - USD (hedged) 5,411,150.779 4,334,058.445 3,567,331.559 6,177,877.665 JPM Global Income A (dist) - EUR^ 5,045,252.558 2,669,137.248 357,543.900 7,356,845.906 JPM Global Income A (dist) - GBP (hedged) 40,911.665 74,040.962 11,022.871 103,929.756 JPM Global Income A (div) - CHF (hedged) 25,042.455 50,504.722 1,338.000 74,209.177 JPM Global Income A (div) - EUR 27,156,250.983 15,919,898.084 3,234,779.661 39,841,369.406 JPM Global Income A (div) - SGD 751,911.260 744,837.783 252,681.668 1,244,067.375 JPM Global Income A (div) - SGD (hedged) 2,193,901.526 1,531,830.446 653,739.952 3,071,992.020 JPM Global Income A (div) - USD (hedged) 4,223,512.112 1,670,033.882 1,755,414.200 4,138,131.794 JPM Global Income A (irc) - AUD (hedged) 78,947,447.047 51,343,400.584 35,097,496.123 95,193,351.508 JPM Global Income A (irc) - CAD (hedged) 751,359.520 929,908.980 819,597.600 861,670.900 JPM Global Income A (irc) - RMB (hedged) 8,365,881.877 11,119,182.653 1,741,439.499 17,743,625.031 JPM Global Income A (mth) - EUR 1,026,998.214 2,666,627.051 136,656.103 3,556,969.162 JPM Global Income A (mth) - GBP (hedged) 158,953.893 297,806.313 54,940.799 401,819.407 JPM Global Income A (mth) - SGD (hedged) 46,351,257.842 32,878,312.168 18,579,570.301 60,649,999.709 JPM Global Income A (mth) - USD (hedged) 16,812,729.207 7,309,027.350 7,310,203.969 16,811,552.588 JPM Global Income C (acc) - EUR 6,289,529.296 4,319,357.071 4,313,949.254 6,294,937.113 JPM Global Income C (acc) - PLN (hedged) 3,584.286 18,586.536 6,352.634 15,818.188 JPM Global Income C (acc) - USD (hedged) 1,125,561.588 1,092,205.747 263,054.890 1,954,712.445 JPM Global Income C (dist) - EUR - 10.000 - 10.000 JPM Global Income C (dist) - GBP (hedged) 146,682.247 39,096.277 100,718.952 85,059.572 JPM Global Income C (dist) - USD (hedged) 9,763.382 95,946.010 4,876.728 100,832.664 JPM Global Income C (div) - CHF (hedged) 1,002.718 10,150.000 1,582.718 9,570.000 JPM Global Income C (div) - EUR 2,869,682.606 1,927,459.112 1,374,914.805 3,422,226.913 JPM Global Income C (div) - USD (hedged) 970,013.115 646,055.948 485,552.070 1,130,516.993 JPM Global Income C (irc) - AUD (hedged) 1,212,609.762 1,402,938.304 52,883.256 2,562,664.810 JPM Global Income C (irc) - RMB (hedged) 297,324.083 1,578,973.165 - 1,876,297.248 JPM Global Income C (mth) - GBP (hedged) 29,500.323 106,557.255 27,553.120 108,504.458 JPM Global Income C (mth) - SGD (hedged) 593,775.287 2,729,876.013 138,018.343 3,185,632.957 JPM Global Income C (mth) - USD (hedged) 225,502.983 398,562.014 49,318.213 574,746.784 JPM Global Income D (acc) - EUR 4,724,373.359 3,433,215.424 1,168,182.137 6,989,406.646 JPM Global Income D (acc) - USD (hedged) 886,197.155 375,290.831 254,366.610 1,007,121.376 JPM Global Income D (div) - EUR 23,056,391.121 10,554,134.349 3,856,480.729 29,754,044.741 JPM Global Income D (div) - USD (hedged) 306,201.859 308,321.198 105,501.502 509,021.555 JPM Global Income D (mth) - EUR - 131,853.534 3,409.258 128,444.276 JPM Global Income D (mth) - USD (hedged) 930,736.195 153,323.797 305,020.924 779,039.068 JPM Global Income F (irc) - AUD (hedged) - 260.485 - 260.485 JPM Global Income F (mth) - USD (hedged) - 20.000 - 20.000 JPM Global Income I (acc) - EUR 115,244.382 3,536,815.160 592,400.189 3,059,659.353 JPM Global Income I (acc) - USD (hedged)** - 772,228.228 290,331.000 481,897.228 JPM Global Income I (div) - EUR - 34,351.129 25,532.751 8,818.378 JPM Global Income I (div) - USD (hedged) - 464.887 - 464.887 JPM Global Income I (mth) - JPY (hedged) 7,548,147.247 13,016,693.329 - 20,564,840.576 JPM Global Income T (div) - EUR 2,211,058.796 1,960,451.666 1,119,735.407 3,051,775.055 JPM Global Income V (acc) - EUR (hedged to BRL) 160,373.152 790,320.446 - 950,693.598 JPM Global Income X (div) - EUR 1,345,399.000 75,390.000 33,449.000 1,387,340.000 JPM Global Income X (irc) - AUD (hedged) 62,736.272 15,380.692 2,264.953 75,852.011

JPMorgan Investment Funds - Global Macro Balanced Fund JPM Global Macro Balanced A (acc) - EUR 104,726.809 7,099.692 30,870.132 80,956.369 JPM Global Macro Balanced A (acc) - USD 19,437.362 2,162.213 14,322.051 7,277.524 JPM Global Macro Balanced A (dist) - EUR 39,882.699 27,075.135 10,186.259 56,771.575 JPM Global Macro Balanced A (inc) - EUR*** 17,596.554 5,474.745 23,071.299 - JPM Global Macro Balanced C (acc) - EUR 31,158.334 34,672.424 23,915.432 41,915.326 JPM Global Macro Balanced C (dist) - EUR 1,078.000 - 10.000 1,068.000 JPM Global Macro Balanced D (acc) - EUR 667,177.832 62,268.676 204,481.708 524,964.800 JPM Global Macro Balanced D (acc) - SEK (hedged) 32,898.548 1,296.795 10,907.311 23,288.032 JPM Global Macro Balanced X (acc) - EUR 1,557.903 339.514 318.576 1,578.841

** Share Class reactivated during the year. *** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 206 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Global Macro Fund JPM Global Macro A (acc) - AUD (hedged)* 28,715.004 - 28,715.004 - JPM Global Macro A (acc) - EUR (hedged) 621,510.974 74,603.462 381,789.412 314,325.024 JPM Global Macro A (acc) - SGD (hedged) 406,628.993 - 68,077.770 338,551.223 JPM Global Macro A (acc) - USD 1,625,510.959 268,314.111 850,834.682 1,042,990.388 JPM Global Macro A (dist) - EUR (hedged)^ 514,879.163 97,425.348 361,336.450 250,968.061 JPM Global Macro A (mth) - USD 141,556.454 16,172.888 72,719.271 85,010.071 JPM Global Macro C (acc) - EUR (hedged) 1,111,665.395 586,350.731 966,287.635 731,728.491 JPM Global Macro C (acc) - NOK (hedged) 3,833.427 6,509.944 - 10,343.371 JPM Global Macro C (acc) - USD 1,118,444.682 700,444.142 1,366,358.706 452,530.118 JPM Global Macro C (dist) - EUR (hedged)^ 3,551.361 1,110.000 3,441.361 1,220.000 JPM Global Macro C (mth) - USD 193,165.861 346,759.816 510,593.142 29,332.535 JPM Global Macro D (acc) - EUR (hedged) 1,086,154.633 85,600.274 477,114.564 694,640.343 JPM Global Macro D (acc) - USD 804,077.981 78,731.652 438,098.773 444,710.860 JPM Global Macro D (mth) - USD 27,221.872 5,106.151 21,327.427 11,000.596 JPM Global Macro I (acc) - EUR (hedged) 92,927.000 230,667.721 23,804.875 299,789.846 JPM Global Macro I (acc) - SEK (hedged) 720,193.060 396,123.054 249,203.269 867,112.845 JPM Global Macro X (acc) - USD 2,394.953 1,546.990 3.566 3,938.377

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) 1,679,128.286 963,984.156 1,431,983.368 1,211,129.074 JPM Global Macro Opportunities A (acc) - CHF (hedged) 79,340.616 17,736.532 47,041.743 50,035.405 JPM Global Macro Opportunities A (acc) - CZK (hedged) - 442,577.096 21,408.313 421,168.783 JPM Global Macro Opportunities A (acc) - EUR 6,619,607.484 1,844,804.372 3,859,052.511 4,605,359.345 JPM Global Macro Opportunities A (acc) - SEK (hedged) 117.669 2,896.398 229.320 2,784.747 JPM Global Macro Opportunities A (acc) - SGD (hedged) 5,332,144.650 2,797,016.712 3,980,282.673 4,148,878.689 JPM Global Macro Opportunities A (acc) - USD (hedged) 5,186,805.408 1,415,718.420 4,018,550.372 2,583,973.456 JPM Global Macro Opportunities A (dist) - EUR 628,299.896 1,331,330.533 224,168.502 1,735,461.927 JPM Global Macro Opportunities A (dist) - GBP (hedged) - 1,468.640 - 1,468.640 JPM Global Macro Opportunities A (inc) - EUR*** 1,457,034.925 201,410.305 1,658,445.230 - JPM Global Macro Opportunities C (acc) - AUD (hedged)* 131.062 - 131.062 - JPM Global Macro Opportunities C (acc) - CHF (hedged) 19,897.602 30,130.012 17,004.041 33,023.573 JPM Global Macro Opportunities C (acc) - EUR 8,007,810.108 4,274,294.292 6,985,518.087 5,296,586.313 JPM Global Macro Opportunities C (acc) - PLN (hedged) 26,294.783 8,869.907 32,450.565 2,714.125 JPM Global Macro Opportunities C (acc) - USD (hedged) 832,880.654 180,682.156 550,180.697 463,382.113 JPM Global Macro Opportunities C (dist) - EUR 179,357.371 416,670.122 153,103.583 442,923.910 JPM Global Macro Opportunities C (dist) - GBP (hedged) 2,149,515.690 702,930.535 293,157.043 2,559,289.182 JPM Global Macro Opportunities C (dist) - USD (hedged) 613,013.197 318,516.485 453,820.342 477,709.340 JPM Global Macro Opportunities C (inc) - EUR*** 413,804.906 69,428.993 483,233.899 - JPM Global Macro Opportunities D (acc) - EUR 5,234,740.532 751,992.987 2,499,936.744 3,486,796.775 JPM Global Macro Opportunities D (acc) - PLN (hedged) 20.000 16.234 - 36.234 JPM Global Macro Opportunities D (acc) - USD (hedged) 10.000 656.670 180.377 486.293 JPM Global Macro Opportunities I (acc) - EUR 3,375,865.802 4,886,219.204 2,162,057.699 6,100,027.307 JPM Global Macro Opportunities I (acc) - JPY (hedged) 8,488,000.532 1,420,961.114 6,237,874.710 3,671,086.936 JPM Global Macro Opportunities I (acc) - SEK (hedged)* 33,059.288 - 33,059.288 - JPM Global Macro Opportunities I (acc) - USD (hedged) 3,236,691.263 159,832.528 2,539,806.638 856,717.153 JPM Global Macro Opportunities T (acc) - EUR 652,947.467 105,608.996 230,504.510 528,051.953 JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) 61,010.360 128,088.643 52,991.007 136,107.996 JPM Global Macro Opportunities X (acc) - EUR 1,067,255.325 81,809.438 693,497.230 455,567.533 JPM Global Macro Opportunities X (acc) - USD (hedged) 420,689.609 20,046.908 106,447.532 334,288.985 JPM Global Macro Opportunities X (dist) - AUD (hedged) 1,326,270.771 904,918.919 128,563.054 2,102,626.636

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - EUR 2,705.149 4,802.668 2,483.952 5,023.865 JPM Global Select Equity A (acc) - USD 259,178.769 74,810.281 88,059.687 245,929.363 JPM Global Select Equity A (dist) - USD 4,522.688 9.634 1,658.764 2,873.558 JPM Global Select Equity C (acc) - EUR 19,005.910 35,769.236 9,305.032 45,470.114 JPM Global Select Equity C (acc) - USD 395,512.196 205,741.019 138,179.200 463,074.015 JPM Global Select Equity D (acc) - USD 24,452.877 20,484.892 15,516.334 29,421.435 JPM Global Select Equity X (acc) - USD 136,604.396 354.566 335.581 136,623.381

JPMorgan Investment Funds - Global Select Equity Plus Fund JPM Global Select Equity Plus A (perf) (acc) - USD 30,752.329 1,934.500 5,272.326 27,414.503 JPM Global Select Equity Plus A (perf) (dist) - USD 267.836 1.000 256.717 12.119 JPM Global Select Equity Plus C (perf) (acc) - USD 1,001.952 289.715 604.411 687.256 JPM Global Select Equity Plus D (perf) (acc) - USD 15,161.143 4,577.323 5,095.332 14,643.134

* Share Class inactive as at end of the year. *** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 207 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 446,325.049 48,160.968 150,944.835 343,541.182 JPM Income Opportunity A (perf) (acc) - EUR (hedged) 5,718,569.621 3,105,334.522 3,113,113.156 5,710,790.987 JPM Income Opportunity A (perf) (acc) - SEK (hedged) 131,542.474 8,000.530 33,712.938 105,830.066 JPM Income Opportunity A (perf) (acc) - SGD (hedged) 2,760,996.295 - 217,807.150 2,543,189.145 JPM Income Opportunity A (perf) (acc) - USD 2,986,862.932 327,657.803 1,058,323.836 2,256,196.899 JPM Income Opportunity A (perf) (dist) - EUR (hedged) 11.422 832,984.680 33,973.882 799,022.220 JPM Income Opportunity A (perf) (dist) - GBP (hedged) 360,469.705 47,141.267 288,254.220 119,356.752 JPM Income Opportunity A (perf) (dist) - USD 15,245.870 3,816.280 14,704.870 4,357.280 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 62,542.331 3,217.379 21,171.293 44,588.417 JPM Income Opportunity A (perf) (inc) - EUR (hedged)*** 724,102.932 31,417.258 755,520.190 - JPM Income Opportunity A (perf) (mth) - USD 448,046.519 77,390.173 210,682.195 314,754.497 JPM Income Opportunity C (perf) (acc) - CHF (hedged) 569,525.697 234,773.865 172,850.841 631,448.721 JPM Income Opportunity C (perf) (acc) - EUR (hedged) 2,959,349.152 1,735,470.099 1,707,923.761 2,986,895.490 JPM Income Opportunity C (perf) (acc) - SEK (hedged) 5,687.619 5,652.569 - 11,340.188 JPM Income Opportunity C (perf) (acc) - SGD (hedged)* 140.996 - 140.996 - JPM Income Opportunity C (perf) (acc) - USD 2,099,425.805 1,272,658.514 1,337,895.450 2,034,188.869 JPM Income Opportunity C (perf) (dist) - EUR (hedged) 287,271.146 146,221.713 100,875.537 332,617.322 JPM Income Opportunity C (perf) (dist) - GBP (hedged) 1,688,090.765 504,834.100 1,048,198.211 1,144,726.654 JPM Income Opportunity C (perf) (dist) - USD 318,148.773 46,486.579 233,057.965 131,577.387 JPM Income Opportunity C (perf) (inc) - EUR (hedged)*** 60,673.184 42,628.584 103,301.768 - JPM Income Opportunity C (perf) (mth) - USD 92,868.605 86,391.578 83,472.236 95,787.947 JPM Income Opportunity D (perf) (acc) - EUR (hedged) 1,310,151.054 396,897.953 482,379.465 1,224,669.542 JPM Income Opportunity D (perf) (acc) - USD 127,570.204 30,711.861 56,832.352 101,449.713 JPM Income Opportunity D (perf) (dist) - EUR (hedged)^ 43,526.163 12,552.799 10,952.717 45,126.245 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 194,164.533 19,417.170 41,597.104 171,984.599 JPM Income Opportunity I (perf) (acc) - EUR (hedged) 1,208,691.212 1,708,853.964 553,927.876 2,363,617.300 JPM Income Opportunity I (perf) (acc) - SGD (hedged) 20,021,062.734 - - 20,021,062.734 JPM Income Opportunity I (perf) (acc) - USD 1,198,063.616 322,014.790 141,986.422 1,378,091.984 JPM Income Opportunity I (perf) (dist) - EUR (hedged)^ 564,696.630 446,996.946 353,803.765 657,889.811 JPM Income Opportunity I (perf) (dist) - GBP (hedged) 467,994.037 36,772.808 370,933.062 133,833.783 JPM Income Opportunity I (perf) (dist) - USD 10,508.925 1,787.542 10,508.925 1,787.542 JPM Income Opportunity P (perf) (acc) - EUR (hedged) - 10.000 - 10.000 JPM Income Opportunity P (perf) (acc) - USD 4,366.567 11,021.010 4,366.567 11,021.010 JPM Income Opportunity P (perf) (dist) - GBP (hedged) 493.370 396.630 - 890.000 JPM Income Opportunity X (perf) (acc) - EUR (hedged) 738,281.505 119,736.000 557,662.908 300,354.597 JPM Income Opportunity X (perf) (acc) - USD 3,904.721 814.888 1,864.382 2,855.227 JPM Income Opportunity X (perf) (dist) - GBP (hedged) 10.112 - - 10.112 JPM Income Opportunity X (perf) (dist) - USD* 10.000 - 10.000 -

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 23,819.384 4,999.064 6,112.541 22,705.907 JPM Japan Select Equity A (acc) - JPY 519,008.669 458,437.130 581,197.025 396,248.774 JPM Japan Select Equity A (dist) - JPY 2,277.205 21.457 108.482 2,190.180 JPM Japan Select Equity C (acc) - EUR (hedged) 41,900.641 74,118.102 93,756.347 22,262.396 JPM Japan Select Equity C (acc) - JPY 339,874.585 145,049.448 178,116.342 306,807.691 JPM Japan Select Equity C (acc) - USD (hedged) 41,259.146 40,411.283 29,677.116 51,993.313 JPM Japan Select Equity C (dist) - JPY 169.938 - 12.938 157.000 JPM Japan Select Equity D (acc) - JPY 30,992.324 14,199.176 14,737.245 30,454.255 JPM Japan Select Equity I (acc) - JPY* 275,895.010 - 275,895.010 - JPM Japan Select Equity X (acc) - JPY 180,392.641 677.774 51,758.474 129,311.941

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 47,235.164 46,684.927 57,052.148 36,867.943 JPM Japan Strategic Value A (acc) - EUR (hedged) 101,968.295 70,145.188 98,017.389 74,096.094 JPM Japan Strategic Value A (acc) - JPY 479,312.629 484,727.140 598,262.132 365,777.637 JPM Japan Strategic Value A (acc) - USD (hedged) 22,002.376 5,330.585 18,018.842 9,314.119 JPM Japan Strategic Value A (dist) - GBP 34,393.191 1,625.987 8,001.891 28,017.287 JPM Japan Strategic Value C (acc) - EUR (hedged) 53,461.095 324,008.853 101,704.572 275,765.376 JPM Japan Strategic Value C (acc) - JPY 313,662.863 320,448.151 210,526.432 423,584.582 JPM Japan Strategic Value C (acc) - USD** - 52,905.222 10.000 52,895.222 JPM Japan Strategic Value D (acc) - EUR 29,653.894 142,833.143 141,218.507 31,268.530 JPM Japan Strategic Value D (acc) - EUR (hedged) 45,895.767 24,638.205 19,514.285 51,019.687 JPM Japan Strategic Value D (acc) - JPY 15,273.792 3,502.350 6,363.951 12,412.191 JPM Japan Strategic Value I (acc) - EUR (hedged) - 147,797.000 6,192.000 141,605.000 JPM Japan Strategic Value X (acc) - JPY 318,847.546 352,144.376 209,791.000 461,200.922 JPM Japan Strategic Value X (acc) - USD 486,660.249 77,357.343 91,669.684 472,347.908 JPM Japan Strategic Value X (acc) - USD (hedged) - 54,339.000 11,502.000 42,837.000

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - GBP (hedged) 1,144,741.000 79,398.000 261,080.000 963,059.000 JPM US Bond A (acc) - USD 261,532.648 76,118.404 63,962.146 273,688.906 JPM US Bond A (dist) - USD^ 9,658.461 2,638.372 3,447.415 8,849.418 JPM US Bond C (acc) - USD 110,892.295 10,295.319 31,345.833 89,841.781 JPM US Bond D (acc) - USD 143,349.592 143,513.504 146,196.178 140,666.918 JPM US Bond I (acc) - USD 40,898.527 4,522.894 - 45,421.421

* Share Class inactive as at end of the year. ** Share Class reactivated during the year. *** Share Class closed as at the end of the year. With respect to Share Classes “(inc)” these were merged into the equivalent “(dist)” Share Classes within the same Sub-Fund. ^ Share Class renamed from “(inc)” to “(dist)” Share Class with the same Sub-Fund. 208 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2017 (continued)

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - EUR 18,201.764 816.765 3,825.634 15,192.895 JPM US Equity A (acc) - EUR (hedged) 25,419.170 2,406.218 5,364.463 22,460.925 JPM US Equity A (acc) - USD 404,332.953 110,528.356 147,547.892 367,313.417 JPM US Equity A (dist) - GBP 1,080.364 16.129 35.920 1,060.573 JPM US Equity A (dist) - USD 250,920.474 10,316.324 63,507.588 197,729.210 JPM US Equity C (acc) - USD 183,580.152 88,956.847 118,586.949 153,950.050 JPM US Equity C (dist) - USD 27,145.010 - 94.850 27,050.160 JPM US Equity D (acc) - EUR (hedged) 11,709.902 7,067.793 5,061.341 13,716.354 JPM US Equity D (acc) - USD 114,168.203 9,032.620 28,858.973 94,341.850 JPM US Equity I (acc) - EUR (hedged) 105,551.142 45,721.505 110,091.612 41,181.035 JPM US Equity I (acc) - USD 385,995.279 217,385.436 520,012.391 83,368.324 JPM US Equity I (dist) - EUR - 10.000 - 10.000 JPM US Equity I (dist) - GBP 1,623.500 - 590.497 1,033.003 JPM US Equity I (dist) - USD - 10.000 - 10.000 JPM US Equity X (acc) - USD 285,138.764 7,157.086 278,258.256 14,037.594

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - AUD (hedged) - 209,092.450 222.806 208,869.644 JPM US Select Equity A (acc) - EUR 1,291,655.435 321,752.795 1,010,800.330 602,607.900 JPM US Select Equity A (acc) - EUR (hedged) 497,894.083 372,541.910 144,129.862 726,306.131 JPM US Select Equity A (acc) - USD 2,653,766.688 733,514.159 1,726,096.620 1,661,184.227 JPM US Select Equity A (dist) - USD 69,506.107 10,305.869 18,289.323 61,522.653 JPM US Select Equity C (acc) - EUR 754,075.241 203,693.913 282,726.606 675,042.548 JPM US Select Equity C (acc) - EUR (hedged) 165,437.170 266,826.061 146,496.085 285,767.146 JPM US Select Equity C (acc) - USD 1,349,018.407 565,502.719 639,677.536 1,274,843.590 JPM US Select Equity C (dist) - GBP 151,666.863 28,597.402 45,857.383 134,406.882 JPM US Select Equity C (dist) - USD 43,136.983 - 1,429.257 41,707.726 JPM US Select Equity D (acc) - EUR (hedged) 207,519.915 40,868.236 84,764.964 163,623.187 JPM US Select Equity D (acc) - USD 442,276.398 63,185.582 166,507.318 338,954.662 JPM US Select Equity I (acc) - EUR - 218,429.767 12,115.654 206,314.113 JPM US Select Equity I (acc) - EUR (hedged) 20,177.751 196,395.807 21,949.998 194,623.560 JPM US Select Equity I (acc) - USD 1,004,483.709 436,518.568 796,767.835 644,234.442 JPM US Select Equity I (dist) - USD 16,116.303 33,140.677 32,385.767 16,871.213 JPM US Select Equity I2 (acc) - EUR (hedged) - 10.000 - 10.000 JPM US Select Equity I2 (acc) - USD - 10.000 - 10.000 JPM US Select Equity I2 (dist) - USD - 10.000 - 10.000 JPM US Select Equity X (acc) - USD 57,850.522 3,269.094 2,265.262 58,854.354

209 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - EUR 208,185.980 84,812.893 100,746.924 192,251.949 JPM Europe Select Equity A (acc) - USD 102,098.604 11,102.666 51,242.901 61,958.369 JPM Europe Select Equity A (dist) - EUR 104,107.150 20,697.024 29,082.934 95,721.240 JPM Europe Select Equity C (acc) - EUR 1,905,344.541 557,568.000 1,030,055.826 1,432,856.715 JPM Europe Select Equity C (acc) - USD 240.955 11,017.525 240.955 11,017.525 JPM Europe Select Equity C (dist) - EUR 10.000 - - 10.000 JPM Europe Select Equity C (dist) - GBP 33,742.626 - 21,351.102 12,391.524 JPM Europe Select Equity D (acc) - EUR 109,247.619 18,139.633 45,905.564 81,481.688 JPM Europe Select Equity D (acc) - USD 518.297 8.946 508.492 18.751 JPM Europe Select Equity I (acc) - EUR 2,839,262.821 763,508.656 1,428,413.645 2,174,357.832 JPM Europe Select Equity I (acc) - USD 58,132.599 - 37,665.799 20,466.800 JPM Europe Select Equity I (acc) - USD (hedged) 781,615.142 149,160.716 844,984.839 85,791.019 JPM Europe Select Equity I (dist) - EUR 810,584.631 126,410.356 464,587.218 472,407.769 JPM Europe Select Equity P (dist) - EUR* 2,870.034 - 2,870.034 - JPM Europe Select Equity X (acc) - EUR 1,347,303.660 214,193.080 914,696.642 646,800.098 JPM Europe Select Equity X (acc) - USD (hedged) 555,170.441 217,037.000 279,206.868 493,000.573 JPM Europe Select Equity X (dist) - EUR 193,492.451 11,855.585 160,969.436 44,378.600

JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 4,411,906.506 685,017.569 2,408,598.585 2,688,325.490 JPM Europe Strategic Dividend A (acc) - HUF (hedged) 9,144.757 422.526 3,126.412 6,440.871 JPM Europe Strategic Dividend A (acc) - USD (hedged) 1,241,956.264 218,367.329 677,222.750 783,100.843 JPM Europe Strategic Dividend A (dist) - EUR 461,765.117 155,692.941 195,098.351 422,359.707 JPM Europe Strategic Dividend A (div) - EUR 501,374.041 88,201.778 137,668.513 451,907.306 JPM Europe Strategic Dividend A (inc) - EUR 3,384,461.024 264,730.638 1,068,036.611 2,581,155.051 JPM Europe Strategic Dividend A (mth) - EUR 80,486.930 18,984.474 27,979.966 71,491.438 JPM Europe Strategic Dividend A (mth) - RMB (hedged) 3,789,596.477 30,242.064 2,174,846.445 1,644,992.096 JPM Europe Strategic Dividend A (mth) - SGD (hedged) 3,828,040.393 232,050.230 1,135,190.144 2,924,900.479 JPM Europe Strategic Dividend A (mth) - USD (hedged) 4,061,387.155 438,112.386 2,235,251.066 2,264,248.475 JPM Europe Strategic Dividend C (acc) - EUR 3,829,255.930 3,674,295.377 4,495,491.244 3,008,060.063 JPM Europe Strategic Dividend C (acc) - PLN (hedged) 4,523.333 6,341.240 5,842.351 5,022.222 JPM Europe Strategic Dividend C (acc) - USD (hedged) 5,998.909 246,249.192 55,583.697 196,664.404 JPM Europe Strategic Dividend C (dist) - EUR 2,104,487.852 215,894.294 1,552,817.112 767,565.034 JPM Europe Strategic Dividend C (dist) - GBP 3,288.526 4,174.536 620.145 6,842.917 JPM Europe Strategic Dividend C (div) - EUR 4,126,975.680 624,554.060 1,230,024.800 3,521,504.940 JPM Europe Strategic Dividend C (inc) - EUR (hedged) 147,160.000 21,815.000 40,651.000 128,324.000 JPM Europe Strategic Dividend C (mth) - EUR 10.000 - - 10.000 JPM Europe Strategic Dividend C (mth) - RMB (hedged) 8.911 - - 8.911 JPM Europe Strategic Dividend C (mth) - SGD (hedged) 141.909 99,380.507 141.909 99,380.507 JPM Europe Strategic Dividend C (mth) - USD (hedged) 334,946.636 107,048.922 209,781.174 232,214.384 JPM Europe Strategic Dividend D (acc) - EUR 312,340.469 65,005.927 132,686.606 244,659.790 JPM Europe Strategic Dividend D (div) - EUR 642,028.920 319,142.788 199,517.406 761,654.302 JPM Europe Strategic Dividend D (mth) - USD (hedged) 3,349.318 5,150.331 5,120.637 3,379.012 JPM Europe Strategic Dividend I (acc) - EUR 789,715.309 2,842,097.832 137,675.961 3,494,137.180 JPM Europe Strategic Dividend I (acc) - SGD** - 135.441 - 135.441 JPM Europe Strategic Dividend I (acc) - SGD (hedged) 17,490,867.032 14,345.145 5,715,805.442 11,789,406.735 JPM Europe Strategic Dividend I (acc) - USD (hedged) - 35,897.679 10.000 35,887.679 JPM Europe Strategic Dividend I (dist) - EUR 51,461.978 47,534.180 48,395.654 50,600.504 JPM Europe Strategic Dividend X (acc) - EUR 1,229,522.312 1,098,624.248 658,817.355 1,669,329.205 JPM Europe Strategic Dividend X (dist) - GBP 43,871.578 - 43,860.000 11.578 JPM Europe Strategic Dividend X (div) - EUR - 1,407,996.796 317,316.000 1,090,680.796

JPMorgan Investment Funds - Global Balanced Fund JPM Global Balanced A (acc) - EUR 233,375.758 49,955.842 85,055.941 198,275.659 JPM Global Balanced A (acc) - USD (hedged) 4,494,733.904 235,319.038 1,670,853.998 3,059,198.944 JPM Global Balanced A (dist) - EUR 821,387.979 124,678.089 141,369.125 804,696.943 JPM Global Balanced A (dist) - USD (hedged) 186,094.253 10,782.798 70,680.163 126,196.888 JPM Global Balanced A (mth) - USD (hedged) 18,213.816 10,204.720 12,987.860 15,430.676 JPM Global Balanced C (acc) - EUR 178,679.334 139,731.791 186,315.138 132,095.987 JPM Global Balanced C (acc) - USD (hedged) 1,157,887.765 997,019.172 485,659.378 1,669,247.559 JPM Global Balanced C (dist) - EUR 1,351.037 4,416.961 96.509 5,671.489 JPM Global Balanced C (dist) - USD (hedged) 8.902 26,280.920 1,239.260 25,050.562 JPM Global Balanced C (mth) - USD (hedged) 25,937.629 228,538.179 4,655.159 249,820.649 JPM Global Balanced D (acc) - EUR 811,184.482 145,465.265 258,171.933 698,477.814 JPM Global Balanced D (acc) - USD (hedged) 727,994.037 111,494.083 218,844.143 620,643.977 JPM Global Balanced D (mth) - USD (hedged) 22,363.164 2,080.508 4,814.747 19,628.925 JPM Global Balanced I (acc) - EUR 214,614.068 32,282.274 20,230.646 226,665.696 JPM Global Balanced T (acc) - EUR 146,961.567 57,584.084 59,979.210 144,566.441 JPM Global Balanced X (acc) - EUR** - 4,808.937 - 4,808.937 JPM Global Balanced X (acc) - USD (hedged)* 350.391 - 350.391 -

* Share Class inactive as at the end of the year. ** Share Class reactivated during the year. 210 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Global Convertibles Fund (USD) JPM Global Convertibles (USD) A (acc) - SGD (hedged)# 76,939.294 27,836.810 54,903.582 49,872.522 JPM Global Convertibles (USD) A (acc) - USD 2,409,191.376 142,675.543 1,255,815.293 1,296,051.626 JPMorgan Global Convertibles (USD) A (acc) - USD*** 30,915.865 0.011 30,915.876 - JPM Global Convertibles (USD) A (dist) - USD 437,067.655 8,718.287 370,578.967 75,206.975 JPM Global Convertibles (USD) A (mth) - USD 118,049.646 2,368.038 84,669.416 35,748.268 JPM Global Convertibles (USD) C (acc) - SGD (hedged) 141.644 - - 141.644 JPM Global Convertibles (USD) C (acc) - USD 1,420,053.191 107,692.682 972,390.808 555,355.065 JPM Global Convertibles (USD) C (dist) - USD 20.100 38,150.000 - 38,170.100 JPM Global Convertibles (USD) C (mth) - USD 26,697.040 7,204.372 1,309.427 32,591.985 JPM Global Convertibles (USD) D (acc) - USD 329,755.863 17,785.824 178,615.683 168,926.004 JPM Global Convertibles (USD) D (mth) - USD 79,154.050 2,840.428 60,214.763 21,779.715 JPM Global Convertibles (USD) I (acc) - USD 871,815.466 375,552.987 1,039,008.748 208,359.705 JPM Global Convertibles (USD) X (acc) - USD 1,672.772 78,852.055 1,271.621 79,253.206

JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - EUR 45,976.162 17,205.407 23,740.786 39,440.783 JPM Global Dividend A (acc) - EUR (hedged) 25,051.275 3,715.438 10,187.374 18,579.339 JPM Global Dividend A (acc) - USD 154,753.655 91,206.052 133,599.028 112,360.679 JPM Global Dividend A (div) - EUR 46,278.466 16,840.733 24,092.737 39,026.462 JPM Global Dividend A (div) - EUR (hedged) 10,458.220 4,132.057 3,158.769 11,431.508 JPM Global Dividend A (div) - USD 15,034.217 3,130.865 3,514.366 14,650.716 JPM Global Dividend A (inc) - EUR (hedged) 48.673 - - 48.673 JPM Global Dividend A (inc) - USD 90,342.662 13,396.882 26,811.474 76,928.070 JPM Global Dividend A (mth) - USD (hedged) 3,581.717 7,702.258 7,202.342 4,081.633 JPM Global Dividend C (acc) - EUR 108,448.425 7,499.173 103,357.818 12,589.780 JPM Global Dividend C (acc) - USD** - 1,372.619 19.545 1,353.074 JPM Global Dividend C (acc) - USD (hedged)* 10.000 - 10.000 - JPM Global Dividend C (dist) - EUR 841.073 - - 841.073 JPM Global Dividend C (div) - EUR 8,593.484 - 13.484 8,580.000 JPM Global Dividend C (inc) - EUR (hedged) 2,023.488 306.000 528.000 1,801.488 JPM Global Dividend D (acc) - EUR (hedged) 181,394.584 61,264.175 75,409.797 167,248.962 JPM Global Dividend D (acc) - USD 64,669.570 33,925.146 32,329.040 66,265.676 JPM Global Dividend D (div) - EUR (hedged) 236,374.707 139,836.223 68,902.530 307,308.400 JPM Global Dividend I (inc) - EUR (hedged) 9.948 - - 9.948 JPM Global Dividend T (acc) - EUR (hedged) 14,283.914 23,550.911 13,711.545 24,123.280 JPM Global Dividend X (acc) - EUR (hedged) 1,642.995 - 314.503 1,328.492 JPM Global Dividend X (acc) - USD** - 1,534.857 0.001 1,534.856 JPM Global Dividend X (dist) - AUD 50,967.444 1,645.022 598.326 52,014.140

JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - EUR 229,548.384 52,854.755 149,992.650 132,410.489 JPM Global Financials A (acc) - SGD 150,978.245 22,275.406 24,461.182 148,792.469 JPM Global Financials A (acc) - USD 787,200.595 302,258.930 375,456.260 714,003.265 JPM Global Financials A (dist) - USD 133,162.907 4,775.017 78,075.220 59,862.704 JPM Global Financials C (acc) - EUR 268,375.985 37,604.756 89,416.091 216,564.650 JPM Global Financials C (acc) - SGD 140.996 - - 140.996 JPM Global Financials C (acc) - USD 89,022.752 130,344.920 115,825.992 103,541.680 JPM Global Financials C (dist) - USD 141,717.089 28,201.086 166,793.005 3,125.170 JPM Global Financials D (acc) - USD 36,551.552 47,976.527 28,750.282 55,777.797 JPM Global Financials X (acc) - USD** - 576.997 - 576.997

* Share Class inactive as at the end of the year. ** Share Class reactivated during the year. *** Share Class closed as at the end of the year. With respect to Share Classes prefixed “JPMorgan”, these were merged into the equivalent Share Classes prefixed “JPM” within the same Sub-Fund. # With effect from 31 May 2016, Share Class renamed from “JPMorgan” prefixed Share Class to the equivalent “JPM” prefixed Share Class within the same Sub-Fund. 211 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - AUD (hedged) 308,936.163 2,190,388.410 1,749,273.583 750,050.990 JPM Global High Yield Bond A (acc) - CHF (hedged) 10,157.011 9,070.000 1,801.011 17,426.000 JPM Global High Yield Bond A (acc) - EUR (hedged) 382,119.431 193,007.201 225,239.312 349,887.320 JPM Global High Yield Bond A (acc) - HUF (hedged) 20,181.270 9,615.990 7,045.178 22,752.082 JPM Global High Yield Bond A (acc) - USD 2,683,258.651 2,991,241.724 2,631,635.417 3,042,864.958 JPM Global High Yield Bond A (dist) - USD 121,340.231 13,165.433 95,903.620 38,602.044 JPM Global High Yield Bond A (inc) - EUR (hedged) 339,309.208 126,275.486 126,642.252 338,942.442 JPM Global High Yield Bond A (irc) - AUD (hedged) 59,991,405.791 32,485,340.664 32,012,224.430 60,464,522.025 JPM Global High Yield Bond A (irc) - CAD (hedged) 1,109,107.631 356,585.608 179,399.222 1,286,294.017 JPM Global High Yield Bond A (irc) - NZD (hedged) 120,179.608 57,033.479 23,762.607 153,450.480 JPM Global High Yield Bond A (irc) - RMB (hedged) 362,445.537 921,779.835 1,067,374.532 216,850.840 JPM Global High Yield Bond A (mth) - HKD 56,411,508.878 50,961,637.435 37,420,351.408 69,952,794.905 JPM Global High Yield Bond A (mth) - SGD 445,262.027 73,207.890 114,757.345 403,712.572 JPM Global High Yield Bond A (mth) - USD 28,060,119.056 12,894,674.706 13,485,834.009 27,468,959.753 JPM Global High Yield Bond C (acc) - EUR (hedged) 517,242.980 1,295,804.308 771,866.726 1,041,180.562 JPM Global High Yield Bond C (acc) - PLN (hedged) 45,590.268 9,571.762 26,272.153 28,889.877 JPM Global High Yield Bond C (acc) - USD 2,926,609.223 2,643,672.400 3,040,703.392 2,529,578.231 JPM Global High Yield Bond C (dist) - EUR (hedged) 10,552.116 7,208.766 4,102.000 13,658.882 JPM Global High Yield Bond C (dist) - GBP (hedged) 482,904.282 251,780.687 219,144.734 515,540.235 JPM Global High Yield Bond C (dist) - USD 477,377.771 162,203.720 497,809.993 141,771.498 JPM Global High Yield Bond C (div) - EUR (hedged) 26,185.606 16,376.716 - 42,562.322 JPM Global High Yield Bond C (inc) - EUR (hedged) 79,913.702 366,092.000 403,942.000 42,063.702 JPM Global High Yield Bond C (irc) - CAD (hedged) 129.132 147,674.923 129.132 147,674.923 JPM Global High Yield Bond C (irc) - RMB (hedged) 639.280 - - 639.280 JPM Global High Yield Bond C (mth) - HKD 774.606 - - 774.606 JPM Global High Yield Bond C (mth) - USD 841,662.732 545,585.392 373,222.871 1,014,025.253 JPM Global High Yield Bond D (acc) - EUR (hedged) 151,771.593 150,912.162 70,374.347 232,309.408 JPM Global High Yield Bond D (acc) - PLN (hedged) 13,005.267 132,126.813 120,154.707 24,977.373 JPM Global High Yield Bond D (acc) - USD 55,397.364 379,540.859 347,941.469 86,996.754 JPM Global High Yield Bond D (div) - EUR (hedged) 675,246.593 2,365,848.843 300,739.413 2,740,356.023 JPM Global High Yield Bond I (acc) - EUR (hedged) 1,054,630.516 2,534,765.208 386,385.398 3,203,010.326 JPM Global High Yield Bond I (acc) - USD 3,348,867.807 2,018,197.037 2,671,140.531 2,695,924.313 JPM Global High Yield Bond I (dist) - EUR (hedged) 35,580.956 70,310.544 28,252.952 77,638.548 JPM Global High Yield Bond I (dist) - GBP (hedged) 19,366.277 201,985.079 17,230.694 204,120.662 JPM Global High Yield Bond I (dist) - USD 263,712.332 701,979.200 262,878.547 702,812.985 JPM Global High Yield Bond I (inc) - EUR (hedged) 1,066,284.234 242,022.140 364,701.537 943,604.837 JPM Global High Yield Bond I (mth) - USD 2,424,497.005 - 567,984.111 1,856,512.894 JPM Global High Yield Bond P (dist) - USD** - 12,660.731 - 12,660.731 JPM Global High Yield Bond T (acc) - EUR (hedged) 11,793.367 47,531.121 5,983.488 53,341.000 JPM Global High Yield Bond V (acc) - USD (hedged to BRL) - 55,269.024 19,363.762 35,905.262 JPM Global High Yield Bond X (acc) - EUR (hedged) 1,965,993.601 689,676.342 924,072.333 1,731,597.610 JPM Global High Yield Bond X (acc) - USD 1,721,054.022 2,298,276.506 1,234,271.223 2,785,059.305 JPM Global High Yield Bond X (dist) - USD 10.000 - - 10.000

JPMorgan Investment Funds - Global Income Conservative Fund (1) JPM Global Income Conservative A (acc) - EUR - 449,976.365 - 449,976.365 JPM Global Income Conservative A (acc) - SEK (hedged) - 1,768.144 - 1,768.144 JPM Global Income Conservative A (acc) - USD (hedged) - 2,000.000 - 2,000.000 JPM Global Income Conservative A (div) - EUR - 609.073 - 609.073 JPM Global Income Conservative A (inc) - EUR - 920.833 - 920.833 JPM Global Income Conservative A (inc) - USD (hedged) - 7,510.052 - 7,510.052 JPM Global Income Conservative C (acc) - EUR - 9.073 - 9.073 JPM Global Income Conservative C (inc) - EUR - 9.073 - 9.073 JPM Global Income Conservative D (acc) - EUR - 9.073 - 9.073 JPM Global Income Conservative D (div) - EUR - 10.000 - 10.000

(1) This Sub-Fund was launched on 12 October 2016. ** Share Class reactivated during the year. 212 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Global Income Fund JPM Global Income A (acc) - AUD (hedged) 3,070,848.006 771,643.330 1,616,344.689 2,226,146.647 JPM Global Income A (acc) - CHF (hedged) 173,160.229 68,129.812 41,537.452 199,752.589 JPM Global Income A (acc) - EUR 6,274,604.781 5,204,528.963 4,688,288.841 6,790,844.903 JPM Global Income A (acc) - SGD (hedged) 134.160 19,185.493 - 19,319.653 JPM Global Income A (acc) - USD (hedged) 6,951,042.987 2,844,001.525 4,383,893.733 5,411,150.779 JPM Global Income A (dist) - GBP (hedged) 14,385.554 27,022.354 496.243 40,911.665 JPM Global Income A (div) - CHF (hedged) 19,452.109 8,518.005 2,927.659 25,042.455 JPM Global Income A (div) - EUR 23,445,676.496 7,020,488.003 3,309,913.516 27,156,250.983 JPM Global Income A (div) - SGD 838,408.875 91,490.010 177,987.625 751,911.260 JPM Global Income A (div) - SGD (hedged) 3,180,667.978 110,320.207 1,097,086.659 2,193,901.526 JPM Global Income A (div) - USD (hedged) 5,036,400.014 955,111.818 1,767,999.720 4,223,512.112 JPM Global Income A (inc) - EUR 4,049,040.465 1,340,479.430 344,267.337 5,045,252.558 JPM Global Income A (irc) - AUD (hedged) 86,368,875.725 39,370,949.106 46,792,377.784 78,947,447.047 JPM Global Income A (irc) - CAD (hedged) 367,613.226 650,072.982 266,326.688 751,359.520 JPM Global Income A (irc) - RMB (hedged) 9,446,716.908 2,464,318.915 3,545,153.946 8,365,881.877 JPM Global Income A (mth) - EUR 502,594.713 673,249.770 148,846.269 1,026,998.214 JPM Global Income A (mth) - GBP (hedged) 108,829.351 114,631.962 64,507.420 158,953.893 JPM Global Income A (mth) - SGD (hedged) 48,701,628.330 13,482,399.935 15,832,770.423 46,351,257.842 JPM Global Income A (mth) - USD (hedged) 21,385,674.486 5,821,927.530 10,394,872.809 16,812,729.207 JPM Global Income C (acc) - EUR 5,568,518.689 4,056,935.767 3,335,925.160 6,289,529.296 JPM Global Income C (acc) - PLN (hedged) 1,809.333 2,691.780 916.827 3,584.286 JPM Global Income C (acc) - USD (hedged) 1,379,287.838 334,828.715 588,554.965 1,125,561.588 JPM Global Income C (dist) - GBP (hedged) 99,223.114 102,572.226 55,113.093 146,682.247 JPM Global Income C (dist) - USD (hedged) 9,729.987 4,707.284 4,673.889 9,763.382 JPM Global Income C (div) - CHF (hedged) - 1,002.718 - 1,002.718 JPM Global Income C (div) - EUR 2,458,720.731 1,654,326.779 1,243,364.904 2,869,682.606 JPM Global Income C (div) - USD (hedged) 812,665.052 438,187.057 280,838.994 970,013.115 JPM Global Income C (irc) - AUD (hedged) 137.461 1,263,268.323 50,796.022 1,212,609.762 JPM Global Income C (irc) - RMB (hedged) 635.832 297,324.083 635.832 297,324.083 JPM Global Income C (mth) - GBP (hedged) 13.591 39,557.605 10,070.873 29,500.323 JPM Global Income C (mth) - SGD (hedged) 138.263 669,828.121 76,191.097 593,775.287 JPM Global Income C (mth) - USD (hedged) 120,246.005 166,498.291 61,241.313 225,502.983 JPM Global Income D (acc) - EUR 4,768,122.107 1,508,341.926 1,552,090.674 4,724,373.359 JPM Global Income D (acc) - USD (hedged) 1,014,397.640 212,860.808 341,061.293 886,197.155 JPM Global Income D (div) - EUR 18,709,051.738 8,202,205.649 3,854,866.266 23,056,391.121 JPM Global Income D (div) - USD (hedged) 208,679.344 160,988.046 63,465.531 306,201.859 JPM Global Income D (mth) - USD (hedged) 1,028,586.530 194,302.488 292,152.823 930,736.195 JPM Global Income I (acc) - EUR 135,746.000 3,650.382 24,152.000 115,244.382 JPM Global Income I (acc) - USD (hedged)* 79,796.116 275,561.505 355,357.621 - JPM Global Income I (mth) - JPY (hedged) 3,825,470.202 3,722,677.045 - 7,548,147.247 JPM Global Income T (div) - EUR 3,006,525.433 561,535.043 1,357,001.680 2,211,058.796 JPM Global Income V (acc) - EUR (hedged to BRL) - 187,943.272 27,570.120 160,373.152 JPM Global Income X (div) - EUR 1,614,855.000 23,380.000 292,836.000 1,345,399.000 JPM Global Income X (irc) - AUD (hedged) 58,708.633 4,239.423 211.784 62,736.272

JPMorgan Investment Funds - Global Macro Balanced Fund (2) JPM Global Macro Balanced A (acc) - EUR 101,791.237 36,425.451 33,489.879 104,726.809 JPM Global Macro Balanced A (acc) - USD 11,604.364 15,081.156 7,248.158 19,437.362 JPM Global Macro Balanced A (dist) - EUR 41,965.803 4,399.093 6,482.197 39,882.699 JPM Global Macro Balanced A (inc) - EUR 20,762.079 1,108.857 4,274.382 17,596.554 JPM Global Macro Balanced C (acc) - EUR 30,375.101 43,690.557 42,907.324 31,158.334 JPM Global Macro Balanced C (dist) - EUR 1,323.000 - 245.000 1,078.000 JPM Global Macro Balanced D (acc) - EUR 504,906.392 336,262.067 173,990.627 667,177.832 JPM Global Macro Balanced D (acc) - SEK (hedged) 43,490.395 1,842.895 12,434.742 32,898.548 JPM Global Macro Balanced X (acc) - EUR 638.558 1,094.620 175.275 1,557.903

JPMorgan Investment Funds - Global Macro Fund (3) JPM Global Macro A (acc) - AUD (hedged) - 28,715.004 - 28,715.004 JPM Global Macro A (acc) - EUR (hedged) 275,721.227 1,592,912.727 1,247,122.980 621,510.974 JPM Global Macro A (acc) - SGD (hedged) - 406,628.993 - 406,628.993 JPM Global Macro A (acc) - USD 741,681.397 2,139,162.354 1,255,332.792 1,625,510.959 JPM Global Macro A (inc) - EUR (hedged) 121,001.709 446,371.969 52,494.515 514,879.163 JPM Global Macro A (mth) - USD 39,774.400 141,061.930 39,279.876 141,556.454 JPM Global Macro C (acc) - EUR (hedged) 264,980.686 2,115,409.768 1,268,725.059 1,111,665.395 JPM Global Macro C (acc) - NOK (hedged) - 3,833.427 - 3,833.427 JPM Global Macro C (acc) - USD 9,508.722 1,554,842.351 445,906.391 1,118,444.682 JPM Global Macro C (inc) - EUR (hedged) - 395,975.361 392,424.000 3,551.361 JPM Global Macro C (mth) - USD 94,871.074 185,251.884 86,957.097 193,165.861 JPM Global Macro D (acc) - EUR (hedged) 374,681.672 1,353,207.830 641,734.869 1,086,154.633 JPM Global Macro D (acc) - USD 366,152.510 857,535.489 419,610.018 804,077.981 JPM Global Macro D (mth) - USD 15,546.289 24,215.805 12,540.222 27,221.872 JPM Global Macro I (acc) - EUR (hedged) - 92,937.000 10.000 92,927.000 JPM Global Macro I (acc) - SEK (hedged) - 720,193.060 - 720,193.060 JPM Global Macro X (acc) - USD** - 2,394.953 - 2,394.953

(2) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Conservative Balanced Fund to JPMorgan Investment Funds - Global Macro Balanced Fund on 19 July 2016. (3) This Sub-Fund was renamed from JPMorgan Investment Funds - Global Capital Preservation Fund (USD) to JPMorgan Investment Funds - Global Macro Fund on 1 April 2016. * Share Class inactive as at the end of the year. ** Share Class reactivated during the year. 213 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Global Macro Opportunities Fund JPM Global Macro Opportunities A (acc) - AUD (hedged) - 2,637,269.197 958,140.911 1,679,128.286 JPM Global Macro Opportunities A (acc) - CHF (hedged) 17,490.000 76,427.547 14,576.931 79,340.616 JPM Global Macro Opportunities A (acc) - EUR 2,482,027.295 8,839,113.336 4,701,533.147 6,619,607.484 JPM Global Macro Opportunities A (acc) - SEK (hedged) - 2,058.262 1,940.593 117.669 JPM Global Macro Opportunities A (acc) - SGD (hedged) - 8,123,299.128 2,791,154.478 5,332,144.650 JPM Global Macro Opportunities A (acc) - USD (hedged) 220,198.048 10,900,162.242 5,933,554.882 5,186,805.408 JPM Global Macro Opportunities A (dist) - EUR 74,731.880 675,828.495 122,260.479 628,299.896 JPM Global Macro Opportunities A (inc) - EUR 145,760.557 1,737,957.911 426,683.543 1,457,034.925 JPM Global Macro Opportunities C (acc) - AUD (hedged) - 131.062 - 131.062 JPM Global Macro Opportunities C (acc) - CHF (hedged) 9.301 30,554.558 10,666.257 19,897.602 JPM Global Macro Opportunities C (acc) - EUR 1,774,278.692 12,710,488.552 6,476,957.136 8,007,810.108 JPM Global Macro Opportunities C (acc) - PLN (hedged) - 32,482.307 6,187.524 26,294.783 JPM Global Macro Opportunities C (acc) - USD (hedged)** - 912,430.021 79,549.367 832,880.654 JPM Global Macro Opportunities C (dist) - EUR 7,497.184 187,008.558 15,148.371 179,357.371 JPM Global Macro Opportunities C (dist) - GBP (hedged) 97,815.716 2,243,554.694 191,854.720 2,149,515.690 JPM Global Macro Opportunities C (dist) - USD (hedged) 56,053.429 692,337.316 135,377.548 613,013.197 JPM Global Macro Opportunities C (inc) - EUR - 769,837.621 356,032.715 413,804.906 JPM Global Macro Opportunities D (acc) - EUR 1,626,978.120 6,520,121.741 2,912,359.329 5,234,740.532 JPM Global Macro Opportunities D (acc) - PLN (hedged) - 20.000 - 20.000 JPM Global Macro Opportunities D (acc) - USD (hedged) - 3,204.934 3,194.934 10.000 JPM Global Macro Opportunities I (acc) - EUR - 3,529,564.901 153,699.099 3,375,865.802 JPM Global Macro Opportunities I (acc) - JPY (hedged) - 9,068,208.649 580,208.117 8,488,000.532 JPM Global Macro Opportunities I (acc) - SEK (hedged) 2,731.226 99,245.290 68,917.228 33,059.288 JPM Global Macro Opportunities I (acc) - USD (hedged) 493,854.448 3,535,066.343 792,229.528 3,236,691.263 JPM Global Macro Opportunities T (acc) - EUR 34,180.184 715,693.893 96,926.610 652,947.467 JPM Global Macro Opportunities V (acc) - EUR (hedged to BRL) - 144,461.472 83,451.112 61,010.360 JPM Global Macro Opportunities X (acc) - EUR 2,128.535 1,530,101.308 464,974.518 1,067,255.325 JPM Global Macro Opportunities X (acc) - USD (hedged) 428,078.000 119,258.535 126,646.926 420,689.609 JPM Global Macro Opportunities X (dist) - AUD (hedged) - 1,372,518.322 46,247.551 1,326,270.771

JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - EUR 2,487.814 1,910.220 1,692.885 2,705.149 JPM Global Select Equity A (acc) - USD 319,636.855 33,186.355 93,644.441 259,178.769 JPM Global Select Equity A (dist) - USD 6,872.182 51.782 2,401.276 4,522.688 JPM Global Select Equity C (acc) - EUR 9,353.878 10,544.959 892.927 19,005.910 JPM Global Select Equity C (acc) - USD 449,119.469 104,367.395 157,974.668 395,512.196 JPM Global Select Equity D (acc) - USD 29,290.155 8,482.789 13,320.067 24,452.877 JPM Global Select Equity X (acc) - USD 136,722.785 - 118.389 136,604.396

JPMorgan Investment Funds - Global Select Equity Plus Fund JPM Global Select Equity Plus A (perf) (acc) - USD 38,111.646 2,134.262 9,493.579 30,752.329 JPM Global Select Equity Plus A (perf) (dist) - USD 267.836 - - 267.836 JPM Global Select Equity Plus C (perf) (acc) - USD 1,357.837 - 355.885 1,001.952 JPM Global Select Equity Plus D (perf) (acc) - USD 19,014.356 1,542.060 5,395.273 15,161.143

** Share Class reactivated during the year. 214 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (perf) (acc) - CHF (hedged) 913,147.977 32,474.074 499,297.002 446,325.049 JPM Income Opportunity A (perf) (acc) - EUR (hedged) 7,232,806.557 3,276,768.588 4,791,005.524 5,718,569.621 JPM Income Opportunity A (perf) (acc) - SEK (hedged) 332,328.613 3,339.704 204,125.843 131,542.474 JPM Income Opportunity A (perf) (acc) - SGD (hedged) 2,957,730.572 - 196,734.277 2,760,996.295 JPM Income Opportunity A (perf) (acc) - USD 5,219,693.608 260,513.046 2,493,343.722 2,986,862.932 JPM Income Opportunity A (perf) (dist) - EUR (hedged) 11.422 - - 11.422 JPM Income Opportunity A (perf) (dist) - GBP (hedged) 472,172.475 71,986.628 183,689.398 360,469.705 JPM Income Opportunity A (perf) (dist) - USD 14,704.871 541.000 0.001 15,245.870 JPM Income Opportunity A (perf) (fix) EUR 2.35 - EUR (hedged) 89,712.327 4,047.587 31,217.583 62,542.331 JPM Income Opportunity A (perf) (inc) - EUR (hedged) 1,158,294.931 35,632.817 469,824.816 724,102.932 JPM Income Opportunity A (perf) (mth) - USD 570,555.807 101,040.903 223,550.191 448,046.519 JPM Income Opportunity C (perf) (acc) - CHF (hedged) 447,512.779 334,422.003 212,409.085 569,525.697 JPM Income Opportunity C (perf) (acc) - EUR (hedged) 6,493,979.881 2,544,014.972 6,078,645.701 2,959,349.152 JPM Income Opportunity C (perf) (acc) - SEK (hedged) 4,711.823 975.796 - 5,687.619 JPM Income Opportunity C (perf) (acc) - SGD (hedged) 140.996 - - 140.996 JPM Income Opportunity C (perf) (acc) - USD 2,704,659.288 1,874,691.905 2,479,925.388 2,099,425.805 JPM Income Opportunity C (perf) (dist) - EUR (hedged) 481,819.875 19,961.401 214,510.130 287,271.146 JPM Income Opportunity C (perf) (dist) - GBP (hedged) 2,240,691.131 488,638.527 1,041,238.893 1,688,090.765 JPM Income Opportunity C (perf) (dist) - USD 750,958.579 80,303.278 513,113.084 318,148.773 JPM Income Opportunity C (perf) (inc) - EUR (hedged) 47,243.481 30,819.711 17,390.008 60,673.184 JPM Income Opportunity C (perf) (mth) - USD 43,324.387 111,901.737 62,357.519 92,868.605 JPM Income Opportunity D (perf) (acc) - EUR (hedged) 1,648,861.570 288,219.355 626,929.871 1,310,151.054 JPM Income Opportunity D (perf) (acc) - USD 167,722.071 40,215.600 80,367.467 127,570.204 JPM Income Opportunity D (perf) (fix) EUR 2.15 - EUR (hedged) 272,394.701 15,832.355 94,062.523 194,164.533 JPM Income Opportunity D (perf) (inc) - EUR (hedged) 47,563.261 9,093.456 13,130.554 43,526.163 JPM Income Opportunity I (perf) (acc) - CHF (hedged)* 1,237.980 2,220.317 3,458.297 - JPM Income Opportunity I (perf) (acc) - EUR (hedged) 3,559,943.312 1,278,249.002 3,629,501.102 1,208,691.212 JPM Income Opportunity I (perf) (acc) - SGD (hedged) 26,732,962.525 - 6,711,899.791 20,021,062.734 JPM Income Opportunity I (perf) (acc) - USD 1,157,979.881 517,907.220 477,823.485 1,198,063.616 JPM Income Opportunity I (perf) (dist) - GBP (hedged) 364,323.707 378,946.175 275,275.845 467,994.037 JPM Income Opportunity I (perf) (dist) - USD 124,306.045 52,097.698 165,894.818 10,508.925 JPM Income Opportunity I (perf) (inc) - EUR (hedged) 1,356,965.204 233,919.485 1,026,188.059 564,696.630 JPM Income Opportunity P (perf) (acc) - USD 2,965.306 1,401.261 - 4,366.567 JPM Income Opportunity P (perf) (dist) - GBP (hedged) 493.370 - - 493.370 JPM Income Opportunity X (perf) (acc) - EUR (hedged) 100,529.599 731,003.619 93,251.713 738,281.505 JPM Income Opportunity X (perf) (acc) - USD 331,243.433 452.980 327,791.692 3,904.721 JPM Income Opportunity X (perf) (dist) - GBP (hedged) 10.112 - - 10.112 JPM Income Opportunity X (perf) (dist) - USD 3,727.080 346.000 4,063.080 10.000

JPMorgan Investment Funds - Japan Advantage Equity Fund (4) JPM Japan Advantage Equity A (acc) - EUR 1,220,238.814 246,285.874 1,466,524.688 - JPM Japan Advantage Equity A (acc) - EUR (hedged) 338,468.090 99,824.684 438,292.774 - JPM Japan Advantage Equity A (acc) - JPY 309,897.164 334,605.650 644,502.814 - JPM Japan Advantage Equity A (acc) - USD (hedged) 138,263.168 10,262.878 148,526.046 - JPM Japan Advantage Equity A (dist) - JPY 353.188 - 353.188 - JPM Japan Advantage Equity C (acc) - EUR (hedged) 23,739.174 1,737.716 25,476.890 - JPM Japan Advantage Equity C (acc) - JPY 59,578.460 3,500.000 63,078.460 - JPM Japan Advantage Equity C (acc) - USD (hedged) 9.991 - 9.991 - JPM Japan Advantage Equity D (acc) - EUR (hedged) 269.146 514.705 783.851 - JPM Japan Advantage Equity D (acc) - JPY 6,626.676 1,805.948 8,432.624 - JPM Japan Advantage Equity X (acc) - JPY 2,304.493 1,323.201 3,627.694 -

JPMorgan Investment Funds - Japan Select Equity Fund JPM Japan Select Equity A (acc) - EUR 33,560.330 20,869.367 30,610.313 23,819.384 JPM Japan Select Equity A (acc) - JPY 619,584.557 794,473.453 895,049.341 519,008.669 JPM Japan Select Equity A (dist) - JPY 2,452.847 13.358 189.000 2,277.205 JPM Japan Select Equity C (acc) - EUR (hedged) 103,131.080 82,543.342 143,773.781 41,900.641 JPM Japan Select Equity C (acc) - JPY 249,766.425 176,364.203 86,256.043 339,874.585 JPM Japan Select Equity C (acc) - USD (hedged) 61,418.000 43,911.648 64,070.502 41,259.146 JPM Japan Select Equity C (dist) - JPY 169.938 - - 169.938 JPM Japan Select Equity D (acc) - JPY 39,634.760 4,185.561 12,827.997 30,992.324 JPM Japan Select Equity I (acc) - JPY 275,895.000 0.010 - 275,895.010 JPM Japan Select Equity X (acc) - JPY 203,890.306 45,869.019 69,366.684 180,392.641

(4) This Sub-Fund was merged into JPMorgan Funds - Japan Equity Fund on 23 September 2016. * Share Class inactive as at the end of the year. 215 JPMorgan Investment Funds Appendix - Unaudited Additional Disclosures (continued)

11. Historical Statement of Changes in the Number of Shares (continued)

Shares Outstanding Shares Subscribed Shares Redeemed Shares Outstanding at the Beginning at the End of the Year of the Year

For the year ended 31 December 2016 (continued)

JPMorgan Investment Funds - Japan Strategic Value Fund JPM Japan Strategic Value A (acc) - EUR 749,974.661 1,133,205.587 1,835,945.084 47,235.164 JPM Japan Strategic Value A (acc) - EUR (hedged) 168,015.398 35,424.853 101,471.956 101,968.295 JPM Japan Strategic Value A (acc) - JPY 649,907.334 579,400.634 749,995.339 479,312.629 JPM Japan Strategic Value A (acc) - USD (hedged) 46,113.923 15,628.869 39,740.416 22,002.376 JPM Japan Strategic Value A (dist) - GBP 236,514.534 69,823.100 271,944.443 34,393.191 JPM Japan Strategic Value C (acc) - EUR (hedged) - 58,406.010 4,944.915 53,461.095 JPM Japan Strategic Value C (acc) - JPY 517,739.865 303,555.115 507,632.117 313,662.863 JPM Japan Strategic Value C (acc) - USD (hedged)* 27,324.097 703.466 28,027.563 - JPM Japan Strategic Value D (acc) - EUR 43,961.201 206,448.480 220,755.787 29,653.894 JPM Japan Strategic Value D (acc) - EUR (hedged) 56,557.638 6,741.433 17,403.304 45,895.767 JPM Japan Strategic Value D (acc) - JPY 17,464.263 5,300.600 7,491.071 15,273.792 JPM Japan Strategic Value I (acc) - JPY* 161,065.981 - 161,065.981 - JPM Japan Strategic Value X (acc) - JPY 161,982.000 250,191.546 93,326.000 318,847.546 JPM Japan Strategic Value X (acc) - USD 454,824.595 224,017.000 192,181.346 486,660.249

JPMorgan Investment Funds - US Bond Fund JPM US Bond A (acc) - GBP (hedged) 857,102.173 383,420.000 95,781.173 1,144,741.000 JPM US Bond A (acc) - USD 220,999.349 154,254.883 113,721.584 261,532.648 JPM US Bond A (inc) - USD 8,309.502 4,425.510 3,076.551 9,658.461 JPM US Bond C (acc) - USD 104,366.801 215,956.330 209,430.836 110,892.295 JPM US Bond D (acc) - USD 108,942.037 276,352.591 241,945.036 143,349.592 JPM US Bond I (acc) - USD 40,898.527 - - 40,898.527

JPMorgan Investment Funds - US Equity Fund JPM US Equity A (acc) - EUR 32,627.758 1,166.394 15,592.388 18,201.764 JPM US Equity A (acc) - EUR (hedged) 48,602.963 2,012.182 25,195.975 25,419.170 JPM US Equity A (acc) - USD 635,914.037 90,090.004 321,671.088 404,332.953 JPM US Equity A (dist) - GBP 804.672 545.675 269.983 1,080.364 JPM US Equity A (dist) - USD 287,268.059 12,901.557 49,249.142 250,920.474 JPM US Equity C (acc) - EUR (hedged)* 5,008.174 566.617 5,574.791 - JPM US Equity C (acc) - USD 180,853.646 196,883.863 194,157.357 183,580.152 JPM US Equity C (dist) - USD 211.208 27,423.784 489.982 27,145.010 JPM US Equity D (acc) - EUR (hedged) 15,595.430 5,640.717 9,526.245 11,709.902 JPM US Equity D (acc) - USD 127,357.038 36,105.271 49,294.106 114,168.203 JPM US Equity I (acc) - EUR (hedged) 119,049.639 36,305.710 49,804.207 105,551.142 JPM US Equity I (acc) - USD 660,443.195 175,151.893 449,599.809 385,995.279 JPM US Equity I (dist) - GBP 3,742.283 - 2,118.783 1,623.500 JPM US Equity X (acc) - USD 411,597.633 15,036.208 141,495.077 285,138.764

JPMorgan Investment Funds - US Select Equity Fund JPM US Select Equity A (acc) - EUR 878,074.049 862,772.341 449,190.955 1,291,655.435 JPM US Select Equity A (acc) - EUR (hedged) 569,454.163 365,435.423 436,995.503 497,894.083 JPM US Select Equity A (acc) - USD 3,130,549.028 570,739.048 1,047,521.388 2,653,766.688 JPM US Select Equity A (dist) - USD 83,880.489 11,704.162 26,078.544 69,506.107 JPM US Select Equity C (acc) - EUR 739,011.532 327,068.339 312,004.630 754,075.241 JPM US Select Equity C (acc) - EUR (hedged) 575,385.057 214,951.621 624,899.508 165,437.170 JPM US Select Equity C (acc) - USD 2,727,100.442 564,851.358 1,942,933.393 1,349,018.407 JPM US Select Equity C (dist) - GBP 391,567.347 20,120.770 260,021.254 151,666.863 JPM US Select Equity C (dist) - USD 513.257 43,123.726 500.000 43,136.983 JPM US Select Equity D (acc) - EUR (hedged) 319,037.329 55,141.021 166,658.435 207,519.915 JPM US Select Equity D (acc) - USD 1,180,705.582 303,577.118 1,042,006.302 442,276.398 JPM US Select Equity I (acc) - EUR (hedged) 47,494.038 - 27,316.287 20,177.751 JPM US Select Equity I (acc) - USD 646,803.627 635,272.719 277,592.637 1,004,483.709 JPM US Select Equity I (dist) - USD 28,538.667 463.878 12,886.242 16,116.303 JPM US Select Equity X (acc) - USD 410,857.847 119,533.057 472,540.382 57,850.522

* Share Class inactive as at the end of the year.

216 Language Disclaimer Semi-Annual GB

For further information concerning JPMorgan Investment Funds, please contact the Global Distributor:

JPMorgan Asset Management (Europe) S.à r.l. Postal Address: L-2633 Luxembourg Tel No: (352) 34 101 Fax No: (352) 3410 8000 E-mail: [email protected]

Internet: www.jpmorganassetmanagement.com

GB H62 08/18